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US stocks tick higher ahead of inflation report, Asian stocks slide, Treasury yield up, Oil down, Elon Musk’s actions boost Dogecoin at Super Bowl, Report: Companies’ climate plans not what they claim, and more financial news.
US stocks ticked higher on Monday morning as investors awaited an upcoming inflation report. Asian stocks sank on fears the US report might show data that would lead to additional interest rate hikes, ABC reported.
Dow Jones Industrial Average futures rose to 32 points or +0.09%, S&P 500 futures advanced 9.5 points or +0.23%, and NASDAQ futures climbed 58.25 points or +0.47%, Yahoo Finance reported.
Asian stocks slid on Monday, and the yen fell against the dollar by as much as 1 percent. The dollar was unchanged, and even though the yen gained +0.9990%, it lost against the dollar by -0.8432% as investors bet the Federal Reserve will continue a tight monetary policy against inflation, Yahoo reported.
ABC reported that stocks in Tokyo, Hong Kong, and Seoul declined while Shanghai advanced. The Nikkei 225 in Tokyo sank 1.1%, while the Hang Seng in Hong Kong lost 0.6%. The Shanghai Composite Index rose 0.5%.
The benchmark US 10-Year Treasury rose +0.002 to yield 3.745%, while the 2-Year Treasury notched up +0.038 to deliver at 4.551%, as of 8:50 a.m. EST.
In oil futures, WTI crude was down -0.80% and trading at $79.08 per barrel, while Brent crude dipped -0.81% and traded at $85.69 a barrel as of 8:51 a.m. EST.
A group of seven EU member states is voicing its opposition to the European Commission making “radical” changes to the energy market and are opposing “crisis mode” legislation. The country said that extending a temporary windfall tax on non-gas generators could undermine investments in renewables, oil price.com reported.
During the Super Bowl, Elon Musk wore a Dogecoin fan shirt featuring a Shiba Inu wearing sunglasses and a cowboy hat. He also tweeted a one-word reply to an image of himself sitting with Fox News owner Rupert Murdoch at the game. The tweet, in which he said he talked about Dogecoin with Murdoch, caused a price surge. The cryptocurrency spiked 5.7% on Musk’s actions, bitcoinist reported.
A report published Monday by the Europe-based environmental think tanks NewClimate Institute and Carbon Market Watch has concluded that major brands are exaggerating their efforts to reduce greenhouse emissions.
The report examined 24 companies and found they are, in effect, misleading consumers, investors, and governments about their climate plans. It was found that shipping firm Maersk was the sole company with “reasonable integrity” regarding their climate plans. According to the Associated Press, the report assessed the remaining companies as having moderate to very low integrity, with their climate strategies lacking.
