Key Market Insights January 10

8 min read

US Markets

Stocks rose on Friday with their first major rally of 2023.

  • The rally came after a positive jobs report in December and signs that inflation is slowing.
  • All 11 sectors of the S&P 500 were up on the day, led by materials stocks, which gained 3.4%.
  • The worst-performing sector was healthcare, which rose 1%.
  • So far this year, the only sector in negative territory is healthcare, which has lost 0.1%.
  • The current 10 Year U.S. Treasury yield is set at 3.56260%
Market Price Move
Dow Jones 33,630.61 2.13%
S&P 500 3,895.08 2.28%
Nasdaq 10,569.29 2.56%
Russell 2000 1,792.80 2.26%

 

Canadian Markets

Canada’s job market saw gains for the fourth consecutive month in December, which may give the Bank of Canada more justification to continue raising interest rates.

  • The Canadian economy added 104,000 jobs in December, significantly more than the 5,000 increase expected by economists.
  • The unemployment rate fell to 5%, lower than the 5.2% expected by analysts.
  • The labor force grew by 91,00 last month, and the labor participation rate is at 65%.
Market Price Move
TSX 19,814.51 1.58%

 

European Markets

European markets were up on Friday following the publication of positive inflation data.

  • In December, the annual inflation rate in the Eurozone was at 9.2%, down from 10.1% in November.
  • The Stoxx 600 rose 1.1% on Friday and gained 3.4% on the week.
  • Basic resource stocks led gains on Friday with an increase of 2.5%.
Market Price Move
Euro STOXX 50 4,017.83 1.47%
UK (FTSE 100) 7,699.49 0.87%
Germany (DAX) 14,610.02 1.20%
France (CAC 40) 6,860.95 1.47%

 

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Asian Markets

Stocks in Asia were mixed on Friday but most countries saw gains.

  • Tesla said it will lower prices for some of its cars by between 6% and 13.5% in China, and the carmaker’s suppliers in the country rose as a result.
  • Investors believe that Chinese companies will continue to take market share from their Taiwanese rivals in 2023 as geopolitical tensions increase.
  • Samsung may need to cut production in 2023, which could negatively impact the South Korean economy.
Market Price Move
S&P Asia 50 4,695.73 0.29%
Japan (Nikkei 225) 25,973.85 0.59%
South Korea (KOSPI) 2,289.97 1.12%
China (Hang Seng) 20,991.64 0.29%
India (SENSEX) 59,900.37 -0.75%

 

Commodities

Oil prices were flat on Friday as the major benchmarks ended the week down.

  • Brent lost 0.2% on Friday and U.S. West Texas Intermediate (WTI) dropped 0.1%.
  • Brent and WTI both lost 8% last week after gaining 13% in the last three weeks of 2022.
  • Saudi Arabia has lowered prices for the crude it sells to Asia — they are now at the lowest level since November 2021.
Market Price Move
Oil (NYSEARCA:OIL) 28.10 0.46%
Gold (NYSEARCA:GLD) 173.71 1.87%
Silver (NYSEARCA:SLV) 21.92 2.48%
Corn (NYSEARCA:CORN) 25.93 0.00%
Lumber (NASDAQ:WOOD) 75.43 2.67%

Currency Exchange Rates

The U.S. Dollar was down on Friday after the release of data showing that the U.S. job market is strong.

  • Wages were up 0.3% in December after rising 0.4% in November. Wages rose 4.6% in 2022.
  • The U.S. Dollar Index, which tracks the USD against six major fiat currencies, lost 1.17%.
  • Investors estimate a 73% chance of a 25-basis point interest rate hike at the start of February.
Market Price Move
UK(GBP) £0.83 0.07%
Europe (EURO) €0.94 0.21%
Canada (Canadian Dollar) $1.34 -0.01%
Japan (Yen) ¥131.95 -0.10%

 

Cryptocurrency

Bitcoin and Ethereum were stable on Friday and over the weekend.

  • SuperRare, Ethereum’s digital work market, said it plans to reduce its workforce by 30% in a cost-cutting measure.
  • Crypto exchange Huobi has announced that it will cut its payroll by 20% and will pay workers in stablecoins.
  • After USDD fell by $0.03 on Friday the stablecoin is no longer pegged to the U.S. Dollar.
Market Price Move
Bitcoin $16,955.70 0.04%
Ethereum $1,269.83 0.47%
Litecoin $76.44 0.10%
Bitcoin Cash $102.24 0.61%

 

Good trading,
Chris Svorcik

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