Key Market Insights January 24

9 min read

US Markets

Stocks were up Friday after losing momentum in the middle of the week, causing the Dow to temporarily fall into the red for the year.

  • After the rise on Friday, the Dow finished the week down 2.7% but remained up just under 1% for 2023. The S&P 500 lost 0.66% last week while the Nasdaq extended its winning streak to three weeks after gaining 0.55%.
  • Netflix surged 8.5% on Friday after a larger-than-expected increase in subscribers, and Alphabet gained 5% after announcing it would lay off 6% of its workforce (12,000 employees).
  • The current 10 Year U.S. Treasury yield is set at 3.47960%
Market Price Move
Dow Jones 33,375.49 1.00%
S&P 500 3,972.61 1.89%
Nasdaq 11,140.44 2.66%
Russell 2000 1,867.34 1.69%

 

Canadian Markets

Urbanation, a real estate consulting firm, has released a report looking into Toronto’s rental market last year.

  • Despite a decline in housing prices in 2022, rent increased by 16.9% in the city, whereas it saw a 0.5% decrease in 2021.
  • The increase is mainly due to immigrants and foreign students moving to the city once pandemic-related restrictions were lifted. Rising interest rates led to a decline in first-time homebuyers, which increased the demand for rentals.
  • The average monthly rental price for a condo in Toronto was $2,752 at the end of last year, $391 more than in December 2021.
  • Rental constructions decreased by 54% in 2022, showing that supply is unlikely to increase in the short term.
Market Price Move
TSX 20,503.21 0.80%

 

European Markets

European markets were up slightly on Friday after falling on Thursday following a strong start to the week that saw the FTSE hit a new high.

  • The Stoxx 600 rose 0.35% on Friday, led by travel stocks, which gained 1.2%.
  • For the week, the Stoxx 600 lost 0.3%, with most of those losses coming during a sell-off on Thursday in response to weak corporate earnings and economic data from the U.S.
  • Cellnex, a Spanish telecom company, was the best-performing stock in the Stoxx 600 on Friday, gaining 8.9%.
  • Close Brothers, a British banking group, was the worst-performing stock, falling 10.3%.
Market Price Move
Euro STOXX 50 4,119.90 0.63%
UK (FTSE 100) 7,770.59 0.30%
Germany (DAX) 15,033.56 0.76%
France (CAC 40) 6,995.99 0.63%

 

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Asian Markets

Stocks In Asia were up on Friday despite Japan’s inflation hitting a 41-year high.

  • Singapore’s tourism board said that despite China’s reopening, the number of Chinese tourists visiting the island country is unlikely to return to pre-pandemic levels this year.
  • Stocks in China continue to have positive momentum following the country’s lifting of most Covid restrictions, with the Hang Seng, Shanghai Composite, and Shenzhen Component all rising last week.
  • The Nikkei rose on Friday after new data showed that consumer prices rose by 4% in December on an annualized basis, a 41-year high. The index fell on Thursday in response to the Bank of Japan unexpectedly maintaining its monetary policy.
Market Price Move
S&P Asia 50 4,984.70 1.35%
Japan (Nikkei 225) 26,553.53 0.56%
South Korea (KOSPI) 2,395.26 0.63%
China (Hang Seng) 22,044.65 1.82%
India (SENSEX) 60,621.77 -0.39%

 

Commodities

Oil prices rose on Friday and have now increased for two consecutive weeks.

  • Both Brent crude and U.S. West Texas Intermediate gained just over 1% on the day.
  • The positive outlook created by China’s removing Covid restrictions and reopening its economy continues to outweigh concerns over the global economy’s health.
  • The U.S. oil rig count is at its lowest since November, which pushed prices up as it suggests a decline in domestic supply.
Market Price Move
Oil (NYSEARCA:OIL) 28.10 1.21%
Gold (NYSEARCA:GLD) 173.71 -0.33%
Silver (NYSEARCA:SLV) 21.92 0.27%
Corn (NYSEARCA:CORN) 25.93 0.00%
Lumber (NASDAQ:WOOD) 75.43 0.78%

Currency Exchange Rates

The Yen was down on Friday after weeks of gains as markets re-adjust following the Bank of Japan’s monetary policy decision on Thursday.

  • The Yen gained over 14% against the U.S. Dollar over the past three months amid expectations that the Bank of Japan would tighten its monetary policy.
  • The U.S. Dollar has regained nearly 2% against the Yen in the two U.S. trading days since the Bank of Japan decided to continue having ultra-low interest rates.
  • The USD still fell against other currencies on Friday and is expected to continue falling in the first half of 2023.
Market Price Move
UK(GBP) £0.81 -0.32%
Europe (EURO) €0.92 -0.73%
Canada (Canadian Dollar) $1.34 -0.75%
Japan (Yen) ¥129.56 0.76%

 

Cryptocurrency

Bitcoin surged over 10% on Friday before falling after Genesis filed for bankruptcy.

  • Genesis lost $1.2B when Three Arrows Capital filed for bankruptcy last summer. The crypto lending firm lost funds and had to freeze withdrawals when customers left exchanges following FTX’s bankruptcy in December.
  • Genesis is FTX’s largest unsecured creditor, with $226M in claims.
  • In its bankruptcy filing, Genesis claimed that it has over $5.1B in liabilities.
Market Price Move
Bitcoin $22,643.90 9.53%
Ethereum $1,663.62 7.25%
Litecoin $90.24 7.14%
Bitcoin Cash $128.30 8.11%

 

Good trading,
Chris Svorcik

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