Wall Street remains in the red before market this Monday, following its correction on Friday caused mainly by a downward turn in Nvidia shares. The S&P 500 dropped another 0.3% in pre-session, the Dow Jones 0.2% and the Nasdaq 0.3%, while investors should be cautious while awaiting inflation figures. Bitcoin reached new highs, up 3% over 24 hours and almost 11% over a week, to nearly $72,000. On the Nymex, a barrel of WTI crude lost 0.3% to $77.8. An ounce of gold gains 0.1% to $2,186. The dollar index appears stable against a basket of currencies.
The week will be especially marked in the United States by the consumer and producer price inflation figures. Note that the United States switched to summer time this weekend and that the Wall Street session will therefore take place from 2:30 p.m. to 9 p.m.
There will be no notable statistics in the USA this Monday. The serious things begin tomorrow Tuesday with the consumer price index for the month of February at 1:30 p.m. (FactSet consensus +0.4% compared to the previous month and +0.3% excluding food and energy, or +3.1 % and +3.7% respectively, compared to last year). The February budget deficit will be known tomorrow evening at 7 p.m. (consensus -$238 billion).
On Wednesday, operators will follow at 3:30 p.m. the weekly report from the Department of Energy on domestic oil stocks, for the week ending March 8.
Thursday, the program will be quite busy, with weekly unemployment registrations for the week ending March 9 (consensus 217,000, announcement at 1:30 p.m.), the producer price index for the month of February (same time, consensus +0 .3% compared to the previous month and +0.2% excluding food and energy; +1.1% and +1.9% year-on-year), as well as February retail sales (1:30 p.m., consensus +0, 8% compared to January, +0.5% excluding automobiles). Business inventories for the month of January will also be announced on Thursday.
Finally, on Friday, for Four Witches Day, investors will follow the New York Fed’s Empire State manufacturing index for the month of March (consensus -10), import and export prices for the month of February, industrial production numbers for February (consensus stable), and the University of Michigan’s preliminary consumer sentiment index for March (consensus 77.4).
According to the FedWatch tool this Monday, the probability that the Fed will leave its rates unchanged at the highest in more than 20 years on March 20, between 5.25 and 5.50%, on the occasion of its next monetary meeting, is located at 97%. The probability of an additional status quo on May 1, at the next meeting, now reaches 73.5%.
In corporate news on Wall Street, Oracle and Caseys General Stores are releasing their quarterly financial results after trading this evening. Archer-Daniels and Kohl’s announce before market tomorrow. Lennar, Dollar Tree, Williams-Sonoma, UiPath and SentinelOne report Wednesday, while Adobe, Dollar General, Ulta Beauty, Wheaton Precious Metals and Dick’s Sporting Goods report Thursday. Jabil finally publishes on Friday.
Values
Nvidia remains under scrutiny on Wall Street. The American graphics and AI chip giant surprised Friday with a late session fall, dropping 5.5% to $875, after reaching a historic peak of $974 earlier in the day. The market capitalization of Jensen Huang’s group even came close during Friday’s session to that of Apple, the second largest capitalization on Wall Street. Nvidia still weighs nearly $2.2 trillion following Friday’s correction.
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Microsoft. The European Data Protection Supervisor rules that the European Commission’s use of the Microsoft 365 software suite violated EU privacy rules. The supervisory authority adds that the European executive has not implemented sufficient actions regarding the transfer of personal data to non-member countries of the bloc, reports Reuters.
You’re here. The Berlin gigafactory, deprived of electricity for a week following a fire claimed by a far-left group, could be powered again this Monday according to the service provider in charge of the issue. Furthermore, on a completely different note, Elon Musk indicated that his artificial intelligence company xAI would open the source code of its conversational robot Grok this week.
Boeing. The setbacks continue to pile up for the American aeronautical giant. Delta Air Lines expects the receipt of its 737 Max 10 to be delayed, perhaps until 2027. Alaska Air, for its part, says it is cooperating with the US Department of Justice regarding the investigation into the Boeing 737 MAX including a fuselage part broke away in mid-flight in January. Finally, a Boeing ‘Dreamliner’ operated by Latam Airlines reportedly experienced a technical problem in flight causing several injuries, reports Reuters.
