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DJI edges up, S&P 500 dips, Nasdaq off >0.5%
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Energy weakest S&P 500 sector; materials lead gainers
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Euro STOXX 600 index off ~0.4%
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Dollar, gold ~flat; crude, bitcoin dip
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U.S. 10-Year Treasury yield ~flat at ~3.53%
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U.S. STOCKS DIP AS BIG WEEK FOR EARNINGS, CENTRAL BANKS
KICKS OFF (1003 EST/1503 GMT)
Wall Street's main indexes are mixed early on Monday as the
busiest week of the earnings season gets underway, and ahead of
key central bank meetings.
The IXIC quickly fell to test its 200-day moving average,
around 11,495, which should now attempt to act as support. On
Friday, the IXIC registered its first close back over this
closely followed long-term moving average in more than a year.
So far on Monday, the IXIC has hit a low of 11,478. It is
now back up to around 11,540. Chips and FANGs are early underperformers, and tech is among weaker
S&P 500 sectors.
Defensive groups are among those SPX sectors in positive
territory.
Markets await key central bank meetings including the Fed,
ECB and BOE, as well as a number of earnings reports from tech
titans coming this week.
Here is a snapshot of where markets stood around just after
1000 EST:
(Terence Gabriel)
*****
NASDAQ COMPOSITE: ANOTHER BRICK IN THE WALL FALLS (0900
EST/1400 GMT)
The Nasdaq Composite ended at about 11,622 on
Friday. With this, the tech-heavy index scored its first close
above its 200-day moving average in more than a year:
It was the first IXIC finish above this closely watched
long-term moving average since January 14, 2022. Subsequent near
touches throughout last year led to renewed selling pressure.
Bulls are still looking for the Nasdaq daily advance/decline
(A/D) line to confirm the Composite's feat. The A/D line
remains just shy of its descending 200-DMA. This breadth measure
has failed on its near touches of the long-term moving average
since late-July 2021.
Meanwhile, with the market focused on the results of this
week's FOMC meeting, due Wednesday at 2 PM EST, tech-titan
earnings from Meta Platforms after the close that same
day, and results from Apple , Amazon.com , and
Alphabet after the closing bell on Thursday, and the
DJI up six-straight sessions through Friday's close, it
may not be much of a surprise that e-mini Nasdaq 100 futures are suggesting an opening pullback on Monday.
The Composite is on track for its biggest monthly gain since
July, and its best January rise since 2001.
The 200-DMA should now attempt to provide support for the
IXIC just under 11,500.
(Terence Gabriel)
*****
FOR MONDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EST/1400 GMT
- CLICK HERE
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
