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Breakfast Bites - Markets remain in holiday mode
Equities lower; Chinese wages drop; India's Mfg PMI lower; Turkish inflation higher; BYD beats TSLA deliveries
Ayesha Tariq
January 03, 2024
Rise and shine everyone.
Markets still don’t seem to be finding their footing. US Equity Futures are lower this morning in the pre-market after closing sharply lower yesterday, particularly the Nasdaq-100. Yields are higher across the board for a second day, with the Yield Curve steepening to -0.37%. There’s a risk-off tone in the market, but volume remains low since many are still on holiday.
The US Dollar Index is higher leading Gold and Bitcoin lower. Oil has also reversed its gains from yesterday, now trading around $70/bbl on the WTI.
The biggest hit seems to be coming from Mega Cap tech. We may be seeing some profit-taking in play here. The question is whether this leads to some broadening out of the market.
Today’s news item is the FOMC minutes set to be released at 2 pm ET. We also have the mortgage data coming out at 7 am ET so keep an eye on homebuilder stocks.
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