*
S&P 500, Nasdaq edge green, DJI slightly red
*
U.S. Feb factory orders -0.7% vs -0.5% estimate
*
U.S. JOLTS job openings 9.931M vs 10.4M estimate
*
Euro STOXX 600 index up ~0.5%
*
Dollar dips; gold, crude, bitcoin gain
*
U.S. 10-Year Treasury yield falls to ~3.40%
Welcome to the home for real-time coverage of markets brought to
you by Reuters reporters. You can share your thoughts with us at
U.S. STOCKS JOLTED SLIGHTLY HIGHER IN EARLY TRADE (1008 EDT/1408 GMT) The S&P 500 is slightly green early on Tuesday as it digests the latest jobs data. February JOLTS job openings came in at 9.931M, well below the 10.4M estimate, and last month's 10.842M reading. The SPX was roughly flat just prior to the JOLTS release. It is now edging into positive territory. FANGs are on the plus-side, while banks are among weaker groups. The U.S. 10-Year Treasury yield is dipping, and growth is on track to outperform value for a fourth-straight session. Energy's seven-day win streak is in jeopardy. The sector is trading down nearly 1%. Meanwhile, it's a big week for employment data. Besides JOLTS, markets now await the latest ADP national employment data on Wednesday, jobless claims on Thursday, and then the March non-farm payroll report on Friday, which will be released with stocks closed for the Good Friday holiday.
Here is an early trade snapshot from around 1008 EDT:
(Terence Gabriel)
*****
S&P 500 ENERGY SECTOR ON FIRE (0900 EDT/1300 GMT) In the wake of the surprise OPEC+ output cut, crude oil is extending its gains on Tuesday.
Of note, the S&P 500 energy sector finished Monday higher for a seventh-straight session. The seven-day run of gains is the sector's longest win streak since eight-straight days of gains with the Russian invasion of Ukraine in late-February to early-March of last year.
Energy last rose nine-days in a row in October 2009, so the current rally may be getting stretched on a daily basis. Additionally of note, energy ended March above its rising 12-month moving average (MMA) for a 28th-straight month:
Through March, the 28-month run of monthly closes above the 12-MMA is the sector's longest such streak since a 62-month run which ended just after the summer 2008 peak.
Energy scored 26-straight monthly closes above its 12-MMA just after its June 2014 record highs. With Monday's 666.07 close, the group faces resistance at its 2008 high at 678.84 and its 2022 and 2014 highs in the 724.74-738.71 area. A monthly close below the 12-MMA, now around 635, can suggest potential for a much more protracted reversal. Meanwhile, crude futures , now around $81.00, have mounted an impressive rally, and are attempting to close above resistance at $80.31. This after falling to a low of $64.12 in March, while finally testing a long-term magnet in the form of the 200-week moving average, which now resides around $66.45. With additional major support in the $65.25-$63.35 area, crude used the area as a launching pad. That said, another major barrier resides in the $89.03-$90.19 area.
(Terence Gabriel)
*****
FOR TUESDAY'S LIVE MARKETS POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Energy04042023 earlytrade04042023 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
