Today’s main Global market news –
- US Stocks Drop After Powell’s Speech and Yellen’s Comments
- The Federal Reserve raised its funds target rate to a range of 4.75 to 5 percent, which was last reached before the global financial crisis of 2007–2008.
- As anticipated, the Fed increased rates by 0.25%, although it appears to be nearing the end of its cycle of rate increases.
- Dollar declines following Fed meeting but Sterling increases before BOE
- When the SEC increases the pressure, Coinbase and Tron feel the heat.
- Coinbase -6% may face legal action for violating securities laws, the SEC warns.
- European Central Bank hikes rates despite market mayhem
- Brazil’s central bank maintained its Selic benchmark interest rate at 13.75%
- BoC governing council showed concerned about potentially sticky inflation as it held interest rate
- According to a study, more than 40% of Americans favour banning TikTok.
- After providing Putin a significant boost, China’s Xi departs from Russia, but no public commitment of weaponry is made.
- As the Xi Jinping-Vladimir Putin meeting emphasizes, Russia will become a “China resource colony.”
- U.S. President Joe Biden arrives in Ottawa today for a two-day working visit
- A 7-page letter about the future of artificial intelligence was issued by Bill Gates.
- Stocks in news
- Coinbase (COIN) said, in part, “Today, the SEC gave Coinbase a ‘Wells notice’ regarding an undefined portion of our listed digital assets, our staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet after a cursory investigation.
- After the results, GameStop stock is rising, but there is an obvious issue.
- Chewy -1%:- net revenues for the fiscal fourth quarter of $2.71 billion exceeded Wall Street expectations of $2.68 billion.
- BA -2%; CFO stated that commercial unit margins will probably worsen in Q1 compared to Q4 due to decreased volumes; defence margins would be negative in Q1; and reiterated the company’s 2023 FCF target of $3 billion to $5 billion.
- HST -3%; SHO, APLS, and HST were all downgraded at Compass Point from Buy to Neutral.
- SCHW -2%; Barclays cuts SCHW estimates considerably below the Street because they believe that near-term cash borrowing will hinder F23/F24 EPS growth and balance sheet expansion.
- WOOF -6%; after significantly missing Q4 revenue and profit projections, and guiding 2023 net revenue between $6.15B and $6.27B, behind analysts’ expectations of $6.38B.
- Carvana stock rises in response to efforts to reduce debt burden
- Starbucks introduces the Oil-infused Oleato coffee brand in the US.
- Elon musk tweeted “needs to drop the rate by at least 50bps on Wednesday,”
- 200 venues, including Panera cafés, have contactless technology installed by Amazon.
- Panera Bread, a major fast food chain, is testing Amazon’s palm scanning technology so that customers may pay and use the restaurant’s reward programme
- Coinbase shares is sold by Cathie Wood’s Ark Invest for $13.5 million as the cryptocurrency exchange posts 7-month highs.
- A strike by Starbucks employees in advance of the company’s annual meeting greeted the new CEO Laxman Narasimhan.
- After a 20% decline in deposits, PacWest receives $1.4 billion in additional funding.
- After swinging to profit, GameStop soars, sparking a rally in meme stocks ie
- AMC Entertainment Holdings Inc @ +10% Bed Bath & Beyond @ +11%.
- After being pushed by the investor to purchase more shares, Warren Buffett’s intended replacement invests $25 million in Berkshire Hathaway.
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Market at Closing Yesterday
|
Dow Jones |
-530.49 |
-1.63% |
|---|---|---|
|
NASDAQ |
-190.15 |
-1.60% |
|
S&P 500 |
-65.90 |
-1.65% |
|
Russell 2000 |
-50.38 |
-2.38% |
Market Technicals –
Market closed at lowest level on the day Yesterday
Big red candle again Dow is well below 50 and 200 EMA
Market finding difficulties to sustain the higher moves
Both short and long term trend is down
Midterm trend remains sideways
Gap is filled on day chart
Swing high is around 32620
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Indian Market news Today
At close on 22nd March, 2023
|
SUNSEX |
-289.31 |
-0.50% |
58925.28 |
|
NIFTY50 |
-75.00 |
-0.44% |
17076.90 |
|
BANK NIFTY |
-382.15 |
-0.96% |
39616.90 |
FII and DII data
On March 22, domestic institutional investors (DII) bought shares worth Rs 383.51 crore, while foreign institutional investors (FII) became net buyers for the first time in the previous 10 sessions, according to provisional data from the National Stock Exchange.
Main New from India
- Rahul Gandhi, the head of the Congress, was found guilty on Thursday in a criminal defamation case stemming from comments he made in 2019 about Modi’s last name. Gandhi was given a two-year prison term by the court, but was eventually released on bail.
- GR Infraprojects shares rise more than 6% as a result of securing many projects.
- Maruti will increase prices beginning in April, citing the need to transfer input cost pressure.
- Shares of Global Surfaces list at a 17% premium to the issue price.
- Gains in Anupam Rasayan’s shares result from a Rs 984 billion order
- After receiving orders of Rs. 1560 crore, KEC International’s stock price increased.+2%
- After the Adani storm, Hindenburg is preparing a new report on a “big one.”
- Vedanta is reportedly considering selling a stake worth $630 million.
- Kajaria ceramics :-In open market transactions, small cap global fund inc. sold 12.5 lakh shares, or 0.78% of its position in the producer of ceramic and vitrified tiles.
- Shares of (Krishna Institute) KIMS are sold by Polar Capital Funds for Rs. 144 crore.
- 3.5% of HAL will be sold by the government via OFS @ 2450 P.S.HAL-5%
- 5.6% stake of JK Tyre will be purchased by International Finance Corp for $30 million.
- After the business’s announcement that it has produced 5,00,000 power tillers at its manufacturing facility in Malur-Bengaluru, Karnataka, shares of smallcap company VST Tillers Tractors soared 18.5% to Rs 2,572 in Wednesday’s trading on BSE.
Economic Calendar for Today
· 8:30 AM ET Weekly Jobless Claims…est. 197K
· 8:30 AM ET Continuing Claims…est. 1.684M
· 8:30 AM ET Current Account Balance for Q4…est. (-$213.2B)
· 10:00 AM ET New Home Sales M/M for February…est. 650K
· 10:30 AM ET Weekly EIA Natural Gas Inventory Data
· 11:00 AM ET Kansas City Fed Manufacturing for March
Earnings Calendar:
· Earnings Before the Open: ALOT AYRO CMC DRI FDS GIS NBY SCWX
· Earnings After the Close: ALPN AMPX DRCT GOVX HROW HRTX JOAN OUST PHUN
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