Key Market Insights January 11

8 min read

US Markets

The Nasdaq rose on Monday as the technology sector saw outsized gains while the rest of the market struggled.

  • Tesla shares were up more than 6% on the day after declining significantly last week.
  • The S&P 500 has gained 1.1% this year, and 83% of the time that the index is up in the first five trading days, it finishes the year up.
  • The current 10 Year U.S. Treasury yield is set at 3.52830%
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

Stocks in Europe rose to their highest point since May 2022 as market sentiment remains high across the continent.

  • The Stoxx 600 gained 0.9%, led by technology stocks which rose 3.4%
  • The Swiss National Bank lost $143B in the fiscal year 2022, the largest loss in its 116-year history.
  • Unemployment in the Eurozone was still at a record-low level in December despite a decline in economic activity.
Market Price Move
TSX 19,814.51 1.58%

 

European Markets

Stocks in Europe rose to their highest point since May 2022 as market sentiment remains high across the continent.

  • The Stoxx 600 gained 0.9%, led by technology stocks which rose 3.4%
  • The Swiss National Bank lost $143B in the fiscal year 2022, the largest loss in its 116-year history.
  • Unemployment in the Eurozone was still at a record-low level in December despite a decline in economic activity.
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

Asian markets are up as China continues to reopen its economy and remove COVID-19 restrictions.

  • All quarantine requirements for those traveling to Hong Kong and mainland China were lifted over the weekend.
  • Casino stocks rose as a result, with MGM China gaining 4.52%, Wynn Macau rising 4.25%, and Sands China up 3.89%.
  • Alibaba gained 5.8% after reports that Jack Ma had given up control of the company.
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 rose on Monday due primarily to investors’ belief that oil demand will increase as China reopens.

  • Brent was up 1.37% on Monday and U.S. West Texas Intermediate crude gained 1.17%.
  • Both benchmarks were down more than 8% last week, their worst week in seven years.
  • According to a government estimate, there will be 2 billion trips during China’s Lunar New Year celebrations, a two-fold increase from last year.
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 is at a 7-month low against the Euro as investors try to discern if the Fed will continue with its hawkish approach to fight inflation.

  • A consumer survey showed that Americans believe interest rates will climb to 5% this year.
  • Q4 2022 was the worst quarter for the U.S. Dollar in 12 years.
  • Activity in the service sector was down in December for the first time in 30 months.
  • The U.S. Dollar Index lost over 1% on Monday.
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

Traders in the crypto community are concerned because someone has purchased 50,000 contracts for Ether options with a $400 strike price expiring at the end of June for almost $500,000. These contracts would lose money unless Ether fell by 70% in the next six months.

  • 117 Parties have expressed interest in buying FTX assets as the company’s liquidation continues, according to court documents.
  • $500M in Robinhood shares have been seized in connection with the FTX bankruptcy proceedings.
  • FTX’s Alameda Research, as well as the SEC, the Department of Justice, and several state regulators oppose the $1B Binance deal to purchase Voyager’s assets.
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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