Market Insights | January 15, 2024

DAILY MARKET NEWSLETTER January 15, 2024

🌐 MARKET WRAP: STOCKS, BONDS, COMMODITIES

On Friday, U.S. stocks closed mixed. Dow Jones Industrial Average fell 118 points (-0.31%) to 37,592, S&P 500 gained 3 points (+0.08%) to 4,783, and Nasdaq 100 edged up 12 points (+0.07%) to 16,832.

U.S. data showed producer prices grew 1.0% on year in December (as expected). U.S. 10-year Treasury yield edged down to 3.941%.

Telecom services (+1.33%), energy (+1.26%), and software & services (+0.93%) sectors outperformed, while automobiles & components (-3.43%), banks (-1.26%), and health-care equipment & services (-1.19%) sectors closed with losses.

Microsoft (MSFT) advanced 1.00% to $388.47, reaching a record closing level, overtaking Apple (AAPL) as the most valuable public company.

Tesla (TSLA) slid 3.67% to $218.89, below its 200-day moving average. The electric-vehicle maker said it could suspend production at its Berlin factory due to Red Sea-related supply chain issues.

UnitedHealth (UNH), a private health insurance provider, fell 3.37%, and Wells Fargo (WFC), one of the big-five U.S. banks, dropped 3.34%.

Delta Air Lines (DAL) tumbled 8.97% after providing a disappointing 2024 earnings guidance.

Other airline stocks also lost ground, with United Airlines (UAL) sliding 10.63%, Jetblue Airways (JBLU) down 5.60%, and Southwest Airlines (LUV) down 4.26%.

U.S. markets will be closed Monday (January 15) for the Martin Luther King Jr. Day holiday.

European stocks closed higher, with the DAX 40 rising 0.95%, the CAC 40 up 1.05%, and the FTSE 100 up 0.64%.

U.S. WTI crude-oil futures gained $0.77 (+1.07%) to $72.79 a barrel, boosted by escalating tensions in the Middle East due to U.S. and U.K. airstrikes against targets in Yemen.

Gold price advanced $19 to $2,047 an ounce.

📉 MARKET WRAP: FOREX

• 🌐 FOREX MARKET REPORT

• The U.S. dollar index remained stable at 102.43. 💹

• EUR/USD fell 21 pips to 1.0949. 📉

• USD/JPY dropped 42 pips to 144.86. 📉

• GBP/USD declined 14 pips to 1.2746. U.K. data showed GDP grew 0.3% on month in November (vs +0.1% expected), and industrial production rose 0.3% (vs +0.2% expected). 📉📊

• AUD/USD dipped 3 pips to 0.6684. 📉

• USD/CHF added 6 pips to 0.8524, and USD/CAD climbed 12 pips to 1.3403. 📈

• Bitcoin remained subdued in the second trading session of all-new spot Bitcoin ETFs, testing support at $42,000 over the weekend. 📉💰

📊 CURRENCY PAIRS

Please note that due to market volatility, some key levels may have already been reached and scenarios played out.