Belpointe chief strategist David Nelson, Simpler Trading options director Danielle Shay and Mahoney Asset Management CEO Ken Mahoney look back on market movements over the past 12 months.
U.S. stock futures are trading higher, ahead of a major manufacturing report on Wednesday.
The shares have been trading cautiously after comments on Tuesday by Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen on the economy.
Nasdaq futures were up 0.8%, while Dow and S&P 500 futures gained 0.1%.
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In Washington, Yellen and Powell told Congress that more must be done to limit economic damage. Powell stressed that he does not expect stimulus programs to trigger inflation.
Investors are also reevaluating their expectations for a rapid and widespread global recovery.
Bond yields, or the difference between market price and payment at maturity, decreased as prices increased. The yield on the 10-year Treasury note fell to 1.62%, below the level of the previous week above 1.70%.
YELLEN SAYS BIDEN WEIGHING ADMINISTRATION OF TAX STRUCTURE CHANGES TO FUND THE INFRASTRUCTURE ACCOUNT
Two economic reports could set the direction for negotiations on Wednesday.
The Census Bureau must say that new orders for high-value manufactured items increased 0.8% month-on-month in February, from 3.4% in the previous month. If you consider orders for transportation components, they are expected to rise 0.6%, compared to a 1.3% increase in January. Orders for basic capital goods, a watchful indicator of company spending, are expected to rise 0.5% in the month, up from 0.4% in January.
Research firm IHS Markit will launch its manufacturing PMIs and flash services for March. Both numbers are expected to rise since the final February readings. Remember that any number above 50 indicates an expanding sector:
Asian stock markets followed the fall of Wall Street on Wednesday after European governments extended anti-coronavirus blocks, obscuring the prospects for an economic recovery.
In Asia, the Nikkei 225 in Tokyo fell 2%, Hang Seng in Hong Kong fell 2.1% and the Shanghai Composite Index of China fell 1.3%.
In Europe, Germany extended anti-virus restrictions for three weeks, until April 18, and said travelers arriving from abroad by air should be tested for coronavirus before boarding their flight. The Netherlands extended its blockade for three weeks.
London’s FTSE was down 0.2%, Germany’s DAX fell 0.5% and France’s CAC fell 0.3%.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 32423.15 | -308.05 | -0.94% |
| SP500 | S&P 500 | 3910.52 | -30.07 | -0.76% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13227.697011 | -149.85 | -1.12% |
On Tuesday, the S&P 500 benchmark fell 0.8% on Tuesday, to 3,910.52. The Dow Jones Industrial Average fell 0.9% to 32,423.15.
Nasdaq, dominated by technology stocks, fell 1.1% to 13,227.70.
In the energy markets, oil began to rise after reports that a container ship considered one of the largest in the world turned over and blocked all traffic. The situation threatens to disrupt a global shipping system already affected by the coronavirus pandemic.
US reference oil rose $ 1.01 to $ 58.77 a barrel in e-commerce on the New York Mercantile Exchange. The contract plunged $ 3.79 on Tuesday to $ 57.76, after Germany’s blocking announcement raised concerns about declining demand for industry and travel.
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Brent crude oil, used to price international oils, earned $ 1.05 to $ 61.84 a barrel in London. He lost $ 3.83 in the previous session to $ 60.79.
The Associated Press contributed to this article.