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Main U.S. equity index futures ~flat to down
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U.S. initial jobless claims 192k vs 205k est
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U.S. Feb import/exports prices MM both > ests
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U.S. Feb housing starts 1.45M vs 1.31M est
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Mar Philly Fed Business index -23.2 vs -15.6 est
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Euro STOXX 600 index up ~0.2%
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Dollar slips; gold, crude, bitcoin gain
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U.S. 10-Year Treasury yield falls to ~3.42%
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DESPITE MARKET TURMOIL, NASDAQ COMPOSITE SCORES GOLDEN CROSS (0900 EDT/1300 GMT) The Nasdaq Composite ended Wednesday at 11,434.052, and has now risen three-straight days putting it up 2.7% for the week so far. Even though Wednesday's rise of just 0.052% was not much to speak of, it was enough for its 50-day moving average (DMA) to cross above its 200-DMA for a golden cross:
The 50-DMA crossed below the 200-DMA (a death cross) on Feb.
18, 2022. The intermediate-term moving average had been below
the longer-term moving average for 267-straight trading days.
That was the longest such streak since a 348-day trading-day run
from January 2008 to June 2009.
The 50-DMA (11,400.762) ended above the 200-DMA (11,399.865)
by less than one point, so traders will be watching to see if it
can be sustained. Nevertheless, this action may hearten bulls as
it can suggest potential that a major advance is underway.
Meanwhile, markets are digesting another batch of U.S.
economic data released at 0830 EST.
Initial jobless claims were below the estimate, while
February housing starts were greater than expected. The March
Philly Fed Business Index was weaker than the Reuters poll. Feb
import/export prices month-over-month were both above estimates.
According to the CME's FedWatch Tool, the probability of a
25 basis point rate hike at the March 21-22 FOMC meeting is now
61% from around 67% just before the numbers were released. There
is now around a 39% chance that the FOMC will leave rates
unchanged from around 33% prior to the data coming out.
U.S. stock index futures were mixed and little changed ahead
of this as the Swiss central bank's lifeline for embattled
Credit Suisse did little to boost investor sentiment. Markets
may have been awaiting the data for clues on the outlook for
U.S. interest rates.
E-mini S&P 500 futures are now off about 0.3% vs
roughly flat just before the data came out.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
