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On Friday, U.S. stocks came under pressure as a much-stronger-than-expected jobs report stirred up worries that the Federal Reserve would keep hiking interest rates

On Friday, U.S. stocks came under pressure as a much-stronger-than-expected jobs report stirred up worries that the Federal Reserve would keep hiking interest rates| FXMAG.COM
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DAILY MARKET NEWSLETTER
February 6, 2023
 
   
 
 
 
Pre-Market Session
News Sentiment
Technical Views
 
 
 
   
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 1on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 1 Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
 
 
 
 
   
 
 
 
Price MovementAnalyst ViewsTargetPivot
 
Dax (Eurex)15,411.00
-98.00 (-0.63%)
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 2on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 2
15,330.00
15,530.00
 
 
FTSE 100 (ICE Europe)0.00
0.00 (0.00%)
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 4on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 4
7,820.00
7,886.00
 
 
S&P 500 (CME)4,133.00
-14.75 (-0.36%)
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 6on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 6
4,118.00
4,154.00
 
 
Nasdaq 100 (CME)12,568.25
-55.75 (-0.44%)
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 8on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 8
12,430.00
12,720.00
 
 
Dow Jones (CME)33,879.00
-83.00 (-0.24%)
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 10on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 10
33,720.00
34,040.00
 
 
Crude Oil (WTI)73.54
+0.15 (+0.20%)
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 12on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 12
72.50
75.00
 
 
Gold1,877.76
+12.79 (+0.69%)
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 14on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 14
1,860.00
1,887.00
 
 
 
 
   
 
 
 MARKET WRAP 
 
 
 
 
Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks came under pressure as a much-stronger-than-expected jobs report stirred up worries that the Federal Reserve would keep hiking interest rates. The Nasdaq 100 slid 229 points (-1.79%) to 12,573, the S&P 500 fell 43 points (-1.04%) to 4,136, and the Dow Jones Industrial Average declined 127 points (-0.38%) to 33,926.

Still, the Nasdaq 100 marked its fifth weekly gain.

The U.S. Labor Department reported that the economy added 517,000 nonfarm payrolls in January, well above the 190,000 market estimate, while the jobless rate dropped to 3.4%, the lowest level since 1969. Average hourly earnings increased 0.3% on month (as expected). 

Also, the Institute for Supply Management (ISM) services purchasing managers index jumped to 55.2 in January (vs 50.6 expected).

The U.S. 10-year Treasury yield jumped 13.2 basis points to 3.525%.

Retailing (-5.03%), media (-2.35%), and utilities (-2.07%) sectors lost the most.

Apple (AAPL) shares ended up 2.44% despite quarterly earnings missing expectations.

On the other hand, Alphabet (GOOGL) fell 2.75%, and Amazon.com (AMZN) slumped 8.43%.

Ford Motor (F) slid 7.61% after the car-maker posted a full-year loss of $2 billion and gave a lower-than-expected earnings guidance.

Starbucks (SBUX) dropped 4.44%, as the global coffee chain reported declining comparable sales due to weak performance in China,

Meanwhile, Nordstrom (JWN) surged 24.79% after the Wall Street Journal reported that activist investor Ryan Cohen is building a large stake in the fashion retailer,

European stocks closed mixed. The DAX 40 fell 0.21%, while the CAC 40 rose 0.94%, and the FTSE 100 was up 1.04%.

Commodity prices were pressured by a stronger U.S. dollar, which was boosted by the extraordinarily-strong January jobs report. U.S. WTI crude futures dropped $2.70 (-3.56%) to $73.20 a barrel.

Gold price slumped $47 (-2.46%) to $1,865 an ounce.

Market Wrap: Forex

The U.S. dollar index gained over 1% to 102.96.

EUR/USD dropped 111 pips to 1.0799. Data showed that the Eurozone's producer prices jumped 24.6% on year in December (vs +22.5% expected). France's industrial production grew 1.1% on month in December (vs +0.6% expected).

USD/JPY jumped 251 pips (+1.95%) to 131.19.

GBP/USD fell 170 pips to 1.2055.

AUD/USD declined 154 pips (-2.18%) to 0.6923.

USD/CHF climbed 126 pips to 0.9258, and USD/CAD was up 88 pips to 1.3404.

Over the weekend, Bitcoin dropped below the $23,000 level.

Morning Trading

In Asian trading hours, EUR/USD and GBP/USD both remained subdued at 1.0795 and 1.2055 respectively.

Meanwhile, USD/JPY extended its rally to 131.88.

Gold rebounded to $1,875.

Bitcoin was down to $22,900.

Expected Today

The eurozone's December retail sales are anticipated to drop 2.3% on month.

Germany's December factory orders are expected to grow 1.9% on month.

U.K. January S&P Global construction purchasing managers index is estimated at 46.5.
 
 
 
 
 UK MARKET NEWS 
 
 
 
 
Croda International, a speciality chemicals company, announced that it has agreed to acquire South Korea-based Solus Biotech from Solus Advanced Materials for a total consideration of approximately 232 million pounds.

Lloyds Banking Group, a British bank, was upgraded to "overweight" from "equalweight" at Barclays.

NatWest, a banking group, was downgraded to "equalweight" from "overweight" at Barclays.

Hargreaves Lansdown, a financial service company, was downgraded to "underperform" from "neutral" at Credit Suisse.

Retail, travel & leisure and auto & parts shares gained most in London on Thursday.

From a technical point of view, BAE Systems (+1.83% to 845.2p) crossed above its 50-day moving average.
 
 
 
 
 ECONOMIC CALENDAR   
 
 
 
TimeEventForecastImportance
 
03:40
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 16on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 16
BoE L Mann Speech
 
MEDIUM
 
 
04:00
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 17on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 17
New Car Sales YoY (Jan)
16%
LOW
 
 
04:30
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 18on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 18
S&P Global/CIPS Construction PMI (Jan)
46.5
MEDIUM
 
 
11:30
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 19on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 19
3-Month Bill Auction
 
LOW
 
 
11:30
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 20on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 20
6-Month Bill Auction
 
LOW
 
 
19:01
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 21on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 21
BRC Retail Sales Monitor YoY (Jan)
3.9%
MEDIUM
 
 
 
 
   
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 22
 
 
 
   
 
 
 NEWS SENTIMENT 
 
 
 
 
Standard Chartered PLC
676.00 GBp
 
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 23on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 23
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 24on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 24on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 25on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 25
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 26on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 26on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 27on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 27
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 28on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 28on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 29on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allianz SE
220.75 EUR
 
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 30on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 30
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 31on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 31on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 32on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 32
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 33on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 33on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 34on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 34
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 35on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 35on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 36on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 36
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vodafone Group PLC
91.14 GBp
 
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 37on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 37
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 38on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 38on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 39on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 39
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 40on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 40on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 41on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 41
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 42on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 42on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 43on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 43
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deutsche Lufthansa AG
9.902 EUR
 
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 44on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 44
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 45on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 45on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 46on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 46
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 47on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 47on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 48on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 48
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 49on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 49on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 50on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Barclays PLC
188.64 GBp
 
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 51on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 51
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 52on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 52on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 53on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 53
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 54on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 54on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 55on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 55
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 56on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 56on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 57on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capita PLC
29.24 GBp
 
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 58on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 58
 
 
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 59on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 59on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 60on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 60
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 61on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 61on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 62on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 62
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 63on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 63on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 64on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 64
 
 
 
 
 
 
 
 
 
 
 
 TECHNICAL VIEWS 
 
 

 
 
EUR/USD Intraday: under pressure.
 
Pivot:
1.0830
 
Our preference:
Short positions below 1.0830 with targets at 1.0760 & 1.0730 in extension.
 
Alternative scenario:
Above 1.0830 look for further upside with 1.0865 & 1.0900 as targets.
 
Comment:
The RSI is mixed to bearish.
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 65on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 65
 
 
 
 
 
 
 

 
 
Euro Stoxx 50 (Eurex)‎ (H3)‎ Intraday: under pressure.
 
Pivot:
4252.00
 
Our preference:
Short positions below 4252.00 with targets at 4209.00 & 4190.00 in extension.
 
Alternative scenario:
Above 4252.00 look for further upside with 4267.00 & 4281.00 as targets.
 
Comment:
Investors have to remain cautious since these levels may trigger profit taking.
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 66on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 66
 
 
 
 
 
 
 

 
 
Brent (ICE)‎ (J3)‎ Intraday: under pressure.
 
Pivot:
81.30
 
Our preference:
Short positions below 81.30 with targets at 79.10 & 78.25 in extension.
 
Alternative scenario:
Above 81.30 look for further upside with 82.10 & 83.00 as targets.
 
Comment:
The break below 81.30 is a negative signal that has opened a path to 79.10.
 
on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 67on friday u s stocks came under pressure as a much stronger than expected jobs report stirred up worries that the federal reserve would keep hiking interest rates grafika numer 67
 
 
 

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