Market Watch:- Dow futures jumped 40 points, S&P 500 futures 2 points, and Nasdaq 100 futures 20 points, all 0.1% higher.
The US jobs report awaits release, revealing Federal Reserve interest rate cut clues, with Apple announcing its first job cuts since the pandemic.
Earnings season
The quarterly earnings season begins with JPMorgan Chase, Citigroup, and Wells Fargo reporting results. Delta Air Lines and BlackRock also provide updates. The S&P 500 index is up 9% year-to-date, but investors may be pressured to deliver strong results. Companies’ views on the economy and inflation will also be crucial.
Boeing new Issue
Boeing’s 737-800 engine cover fell off during takeoff in Denver, striking the wing flap. Southwest Airlines reported the flight landed safely. Boeing’s CEO, Dave Calhoun, announced his departure by the end of the year. The FAA grounded the MAX 9 for several weeks, barred production increase, and ordered a plan to address quality-control issues. The Justice Department opened a criminal investigation.
Bitcion rally
Bitcoin edged higher on Monday, trading 2.4% higher at $71,040. Ripple CEO Brad Garlinghouse predicts future gains will be impressive due to the low-rate, high-liquidity environment of the crypto market. The combined market capitalization of the cryptocurrency market is likely to double this year, influenced by factors such as the arrival of U.S. Bitcoin exchange-traded funds and the upcoming bitcoin “halving.” The overall market cap of the crypto industry is predicted to double by the end of this year. Boeing’s ratings were placed on review for a downgrade last month.
Economic Calendar
8:30 Non-farm payrolls
8:30 Fed’s Collins Speech
9:15 Fed’s Barkin Speech
11:00 Fed’s Logan Speech
12:15 PM Fed’s Bowman Speech
1:00 PM Baker Hughes Rig Count
3:00 PM Consumer Credit
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U.S. inflation data for February is expected to provide insights into the future direction of Federal Reserve monetary policy. The overall consumer price index (CPI) is expected to match the previous month’s pace of 3.1% annually, with the core CPI expected to slow to 3.7% from 3.9% in January. However, the month-on-month gauge is expected to shed light on price gains momentum.
Fed officials have made cooling inflation the main objective of interest rate hikes, which have brought borrowing costs to over two-decade highs. They suggest cuts may be coming later this year, but need more evidence that price growth is sustainablely easing back down to their 2% annualized target. Analysts at ING believe inflation is likely too hot for comfort.
U.S. inflation data for February is expected to provide insights into the future direction of Federal Reserve monetary policy. The overall consumer price index (CPI) is expected to match the previous month’s pace of 3.1% annually, with the core CPI expected to slow to 3.7% from 3.9% in January. However, the month-on-month gauge is expected to shed light on price gains momentum.
Fed officials have made cooling inflation the main objective of interest rate hikes, which have brought borrowing costs to over two-decade highs. They suggest cuts may be coming later this year, but need more evidence that price growth is sustainablely easing back down to their 2% annualized target. Analysts at ING believe inflation is likely too hot for comfort.