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U.S. equity index futures edge green: Nasdaq 100 up ~0.1%
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U.S. Feb ADP national employment 242k vs 200k estimate
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Euro STOXX 600 index ~flat
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Dollar, gold ~flat; crude off >1%; bitcoin lower
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U.S. 10-Year Treasury yield falls to ~3.93%
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VC FUNDING DWINDLES IN FEBRUARY (0915 EST/1415 GMT) Funding for venture-backed companies globally fell 43% month-over-month to $18 billion in February 2023, Crunchbase data showed as recession fears hurt investment appetite.
It's the first time global monthly funding has dropped below $20 billion since February 2020, data showed.
Funding last month tumbled 63% from $48.8 billion a year earlier with late-stage funding down the most, by 73%, while early-stage funding declining 52% year-over-year, Crunchbase said. January saw a boost from $10 billion raised by OpenAI, the startup behind ChatGPT. Corporate fundraising, from early stage venture capital to private equity, fell sharply in 2022 as rising interest rates, inflation and concern over the global economy heightened investor caution.
(Medha Singh)
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DOW INDUSTRIALS: TRADERS WATCH The RANGE (0900 EST/1400 GMT) The Dow Jones Industrial Average was the weakest of the main U.S. indexes on Tuesday, sliding 1.72% after Fed Chair Powell's hawkish testimony in front of the Senate banking committee.
Powell is scheduled for a repeat performance Wednesday in front of the House banking committee. Ahead of this, and in the wake of February ADP national employment which came in above estimates, e-mini Dow futures are just above flat.
Meanwhile, on the charts, the DJI, which closed at 32,856.46 on Tuesday, has ended each of the last 11 sessions inside the range defined by its 50- and 200-day moving averages (DMA):
The 50-DMA, which ended at 33,530 on Tuesday, is resistance, while the 200-DMA, which finished at 32,379, is support.
The DJI last closed below its 200-DMA on Nov. 9. Subsequently, the moving average successfully contained weakness in mid-December and again in early March. Therefore, traders will be focused on how the DJI behaves in the event it is tested again. A close back above the 50-DMA would look constructive, but the blue-chip average would then have to deal with the resistance line from its January 2022 record high which now resides around 34,000.
(Terence Gabriel)
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FOR WEDNESDAY'S LIVE MARKETS POSTS PRIOR TO 0900 EST/1400 GMT - CLICK HERE <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ DJI03082023 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Terence Gabriel is a Reuters market analyst. The views expressed are his own)
