Stock indexes are up today, with the S&P 500 hitting a 1-week high. Chipmakers and data storage companies are leading the market higher. Copper prices surged to an all-time high amid tariff expectations. US copper imports in December reached the highest level since July.
Global equity strength is boosting US stocks, following new highs in the Euro Stoxx 50 and Nikkei Stock Index. Bond yields are slightly higher today, with the 10-year T-note up by 2 bp. Inflation expectations are rising, pushing T-note yields higher.
US economic news today was negative for stocks after the Dec S&P services PMI was revised downward to 52.5. Fed President Tom Barkin was slightly hawkish, citing growth from tax cuts. Fed Governor Stephen Miran was dovish, suggesting over 100 basis points of rate cuts may be justified this year.
Market focus this week is on US economic data, with key reports expected on employment, services, job openings, and factory orders. Odds of a rate cut at the FOMC meeting are at 16%. Overseas stock markets are mixed, with Euro Stoxx 50 and Shanghai Composite up, while Nikkei Stock 225 hit a new high.
Interest rates are down today, with March 10-year T-notes falling. European government bond yields are lower, with German bund and UK gilt yields declining. The Eurozone Dec S&P composite PMI was revised downward, while German Dec CPI was weaker than expected.
Stock movers include chip makers and data storage companies rallying, boosting the market. Mining stocks are up, with silver and copper hitting record highs. Data-center cooling stocks are down after Nvidia’s cooling technology news. Several companies like OneStream and Aeva Technologies are up, while others like Modine Manufacturing and Johnson Controls International are down.
Earnings reports today include AAR Corp, AngioDynamics Inc, and Penguin Solutions Inc. American International Group is down after CEO announcement. Equifax and TransUnion are down after pricing concerns mentioned by FHFA Director Pulte. AT&T and Comcast Corp are down after downgrades by Arete.
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