Forex
U.S. stock indices data: up 1-1.2%
The U.S. stock market ended the trading on the positive side. The major U.S. stock indexes are highly correlated. The Dow Jones and S&P 500 closed at their highest levels in nearly seven weeks. Traders evaluated a new batch of corporate reports and fresh U.S. stock indices data.
U.S. stock indices are changing daily. The U.S. economy shrank 0.9 percent year on year in the second quarter, preliminary data from the U.S. Commerce Department showed. Analysts polled by Trading Economics had expected growth of 0.5%; the Bloomberg consensus forecast was for a rise of 0.4%.
Investors think the data on U.S. stock market indices may force the Federal Reserve to stop the cycle of aggressive tightening of rates soon.
At the end of this week’s meeting, the Federal Reserve expected to raise interest rates by 75 basis points, to 2.25-2.5%, and confirmed that it expects further tightening of monetary policy.
Meanwhile, the number of Americans filing for unemployment benefits for the first time fell by 5,000 last week to 256,000, according to a report from the U.S. Labor Department. According to revised data, a week earlier, the index was 261 thousand, not 251 thousand, as it was informed earlier. Experts interviewed by Bloomberg agency, on average, expected to reduce the number of applications to 250 thousand.
Current U.S. stock exchange index
The value of Dow Jones Industrial Average increased by 1.03% to 32529.63 points by closing of trading.
Standard & Poor’s 500 rose by 1.21 per cent to 4,072.43 points.
The Nasdaq Composite rose 1.08% to 12162.59 points.
Hershey Co. rose 2.8%. The U.S. chocolate maker reported net income rose 5 percent in its fiscal second quarter and improved its full-year guidance.
The market value of Etsy Inc. jumped 9.9%. The online trading platform operator reported better-than-forecast earnings in the second quarter, with revenues matching analysts’ forecasts.
Ford Motor Co. shares were up 6.1%. The U.S. automaker posted a 19% increase in net income in the second quarter of 2022, and adjusted earnings and revenue were better than market expectations. The company reaffirmed its outlook for the year.
Shares of Harley-Davidson Inc. are up 7.8%. The largest U.S. motorcycle maker boosted net income and lowered revenue in the second quarter of 2022, with results significantly better than analysts’ expectations.
Shares of Qualcomm Inc. fell 4.5%. One of the world’s largest semiconductor makers increased net profit 1.8 times in the third quarter of fiscal 2022, but gave a weak outlook amid falling consumer demand due to high inflation.
Comcast Corp. ‘s stock price was down 9.1%, though the largest U.S. Internet and cable TV provider posted adjusted earnings and revenue better than market forecasts for the second quarter of fiscal 2022.
Meta Platforms shares were down 5.2%. The company recorded a decline in revenue in the second quarter amid a decline in advertising revenue.
Altria Group’s stock declined by 0.2%. One of the largest tobacco companies in the world cut net income 2.4 times in the second quarter of 2022, while revenues fell by 5.7%.
Pfizer Inc. shares lost 1.6%, although the company reported better than market forecasts adjusted profit and revenue in the second quarter of 2022 due to increased sales of drugs to fight COVID-19.
JetBlue Airways Corp. ‘s stock price was down 0.4%. The U.S. airline entered into an agreement to buy Spirit Airlines (SPB: SAVE) Inc. for $3.8 billion. Spirit Airlines shares rose 5.6%.
U.S. stock index futures are rising Thursday, trading data showed. Markets are assessing the outcome of the U.S. Federal Reserve (Fed) meeting.
The Dow Jones Industrial Average (DJIA) futures rose 0.22% to 32,329 points, the NASDAQ high-tech index rose 0.96% to 12,828.5 points and the S&P 500 broad market index rose 0.48% to 3,989.75 points.
The Fed on Wednesday expectedly raised its benchmark rate by 25 basis points to 4.75-5% per year. The regulator noted that it does not expect the rate reduction this year, but allows it next year. U.S. exchanges were down 1.6% in Wednesday trading.
According to the CME Group, 55.8% of analysts now expect the Fed’s discount rate to remain unchanged in May, while 44.2% expect it to rise another 25 basis points. Thus, markets concede that the Fed may interrupt the cycle of hikes that began last March.
At the same time, shares of cryptocurrency exchange Coinbase were down 10.6% in pre-bid trading. The exchange this week received notice from U.S. authorities of an impending charge of violating laws.
Later in the trading, statistics on initial jobless claims in the U.S. for the week through March 18 will be released. Analysts forecast that the figure would increase by 5 thousand to 197 thousand applications.
Earlier we reported that the US budget deficit was $262bn in February.
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According to a report from the U.S. Treasury Department, the U.S. budget deficit in February was $262,434 billion compared to a $38.8 billion deficit in January. The Dow 30 also had problems.
Analysts at DailyFX suggested that the nation’s budget deficit for February was expected to be $256 billion. A year earlier, in February, the U.S. posted a budget deficit of $216,590 billion.
According to the GAO report, U.S. government spending rose 3.5 percent year over year last month to $524.548 billion, while revenue, in contrast, declined 9.5 percent to $262,114 billion.
Earlier, the U.S. edition of the Washington Post published an editorial stating that the new draft budget proposed by the Biden administration undermines U.S. national security and its ability to invest in the future, because it suggests a further growth of the U.S. national debt.
The WP editorial board noted that the new draft budget assumes a $2 trillion budget deficit, including due to the high cost of providing health insurance to the elderly of the baby boomer generation.
Earlier we reported that the EU has agreed to reduce energy consumption by 11.7% by 2030.
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