Beat the street: Fed watch; BOJ; NVIDIA; Pfizer; Cocoa; Sugar
US stocks stay muted ahead of the US Federal Reserve, which is seen holding rates steady this Wednesday. Much attention will be on what US policymakers say rather than what they do.
The Bank of Japan makes its first rate hike in 17 years. NVIDIA shares fall after unveiling its new AI chip. Pfizer offloads $3.9 billion stake in Sensodyne-maker Haleon. Cocoa touches another record high, sugar slides.
(AI Video Summary)
Fed meeting
In today's edition of "Beat the street", Angeline Ong, talks about what's happening in the stock market before it opens. She mentions that the US stocks are not moving much because of a meeting by the Federal Reserve. The meeting is expected to keep interest rates the same, and this is making investors cautious.
NVIDIA and Pfizer news
Ong also shares some important news about companies. She talks about how shares of chip manufacturers fell after NVIDIA introduced a new AI chip, which is faster than its previous one. She also mentions that Pfizer sold a part of its stake in Haleon, a company known for its brands like Sensodyne, for $3.9 billion.
Latest economic numbers
She then talks about the latest economic numbers, specifically building permits and housing starts in February. She explains that these numbers usually affect the markets, but this time they are not expected to have a big impact because everyone is focused on the Federal Reserve meeting.
Indicies and rate cuts updates
She then looks at three important stock indices: the Nasdaq, Dow Jones, and S&P 500. She says that they have been relatively stable. The most important thing investors are looking for is what the Federal Reserve says about interest rates in the future. If they hint at fewer rate cuts or a delay in cutting rates, it could affect the market. Rising prices could also be a problem for the market.
JPY/USD
She also talks about the Japanese yen and how its value is decreasing against the US dollar. She believes this trend will continue unless the Federal Reserve says something that changes that.
Cocoa and sugar
Finally, she discusses the cocoa and sugar markets. Cocoa prices have reached record highs because of bad crops, while sugar prices are feeling the pressure because of better harvests in India and Thailand.
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