2024-04-05 19:07:30
Trade review: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations
23:00
Wall Street markets closed higher after the publication of stronger than expected employment data: the Dow Jones index rose by about 0.8%, but still closed the worst week since the beginning of the year. The S&P 500 rose by about 1.1%, the Nasdaq rose by about 1.2%.
On a weekly average, the Dow registered a decrease of about 2%. The S&P 500 and the Nasdaq fell by about 1% and 0.7%, respectively.
21:55
Moderation in increases in the US stock markets: the Dow Jones index rises by about 0.7%, the S&P 500 index rises by about 0.8%, the Nasdaq rises by about 1%.
20:45
The increases in Wall Street continue; The Dow Jones index rises by about 0.8%, the S&P 500 index rises by about 1.1%, the Nasdaq rises by about 1.4%.
Intel decreases by more than 2%. Meta Registers increases of about 2%. Microsoft increasing by more than 1.6%, Amazon increases by 2.7%, Dark increases by about 0.5%.
19:15
After the strong employment report, the three main indices rise by more than 1%. The Dow Jones index rises by about 1%, the S&P 500 index rises by about 1.3%, the Nasdaq rises by about 1.5%.
European stock markets were locked in the red. The DAX fell by 1.2%, the KAK lost its value by 1.1% and the FTSE fell by 0.8%.
Medical device and technology company Shockwave Medical is up more than 2% after Johnson & Johnson announced it would buy it for $12.5 billion. The deal is expected to expand Johnson & Johnson’s portfolio in the field of devices for the treatment of cardiovascular diseases.
17:20
The gains on Wall Street continue: the Dow Jones index rises by about 0.3%, the S&P 500 index rises by about 0.6%, the Nasdaq rises by about 0.9%. However, the three indices are nearing the end of a week of declines. The Dow fell on a weekly average about 3% and recorded the worst week since March 2023. The S&P 500 index and the Nasdaq fell about 2% on a weekly average.
16:30
The Wall Street stock markets opened higher after a strong employment report: the Dow Jones index rises at the opening of trading by about 0.2%, the S&P 500 index rises by about 0.3%, the Nasdaq rises by a similar rate.
16:00
Ronan Menachem, Chief Market Economist, Mizrahi Tefahot, said after the publication of the employment data that “the US labor market has not calmed down. In March, 303 thousand jobs were added to the US economy. This is an increase of 33 thousand compared to the addition of February but more importantly, 103 thousand more than the market estimates. This is the highest increase since May of last year (then the figure was the same), while according to estimates, the smallest increase in 4 months should have been recorded, to teach us about the magnitude of the surprise. By the way, the figure for the month of February was revised slightly downwards from 275 to 270 thousand.
“Wages per working hour increased 4.1% in the last 12 months, although 0.2 less than the figure for February, but similar to estimates. The monthly figure, 0.3%+, was also not surprising, but was faster than the previous month (a figure that itself was doubled retroactively from 0.1%+ to 0.2%+). Either way, this is a fast growth rate in favor of the Fed.
“Meanwhile, the unemployment rate fell from 3.9% to 3.8% of the civilian workforce, 0.1% lower than market estimates. This is an impressive result, given that the labor force participation rate increased from 62.5% to 62.7%. That is, more people Look for work and less unemployed people.
“It should be noted that the strong report aligns with the preliminary report of the private sector, which was published yesterday (Wed) and indicated an addition of 184 jobs, 36 more than the market estimates. It can be said that this report has “restored its lost dignity” as an indication of the figure The official. The wage and employment data are strong and reflect, in our estimation, excessive strength of the labor market, especially from the Fed’s point of view. In addition, the decrease in the unemployment rate and the increase in the employment rate may signal stronger wage pressures in the future.
“The next interest rate announcement will be on Wednesday, May 1, 2024. By then, the consumer price index for the month of March will be published. Subject to the results and following the employment report, the chance of the first interest rate cut since March 2020 (when the corona epidemic broke out) has decreased. Even so, the cautious approach of the Fed according to a number of speeches by its leaders recently and Governor Powell’s clear statement that the way to lower interest rates was not fast enough for him, is supported by the wage and employment data.
Against this background, we are witnessing in the first minutes a surge of the dollar against the euro and of the redemption yields on US government bonds.”
15:30
A strong employment report in the US: 303 thousand jobs were added in March – well above expectations, while early forecasts were for 212 thousand new jobs. The previous figure was 275 thousand new jobs in February.
The unemployment rate stands at 3.8%, while analysts were expecting an unemployment rate of 3.9%, as it was in February.
14:01
European stock markets are currently trading in a negative trend. The Dax plunges by 1.5%, the Kac loses its value by 1.4% and the Potsi falls by 0.9%.
In early trading on Wall Street, tech stocks are trading in a mixed trend. Nvidia increases by 0.6%, Tesla increases by 0.4%, Meta jumps by 1%, Dark adds 0.3% to the value, Microsoft increases by 0.5% andAmazon increases by 0.6%. on the other hand, Alphabetical decreases by 0.8%.
In the American debt market, the yield on 10-year bonds is climbing slightly and is trading around 4.33%. The yield on two-year bonds is trading in a similar trend at 4.65%.
11:53
The negative trend in Europe continues. On the other hand, futures in the US are trading higher.
Macro Europe: The import price index in Germany decreased by 0.2% in February. The early expectation was -0.1%. In Great Britain, the Construction Purchasing Managers’ Index was published for the month of March, which rose to 50.2 points. (expected-49.8 points).
10:18
European stock markets are currently trading in a negative trend. The Dax plunges by 1.2%, the KAC drops by a similar rate and the British Potsey sheds about 1% of its value.
08:22
This morning in Asia, the main indexes are trading by the hour with rates falling. The Nikkei plunges by 2%, the Hang Seng loses its value by 0.6% and the Kospi index falls by 0.9%. The stock markets in China are closed on the occasion of Tombstone Cleaning Day.
This morning in the US, futures are trading higher.
Last night (Thursday), trading on Wall Street closed with sharp price drops. The Nasdaq fell 1.2%, the Dow Jones 1.3% and the S&P 500 1.2%.
At the same time as the rates fell on Wall Street, the dollar strengthened against the other currencies in general and against the shekel in particular and traded close to NIS 3.76 per dollar.
The fear index (VIX) climbed by 11% and for the first time in about two months surpassed the 16 mark.
stock Meta Platforms (Facebook) Went up last night (Thursday) after receiving a recommendation from Jeffries. Jefferies raised Meta’s target price to $585 from $550, 12% more than the stock’s current price. Meta’s market cap is now $1.3 trillion. Its stock has risen by 46% since the beginning of the year and will almost triple its value in 2023.
The company also left its recommendation of “purchase” with the expectation that the company’s market share of the total growth of the advertising market this year will be 50%. The analysts at Jefferies expect a 20% growth in revenues compared to 9% in the digital advertising market. “Meta has countless virtues,” they wrote in Jeffries, “the decision to invest 27 billion dollars in capital investments gave the company several strategic advantages compared to its competitors.”
In the American debt market, government bond yields are trading stable this morning. The yield on 10-year bonds is trading around 4.4% and the yield on two-year bonds is at 4.64%.
In the macro sector, today at 15:30 Israel time, the US employment report will be published. The report is an important figure for the Federal Reserve when it comes to making a decision on the interest rate.
In the commodity market, oil prices are rising slightly this morning. The price of a Brent barrel is traded around 90.9 dollars.
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