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Daily Markets Update: Tech Rout Hammers Global Markets as Micron Earnings Loom

  The TSX slipped below 35,000, the Nasdaq shed more than 2%, and South Korea's chip-heavy KOSPI cratered 10% — all before Wall Street's eyes shift to Micron Technology's pivotal earnings report after today's close. Market Snapshot (June 23 Close & June 24 Early Signals) Index / Asset Level Change S&P/TSX Composite 34,927 ▼ 0.2% S&P 500 7,365.46 ▼ 1.44% Nasdaq Composite 25,587.04 ▼ 2.21% Dow Jones Industrial Avg. 51,666.84 ▼ 0.09% KOSPI (South Korea) — ▼ 9.99% Stoxx 600 (Europe) — ▼ ~1.0% WTI Crude Oil $72.06 / bbl ▼ 1.6% Brent Crude $75.86 / bbl ▼ 1.6% Gold (futures) $4,082.20 / oz ▼ 1.62% Silver (futures) $61.49 / oz ▼ 1.65% June 23 official closes. June 24 intraday/futures data where noted. All figures in USD unless stated. 🇨🇦 Canada: TSX Falls Below 35,000 The S&P/TSX Composite Index lost ground for the second consecutive session Tuesday, falling 0.2% to close at 34,927 — a retreat below the closely watched 35,000 mark. The selloff was broad-based...
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Mixed Bank Earnings Offset Cooler-Than-Expected Inflation News

 


On Friday, January 12th, 2024, the US stock market closed with little change as mixed bank earnings offset cooler-than-expected inflation news that buoyed hopes for interest-rate cuts from the Federal Reserve. The Dow Jones Industrial Average fell 118.04 points, or 0.31%, to 37,592.98. The S&P 500 gained 3.59 points, or 0.08 %, at 4,783.83 and the Nasdaq Composite rose 2.58 points, or 0.02%, to 14,972.76.

Bank of America’s fourth-quarter profit shrank as the lender took $3.7 billion in one-off charges. Wells Fargo’s warning of a 7% to 9% drop in net interest income in 2024 sent the bank’s shares down 3.34%. UnitedHealth fell on higher-than-expected medical costs. Tesla fell after flagging output hit from Red Sea disruption.

The data showed U.S. producer prices unexpectedly fell in December as the cost of goods such as food and diesel fuel declined, while prices for services were unchanged for a third consecutive month, in contrast to Thursday’s hotter-than-expected consumer inflation reading. Expectations for a rate cut of at least 25 basis points by the Fed in March moved up to 79.5%, according to CME’s FedWatch Tool, from 73.2% in the prior session.


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