March 2024

2024-03-01 12:23:00

Global | 2024.03.01 21:53

[휴스턴=뉴스핌] Correspondent Go In-won = Before the opening of the New York stock market, major stock index futures prices were flat and mixed on the 1st (local time).

With inflation indicators meeting expectations, the market showed strength, with the Nasdaq index hitting an all-time high at the closing price for the first time since November 19, 2021, and a market taking a breather following the previous day’s rally is unfolding.

As of 7:45 a.m. Eastern time, E-mini Dow futures on the Chicago Mercantile Exchange (CME) were trading at 38,992.00, down 51.00 points (0.13%) from the previous day. E-mini S&P500 futures are pointing to 5099.50, down 4.25 points (0.08%). E-Mini Nasdaq 100 futures are at 18,084.00, up 1.25 points (0.01%) and remaining at a low level.

New York Stock Exchange (NYSE) trader.[사진=로이터 뉴스핌] 2023.10.31 [email protected]

Market participants who were concerned regarding the possibility of disappointing inflation indicators were relieved to see the January personal consumption expenditures (PCE) price index.

The U.S. Department of Commerce’s Bureau of Economic Analysis announced that the PCE price index rose 0.3% in January compared to the previous month. This result was largely in line with the expectations of financial market experts, and the increase was the largest in four months.

The core PCE price index, which excludes highly volatile food and energy, rose 0.4% from a month ago, recording the steepest increase in a year.

Compared to January last year, the PCE inflation rate recorded 2.4%, the lowest in three years. During the same period, the core PCE price index rose 2.8%, a gradual increase from 2.9% in December last year.

Experts maintained the Federal Reserve’s (Fed) interest rate cut outlook this year as the price index did not exceed expectations. According to FedWatch, a Chicago Mercantile Exchange (CME) group, participants in the federal funds (FF) interest rate futures market expect the Federal Reserve to begin lowering interest rates in June and cut it three to four times by 25bp (1bp = 0.01% point) by the end of the year. It is believed that

Major indices ended the month of February on the rise as rallies continued due to the artificial intelligence (AI) boom and expectations of interest rate cuts. The Nasdaq index showed the largest increase among major indices with a rise of 6.1%, the S&P 500 rose 5.2%, and the Dow index rose 5.2%.
rose 2.2%, continuing its upward trend for four consecutive months for the first time since May 2021.

“We are still in the deflation camp and I think the Fed will have no choice but to cut interest rates by June,” Adam Crisafulli, founder of Vital Knowledge, told CNBC.

The price of Bitcoin, a representative cryptocurrency, staged a strong rally, rising nearly 45% in February and surpassing $62,000. It was the largest increase since December 2020 and continued its upward trend for six consecutive months. According to CoinDesk, as of today, the price of Bitcoin is at $62,173, down 0.84% ​​from the previous day.

The market is waiting for the Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers’ Index (PMI) for February, scheduled to be announced on this day, and remarks from Federal Reserve officials, including New York Federal Reserve President John Williams and Federal Reserve Board Director Christopher Waller.

Meanwhile, the U.S. Congress passed a temporary budget plan on the 29th to avoid a federal government shutdown (temporary business suspension). The temporary budget bill that passed the Senate and House of Representatives included extending the deadline until March 8 for six sectors, including agriculture, veterans affairs, and transportation, where the expiration of the existing temporary budget was one day away.

In addition, the interim budgets for the remaining six sectors, including National Defense, Homeland Security, Labor, and the Department of Health and Welfare, which were originally due on March 8, are scheduled to be extended until March 22. The new interim budget will take effect following President Joe Biden signs it.

On the 31st (local time), New York Community Bancorp’s trading information is displayed on the floor of the New York Stock Exchange (NYSE).[사진=로이터 뉴스핌] 2024.02.01 [email protected]

The stock price of New York Community Bancorp (stock name: NYCB), a regional bank in New York, is plummeting by more than 20%. The bank issued a correction to its fourth quarter performance report on this day, saying, “We have identified ‘significant weaknesses’ in the company’s internal controls related to loan review, and this problem resulted in a loss of $2.4 billion to shareholders last quarter.”

In addition, the company announced the replacement of the CEO, saying that Executive Chairman of the Board of Directors Alessandro Dinello has taken over as the new CEO. The bank’s stock price has already fallen more than 50% this year.

NYCB’s stock price suffered a loss of $252 million (approximately 340 billion won) in the fourth quarter of last year and has continued its weak trend since disclosing that it had reduced its dividend by 70% from 17 cents per share to 5 cents.

The stock prices of local banks such as ▲Zion Bancorp (ZION) and ▲Keycorp (KEY) are also falling by 1-2%.

Cyber ​​security service company ▲ZScaler (ZS) also saw its stock price fall by more than 7% before market opening. This comes in the wake of reports that operating costs increased in the second quarter.

iPhone manufacturer ▲Apple (AAPL) is also down 0.6% in stock price before market opening. Investment sentiment worsened as investment bank Goldman Sachs removed the company from its ‘strong buy list’.

On the other hand, personal computer manufacturer Dell Technologies (DELL)’s stock price is soaring 23% following forecasting that demand for the company’s AI servers will increase and forecasting annual sales and net profit that exceed Wall Street expectations.

The stock price of NVDA, a semiconductor company at the center of the AI ​​craze, is rising 1.05% before the market opens, and Advanced Micro Devices (AMD) is rising 3.3%.

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