Image Source : Krish Capital Pty Ltd

Index Update

Markets await consumer inflation data on Wednesday, followed by jobless claims and producer price index on Thursday. Earnings reports from McDonald’s, Vertex Pharmaceuticals, and Crown Castle are also expected. On Friday, major indices declined sharply, with the Dow and S&P 500 down 1% and the Nasdaq falling 1.36%.

Market Movers

On Friday, the top gainers were Conduit Pharmaceuticals Inc. (+72.9%), followed by Farmer Brothers Company (+29.44%). On the contrary, Canopy Growth Corporation (-23.74%) and  Newell Brands Inc. (-20.74%) declined the most the same day.

Commodities Update

WTI crude oil futures rose above $71 per barrel, driven by new U.S. sanctions on Iran’s crude exports. However, gains were limited by concerns over Trump’s global tariffs on steel and aluminum, which could impact U.S. oil drillers. Meanwhile, China's retaliatory tariffs on U.S. goods took effect but are expected to have a limited impact on energy imports.

Macro Update

The dollar index rose above 108.3, extending gains for a third session as Trump’s new tariffs on steel and aluminum fueled inflation concerns. China’s retaliatory tariffs took effect, and the EU vowed swift responses to U.S. tariffs. Investors await U.S. inflation data, jobless claims, and Fed Chair Powell’s testimony for monetary policy insights.

Futures Update

US stock futures initially dipped but later rose as investors reacted to Trump’s 25% tariffs on steel and aluminum, set to take effect today. Markets also awaited Federal Reserve Chair Jerome Powell’s testimony for insights on monetary policy. Bitcoin traded at $97,828 on February 10, up 1.51% from the previous session. It gained 3.41% over the past four weeks and surged 103.07% over the last year.

Stocks experienced a sharp decline on Friday, retreating after a recent upward trend. The major indices fell into negative territory within the first hour of trading and continued to slide throughout the day. Although they recovered slightly from their low points as the session neared its end, all major indices remained significantly lower. The Nasdaq plummeted by 268.59 points, or 1.3%, to reach 19,523.40, the Dow dropped 444.23 points, or 1.0%, to 44,303.40, and the S&P 500 fell 57.58 points, or 0.95%, to settle at 6,025.98. From a technical standpoint, the S&P 500 hit resistance at critical levels, resulting in a minor downward trend and increasing the likelihood of a short-term pullback. The Relative Strength Index (RSI) is currently around the midpoint, indicating the potential for such a decline. Market analysts are closely monitoring key price levels, with $6,100 identified as a possible resistance point and $5,900 as a support level.

You Are a Few Steps Away From Gaining Smart Market Insights

Sign up/Login Now and Gain Access to Exciting Opportunities from Investor and Resource Space!