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HomeUncategorizedMarket Watch: Futures Slip, Tesla's Decline, Bitcoin's Climb – Shifting Market Dynamics.

Market Watch: Futures Slip, Tesla’s Decline, Bitcoin’s Climb – Shifting Market Dynamics.

Market Watch

Dow futures contract down 67 points, or 0.2%, while the S&P 500 futures fell 11 points, or 0.2%, and the Nasdaq 100 futures fell 81 points, or 0.4%.

Target earnings

Target is set to release its quarterly earnings, potentially revealing U.S. consumer sentiment. Walmart, a competitor, reported that consumers are shifting from larger purchases to essentials due to rising inflation and loan rates. Target’s low-price foods have helped it weather this cooling, while Target has been affected by reduced spending on home goods, gadgets, and fashion. Target responded by offering Christmas discounts on toys, décor, jewelry, and housewares.

Tesla’s China Woes: Share Prices Slide as Factory Shipments Disappoint

Tesla shares fell over 7% in extended hours trading after a 14-month low in February China-made car shipments. Tesla’s Shanghai facility delivered 60,365 EVs, down 19% year-over-year, the lowest since December 2022. The decline occurred as Tesla fought a pricing battle with China to dominate the global EV market. Weak demand may lead to greater price cuts in China, negatively impacting all EV players as it has slashed profit margins. Chinese EV companies BYD, Nio, Xpeng, and Li Auto also fell in Hong Kong trade.

Bitcion clears $68000

Bitcoin’s price temporarily cleared key levels in Asian trade on Tuesday, lifting it to just under $1,000 shy of a record high hit during the peak of a bull run in 2021. The world’s largest cryptocurrency had risen by 1.8% to $66,487, within spitting distance of an all-time high of $68,999 reached in late-2021.

Gains in Bitcoin were driven mainly by steady capital inflows into the digital asset, especially after the approval of several U.S. exchange-traded funds that directly track the token’s price. Its correlation with technology stocks also played into recent gains. Markets awaited an upcoming halving in the rate at which new Bitcoin is generated, which is expected to tighten markets. Bitcoin-linked investment products saw a fifth straight week of capital inflows in the week to March 4, totaling $1.7 billion.

Economic Calendar

  • 9:45 PMI Composite Final
  • 10:00 Factory Orders
  • 10:00 ISM Service Index
  • 4:30     API Weekly Inventory Data

Other Key Events:

  • Goldman Sachs 12th Annual Latin America Financials Conference, 3/4-3/5, in London
  • Morgan Stanley Energy & Power Conference, 3/4-3/7 in New York
  • Morgan Stanley Technology, Media & Telecom Conference, 3/4-3/6, in San Francisco, CA
  • RBC Capital Global Financial Institutions Conference, 3/5-3/6, in New York
  • TD Cowen 44th Annual Health Care Conference, 3/4-3/6, in Boston, MA
  • Super Tuesday voting day

Must read book about investing – check here

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