Beat the street: ADP; Powell; oil; Bitcoin; gold
US private payrolls rise slightly less than expected in February, showed the latest ADP report. Other than Friday’s jobs report, US Federal Reserve Chair, Jerome Powell, is the ‘big ticket’ this week.
Investors wait to see what Powell says about the US economy and the timing of the Fed’s first rate cut in this cycle. Plus, Bitcoin and gold continue to hold near all-time highs.
(AI Video Summary)
Traders awaiting Powell's Fed speech and upcoming jobs report
In today's "Beat the street" video, Angeline Ong talks about important market news and information that traders are paying attention to as Wall Street prepares to open. One key focus is Federal Reserve Chair, Jerome Powell's, testimony and the upcoming jobs report. These events could have a significant impact on the market, so traders are eagerly awaiting them. They are particularly interested in Powell's testimony because it could provide clues about the possibility of a rate cut by the Federal Reserve.
However, Chris Vecchio, a tastylive financial expert in New York, believes that the chances of a rate cut have decreased and Powell's testimony may not suggest otherwise. Traders are also keeping an eye on the non-farm payrolls report, which is expected to show job growth. This data could have a big impact on the market, depending on the outcome.
Vecchio also discusses the Bank of Canada's expected decision to keep its key overnight rate steady, despite concerns about persistent inflation.
Today's important trading news
Another interesting development is that Bitcoin, a popular cryptocurrency, is increasing in value after reaching an all-time high, while gold, a traditional safe-haven asset, is also holding steady near a record high.
Morgan Stanley, a major investment bank, has reduced its staff in its China fund, suggesting a lack of confidence in the effectiveness of China's recent stimulus measures. This news has caused the market to react, and shares of Apple, a popular technology company, have dropped as its sales in China slump. There are also concerns about the use of artificial intelligence to create images that spread false information during elections, which is a growing issue for investors.
Despite these uncertainties, the NASDAQ 100, an index that tracks the performance of technology companies, has been performing well. However, there is a negative divergence that suggests a possible short-term correction in the market.
Oil prices slightly rebound
Finally, oil prices have rebounded slightly after a decline, but they remain in a narrow range. Traders are being cautious as they await Powell's speech and the upcoming jobs data, as these events could have a major impact on the market.
Overall, this video covers a range of important market news and data related to the Federal Reserve, jobs reports, cryptocurrencies, commodities, China's economy, and AI technologies.
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