World Market Indexes (by Danial Clark; March 30,2023)

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by 趙永祥

2023-03-31 09:43:50, 回應(0), 人氣(181)

Danial Clark, Newsletter Contributor

March 30, 2023

World Market Indexes at 8:00 AM ET

FROM THE EDITOR'S DESK

What's Happening

U.S. stock futures are rising after the major averages ended sharply higher yesterday following upbeat earnings outlooks from companies including Micron Technology.

Shares of Micron (MU) rose 7.7%, lifting other semiconductor stocks. The Nasdaq added 1.8%, the S&P 500 gained 1.4%, and the Dow rose 1%. Treasury yields moved higher, with the yield on the 10-year Treasury note now at 3.55%. The two-year Treasury note yields 4.08%.

Oil prices rose amid concerns about supplies after an unexpected fall in U.S. oil inventories and a halt to some Iraqi oil exports. New data showed Russian oil production also fell by around 300,000 barrels per day in the first three weeks of March, though less than the targeted cuts of 500,000 barrels per day. Light sweet crude is up about 1% at $73.66 per barrel.

Today the Bureau of Economic Analysis will report its third and final estimate of fourth quarter gross domestic product growth. GDP is expected to have grown at 2.7%, unchanged from the previous estimate. Separately, the Labor Department is expected to report initial claims for state unemployment benefits increased by 5,000 to 196,000 claims for the latest week.

Bureau of Economic Analysis

QUICK HITS

Today’s Headlines

The White House is expected to call for tougher new rules for mid-size banks. The recommendations are reportedly expected to include new rules for the Fed and other agencies, including for banks with $100 billion to $250 billion in assets.
Disney fired the chair of Marvel Entertainment, Ike Perlmutter. The head of the comic-book publishing division and ally of activist investor Nelson Peltz is also one of Disney’s largest individual shareholders.
Electronic Arts is laying off 6% of its workforce. The company is also cutting its office space to focus its spending on new opportunities in video gaming.
Ford said it would join PT Vale Indonesia and China’s Zhejiang Huayou Cobalt in a $4.5 billion nickel processing plant in Indonesia. The move could help Ford lower costs in producing batteries for its electric vehicles. Shares of Ford (F) are up 0.7% in pre-market trading.
In an open letter, Elon Musk and a group of artificial intelligence experts and industry executives called for a six-month pause in developments in artificial intelligence. ”Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable," said the letter issued by the Future of Life Institute, a nonprofit primarily funded by the Musk Foundation.
U.S. money supply is falling at its fastest rate since the 1930s, a possible red flag for the economy and financial markets. Money supply has now been shrinking year-on-year since December, largely due to the reversal of fiscal and monetary stimulus, the Fed’s shrinking of its balance sheet through quantitative tightening, falling bank deposits, and weak demand for credit.
Netflix is reportedly testing the idea of expanding gaming services to televisions. The feature would use smartphones as controllers for games on TVs.

THE BIG STORY

Intel's Push for Data Center Chips Boosts Shares

Intel (INTC) shares jumped 7.6% yesterday in their best day since last November and could close their best month in 22 years after the chip company said its new lucrative data center server chips will come out sooner than expected.

On an investor webcast, Intel said it will shift to a more advanced production technique and offer a new chip with more computing power, faster than analysts had predicted. CEO Pat Gelsinger has been trying to reclaim technology leadership in the computer server field which is one of the most profitable parts of its business.

The company has started sending samples of a chip called Sierra Forest to customers and plans to start shipping it in the first half of next year. The chip is built for cloud-computing workloads.

Intel hopes the chip will allow it to make up for ground it lost to AMD and some customers like Amazon, which began making its own alternatives to Intel’s chips, cutting into its revenue and profits. Server processors like Sierra Forest are the backbone of corporate computer networks and the big data centers that run the internet.

Shares of Intel are up 0.7% in pre-market trading and have gained about 20% so far this year.