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Stocks dip, Bitcoin plunges, IMF improves global outlook, Exxon has historic profit, McDonald’s beats earnings, China stocks close to bull market, Asia chipmakers fall, Adani backed by UAE Royals.
Stock futures were down again on Tuesday as investors eagerly awaited the Federal Reserve’s report and decision on interest rates, Yahoo Finance reported.
S&P 500 futures were down 6.5 points or -0.16%, while the Dow Jones Industrial Average futures dropped 119 points or -0.35%, and NASDAQ futures fell 33.25 points or -0.28%.
The benchmark 10-Year Treasury note was down -0.037 to yield at 3.514 percent as of 8:33 AM EST. The 2-Year Treasury was down -0.045 to yield at 4.216%.
In oil futures, WTI crude was down -0.67% and trading at $77.38 a barrel, while Brent crude was down -0.93% and trading at $84.11 per barrel as of 8:35 AM ET.
Bitcoin took its largest single-day plunge and percentage loss since early November, dipping below $22,600 at one point on Monday, CoinDesk reported. It represented a decline of over 4.5% after climbing to over $23,900 dollars on Sunday for the first time since mid-August. Ethereum had a similar dip, dropping 5% and trading around $1550 on Monday.
Exxon smashed an earnings record among major Western oil producers with a $56 billion profit for 2022, which works out to about $6.3 million per hour. The amount represents a company record as well as a historic high for the Western oil industry, Yahoo Finance reported.
The International Monetary Fund (IMF) has revised its global outlook in a more optimistic direction, saying that it now expects that global growth will slow from 3.4% in 2022 to 2.9% in 2023, which is up from its October forecast of 2.7%, CNN reported. The IMF cited China’s “sudden reopening” as the factor that “paves the way for a rapid rebound inactivity.”
McDonald’s also topped Wall Street’s expectations with its fourth-quarter earnings as inflation-weary customers turned away from full-service restaurants and flocked to less expensive fast food. McDonald’s recorded $5.93 billion in revenue over the $5.68 billion expected and saw earnings of $2.59 per share over the $2.45 expected, CNBC reported.
On the first day after returning from the Lunar New Year holiday, China’s onshore A-shares covered close to bull market territory, up 19.74% recent low on October 31 last year, Refinitiv data showed, CNBC reported. A bull market is defined as a period where stocks increase by at least 20% from recent lows.
South Korea’s Samsung electronics saw its worst profit decline since the third quarter of 2014, while stocks of chipmakers in Asia saw losses, CNBC reported. Despite Samsung’s worst quarterly profit in 8 years, the company is defying expectations and announced it will continue capital expenditure in the upcoming year.
After Adani saw almost $70 billion wiped off its market value, it is receiving backing from UAE Royals with Abu Dhabi’s International Holding Co. (IHC) announcing it will invest about $400 million in Adani Enterprises Ltd.’s follow-on share sale, Yahoo Finance reported. IHC will represent about 6% of the offering and follows an almost $2 billion investment in Adani’s companies last year.
