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Market slow as US Market holiday


U.S. stock futures were trading lower during Monday’s evening deals, with significant benchmark averages remaining closed during the regular session for a public holiday.

Contracts on the S&P 500 Index slipped 0.3%, with Treasury futures dropping across the curve. Stocks ended last week on a muted note after Richmond Fed President Thomas Barkin and Fed Governor Michelle Bowman both expressed their support for continued rate hikes.

On the bond markets, United States 10-Year rates were at 3.842%. As Germany’s 10-year yield advanced two basis points to 2.46% and Britain’s 10-year yield declined four basis points to 3.47%.

There are six big stock buybacks follow by this week.

TWLO announced a share repurchase program of up to 1 billion of its outstanding Class A common stock. Shares gained more than 17% last week.

Citizens Financials 1.15 billion buyback expansion. This is incremental to the $850M of capacity remaining as of December 31, 2022, under the prior June 2022 authorization, of which $400M will be utilized during Q1/23. Also, there are 4 more share buybacks for CHKP with 2 billion, WAB with 750 million, TTD with 700 million, and NTR with 5% of its issued common shares.

Main Pairs Movement

DXY trades within a tight range near Friday’s closing levels in the sub-104.00 zone.

The ongoing price action favors the continuation of the uptrend for the time being. Further bouts of strength are now expected to put a potential test of the 2023 top at 105.63 (January 6) back on the investors’ radar in the future. In the longer run, while below the 200-day SMA at 106.44, the outlook for the index remains negative. At the time of writing, the price is trading at 103.895.

WTI crude oil remains depressed near $76.50 as it fades from late Friday’s bounce off a 10-week low during early Monday in Asia. In doing so, the black gold remains below the convergence of the 21-DMA and the 50-DMA, as well as the downward-sloping resistance line from November and the 100-DMA. At the time of writing, the price is trading at 77.36.

Gold price struggles for clear directions around 1,840, following a mildly negative start to the week’s trading, as traders await the preliminary readings of the United States Purchasing Managers Index for February. At the time of writing, the price is trading at 1842.44.

Economic Data

CurrencyDataTime (GMT + 8)Forecast
AUDRBA Meeting Minutes08:30 
EURGerman Manufacturing PMI (Feb)16:3048
GBPComposite PMI17:30 
GBPManufacturing PMI17:3048
GBPServices PMI17:3049
EURGerman ZEW Economic Sentiment (Feb)18:0022
CADCore CPI (MoM) (Jan)21:300.20%
CADCore Retail Sales (MoM) (Dec)21:30-0.30%
USDExisting Home Sales (Jan)23:004.10M