Azerbaijan oil production
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This report is from today’s international market newsletter CNBC Daily Open. The CNBC Daily Open provides investors with everything they need to know, no matter where they are. Like what you see?You can subscribe here.
weak quarter kickoff
U.S. markets fell on Thursday ahead of Friday’s key jobs report, as yet another Federal Reserve official this week dampened expectations that a rate cut was imminent. Oil prices rose, with West Texas Intermediate crude for May delivery above $86 per barrel and Brent crude for June delivery reaching $90.65 per barrel, their highest since October 20. Recorded. It was the biggest loss since March 2023 and the fourth consecutive day of daily losses. The S&P 500 Index fell 1.23% to end at 5,147.21, and the tech-heavy Nasdaq Composite Index fell 1.4% to end at 16,049.08.
Job report preview
Economists expect U.S. nonfarm payrolls to reach 200,000 in March, according to the Dow Jones consensus forecast, which will be released Friday morning. While this is lower than the initial 275,000 in February, it still represents a solid hiring pace. Investors will be watching for other information that suggests weakening labor market fundamentals and looking for clues about whether the Federal Reserve will hold off on cutting interest rates.
The reality of EVs
Ford Motor Co. is delaying production of a new all-electric large SUV and another pickup truck model codenamed T3 in the latest overhaul of its EV plans. The auto industry is facing the reality that EV penetration among consumers is declining even as production costs continue to rise.
trust zuckerberg
Meta stock rose to an intraday high on Thursday, outperforming the broader market after analysts from Jefferies and RBC Capital raised their price targets. “Meta has countless advantages,” Jefferies analysts wrote in a report, predicting that Meta could outperform Amazon’s advertising business for the first time since 2015.
[PRO] Pre-revenue upgrade
Analysts have become more bullish on six global stocks this week, raising their price targets ahead of quarterly earnings season.
Some of the usual safe haven suspects were relatively popular this week.
Gold prices hit new highs this week. Even the beleaguered Japanese yen received a rare reprieve on Thursday, recovering from levels against the dollar that had raised concerns that it would prompt government intervention.
As crude oil prices rise to their highest level in more than five months, geopolitical tensions in the Middle East are being pointed out.
Israel reportedly prepare for retaliatory attack A presumed Israeli airstrike on the Iranian embassy compound in Damascus killed several Iranian generals.
All of this comes as the US stock market, which has outperformed markedly over the past 12 months, corrected this week with a weak start to the second quarter.
A flurry of comments from Federal Reserve officials this week also dampened hopes for the first rate cut that markets expect to occur at the Fed’s June meeting.
With the CBOE Market Volatility Index reaching its highest level since late last year, some investors appear to be hedging their positions in anticipation of more volatility ahead.
Risk-off sentiment is a fact of life.
