US Stock Market and Economic Indicators
The premarket indices on major US stock exchanges were down on Monday, indicating mixed trading in the stock market. The Nasdaq and small-cap Russell 2000 were on separate courses from the Dow and S&P 500. This comes amid updates on key economic indicators.
Walgreens Boots Alliance reported fiscal Q2 earnings, beating estimates on both top and bottom lines, while the Advance Trade in Goods deficit in February was slightly better than expected, keeping the US trade balance rangebound. The Advance Retail and Wholesale Inventories increased in February but are still trying to reach equilibrium disrupted by the Covid pandemic.
New Consumer Confidence numbers for March were released after the opening bell, which showed a slight tick down from the previous month. Investors are now looking ahead to the next Fed meeting on interest rates, which is five weeks away. Upcoming data can have an impact on its decision making.
Mixed Trading in US Stocks, European and Asian Markets
On Tuesday, U.S. stocks traded mixed, with Dow Jones gaining around 50 points. Energy shares jumped by 1.1%, while information technology shares fell by 0.9%. These mixed signals have been observed across both European and Asian markets.
Energy shares jumped a notable 2.3% on Monday while communication services shares fell by 1.2%. The Dallas Fed manufacturing business index fell to 15.7 in March compared with its prior reading of -13.5.
There were some big winners and losers among individual companies recently as well. First Citizens BancShares Inc.’s shares shot up by an impressive 51% after First-Citizens Bank & Trust Company entered into an agreement to purchase all deposits and loans of Silicon Valley Bank. Harmony Biosciences Holdings Inc.’s shares, however, dropped 22% after the issue of a short report by Scorpion Capital.
COVID-19 Update
As the COVID-19 pandemic continues worldwide, the U.S remains the most heavily affected country. The country has reported a total of 106,109,140 cases and around 1,153,810 deaths, making it have the highest number of cases and deaths in the world.
India has also been hit hard by COVID-19, confirming at least 44,705,950 cases and 530,830 deaths. Meanwhile, France has reported over 39,758,760 COVID-19 cases with 165,460 deaths.
Overview of U.S. Stocks and Economic Indicators
On Tuesday, wholesale inventories in the U.S rose 0.2% month-over-month in February while oil traded up 0.5% to $73.20 and gold traded up 0.4% at $1,962.00.
Oscar Health Inc.’s shares rose an astonishing 65% following the appointment of Mark Bertolini as CEO effective April 3, 2023. Viking Therapeutics Inc.’s shares gained an impressive 56% after reporting Phase 1 trial results of VK2735 for potential treatment of metabolic disorders.
In total summary of US stocks and economic indicators, mixed trading has prevailed in US stocks with gains and losses seen in various sectors. Investors are keeping a keen eye on upcoming economic data that can affect investment decisions both in the short term and long term futures.
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