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February 22, 2023
- Midway through earnings season, Royal Bank Of Canada & Pure Storage, Inc. are in line to report next
- SOL was the biggest decliner yesterday after giving up 5%
- European markets are dropping as FTSE slumps to 7,884.19 (down 1.17%).
A reminder of where yesterday ended before today's session begins: leading equity indices in the US declined as Dow Jones was down 2.06% before closing the session at 33,130. After dropping 2%, S&P 500 closed at 3,997.34.
Trading in the US will continue today in around 3 hours time, meanwhile European markets have struggled to gain ground and are now trading lower midway through the session. Asia-Pacific markets were down today as KOSPI Composite Index is down by 1.68%, dips to 2,417.68
In a tough day for US markets, both stocks and bonds suffered from risk-off sentiment and a higher likelihood of a hawkish Fed at its next FOMC meeting. The iShares U.S. Treasury Bond ETF declined 0.79% to trade at $22.69.
Sun Communities, Inc. & Copart Inc have released their earnings reports with Royal Bank Of Canada & Pure Storage, Inc. are set to publish their respective reports as scheduled.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales fell short of the 2% projections, with new data of -0.7%.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Jan) will be released Friday.
While markets are generally down so far today, some assets outperformed such as Tezos gained 7.32% to reach $1.31. FTX Token (up 2.58%).
Yesterday's bearishness meant that SOL lost 5% yesterday before closing at $23.71.
FTX Token | +9.54% in mid-session
After closing the previous trading day at $1.24, FTX Token is up to $1.36, which makes for a move of 9.54%/$0.119 today.
Tezos | +7.32% in mid-session
The sentiment that generated $0.194 in cumulative gains over the past 9 days was further evident for Tezos. Consistent for now — Tezos has rallied $0.089, or 7.32%, to now stand at $1.31.
