Global | 2024.03.01 21:53
[휴스턴=뉴스핌] Reporter Go In-won = Before the New York stock market opened, major stock index futures prices were flat and mixed on the 1st (local time).
With inflation indicators meeting expectations, the market showed strength, with the Nasdaq index hitting an all-time high at the closing price for the first time since November 19, 2021, and a market taking a breather following the previous day’s rally is developing .
As of 7:45 am Eastern time, E-mini Dow futures on the Chicago Mercantile Exchange (CME) were trading at 38,992.00, down 51.00 points (0.13%) from the previous day. E-mini S&P500 futures point to 5099.50, down 4.25 points (0.08%). E-Mini Nasdaq 100 futures are at 18,084.00, up 1.25 points (0.01%) and remain at a low level.
New York Stock Exchange (NYSE) trader.[사진=로이터 뉴스핌] 2023.10.31 mj72284@newspim.com
Market participants concerned about the possibility of disappointing inflation indicators were pleased to see January’s personal consumption expenditure (PCE) price index.
The US Department of Commerce’s Bureau of Economic Analysis announced that the PCE price index rose 0.3% in January compared to the previous month. This result was largely in line with the expectations of experts in the financial market, and the increase was the biggest in four months.
The core PCE price index, which excludes highly volatile food and energy, rose 0.4% from a month ago, recording the biggest increase in a year.
Compared to January last year, the PCE inflation rate recorded 2.4%, the lowest in three years. During the same period, the PCE core price index rose by 2.8%, a gradual increase from 2.9% in December last year.
Experts maintained expectations of a Federal Reserve (Fed) interest rate cut this year as the price index was not higher than expected. According to FedWatch, a Chicago Mercantile Exchange (CME) group, participants in the federal funds interest rate futures (FF) market expect the Federal Reserve to begin lowering interest rates in June and cut it three to four times by 25bp ( 1bp = 0.01% point) by the end of the year. It is believed that
Major indexes ended February on the up as rallies continued due to the artificial intelligence (AI) boom and expectations of interest rate cuts. The Nasdaq index showed the biggest increase among major indexes with an increase of 6.1%, the S&P 500 rose 5.2%, and the Dow index rose 5.2%.
rose 2.2%, continuing its upward trend for four consecutive months for the first time since May 2021.
“We’re still in the deflation camp and I think the Fed will have no choice but to cut interest rates by June,” Adam Crisafulli, founder of Vital Knowledge, told CNBC.
The price of Bitcoin, a representative cryptocurrency, staged a strong rally, rising almost 45% in February and surpassing $62,000. This was the biggest increase since December 2020 and continued its upward trend for six consecutive months. According to CoinDesk, as of today, the price of Bitcoin is $62,173, down 0.84% from the previous day.
The market is awaiting the Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers’ Index (PMI) for February, scheduled for release on this day, and comments from Federal Reserve officials, including the President of the New York Federal Reserve John Williams and the Federal Reserve Board Director, Christopher Waller.
Meanwhile, the US Congress passed a temporary budget plan on the 29th to avoid a federal government shutdown (temporary business shutdown). The provisional budget bill that passed the Senate and the House of Representatives included extending the deadline until March 8 for six sectors, including agriculture, veterans affairs, and transport, where the current provisional budget came to end a day off.
In addition, the interim budgets for the remaining six sectors, including National Defence, Homeland Security, Labour, and the Department of Health and Welfare, which were originally due on March 8, are expected to be extended until March 22. The new interim budget will come into effect after President Joe Biden signs it.
On the 31st (local time), New York Community Bancorp’s trading information is displayed on the floor of the New York Stock Exchange (NYSE).[사진=로이터 뉴스핌] 2024.02.01 mj72284@newspim.com
The stock price of New York Community Bancorp (stock name: NYCB), a regional bank in New York, plunges by more than 20%. The bank issued a correction to its fourth quarter performance report on this day, saying, “We have identified ‘significant weaknesses’ in the company’s internal controls related to loan review, and this problem resulted in a loss of $2.4 billion to shareholders last quarter. “
In addition, the company announced the replacement of the CEO, saying that Executive Chairman of the Board of Directors Alessandro Dinello has taken over as the new CEO. The bank’s stock price has already fallen by more than 50% this year.
NYCB’s stock price suffered a loss of $252 million (about 340 billion won) in the fourth quarter of last year and has continued its weak trend since revealing that it had reduced its dividend by 70% from 17 cents per share to 5 cents.
Stock prices of local banks such as ▲Zion Bancorp (ZION) and ▲Keycorp (KEY) are also down 1-2%.
Cyber security service company ▲ZScaler (ZS) also saw its stock price drop more than 7% before the market open. This follows reports that operating costs have increased in the second quarter.
iPhone maker ▲Apple (AAPL) also down 0.6% in stock price before the market open. Investment sentiment worsened as investment bank Goldman Sachs removed the company from its ‘strong buy list’.
On the other hand, the stock price of PC maker Dell Technologies (DELL) is soaring 23% after predicting that demand for the company’s AI servers will increase and forecasting annual sales and net profit that exceed Wall Street expectations.
The stock price of NVDA, a semiconductor company at the center of the AI craze, is up 1.05% before the market opens, and Advanced Micro Devices (AMD) is up 3.3%.
koinwon@newspim.com
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