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January 31, a week after Bank of Japan Governor Kazuo Ueda raised interest rates for the third time during his tenure, Tokyos price growth accelerated, supporting the Bank of Japans economic outlook. The Japanese government announced on Friday that Tokyos consumer prices excluding fresh food rose 2.5% year-on-year in January, in line with economists median forecasts and the largest increase since February last year. The latest CPI data showed that inflationary pressures remain high. The survey results show that the most likely time for the Bank of Japan to raise interest rates next is July, followed by September. It is worth noting that 45% of respondents believe that in a risky scenario, the window for raising interest rates may be brought forward to April. Economist Taro Kimura said that the steady recovery of inflation in Tokyo will make the Bank of Japan more confident that inflation is becoming safe around its 2% target, prompting it to continue to reduce stimulus measures this year.Japans inventory month-on-month rate in December was -0.7%, compared with -1% in the previous month.Japans retail sales in December were 16.123 trillion yen, compared with 14.217 trillion yen in the previous month.Japans December seasonally adjusted retail sales month-on-month rate was -0.7%, in line with expectations of 0.00%, and the previous value was revised from 1.80% to 1.90%.Japans industrial output in December was initially estimated at -1.1% year-on-year, compared with -2.70% in the previous month.

NASDAQ, S&P 500, Dow Jones Analysis – Stocks Retreat As Treasury Yields Test Multi

Cory Russell

Feb 07, 2023 16:04

S&P 500

The S&P 500 is still under pressure as Treasury rates continue to rise. Recently, the yield on 10-year Treasuries was able to stabilize above the 50 EMA at 3.59% and is now attempting to go over the 3.65% mark.


Traders continue to concentrate on the most recent Non Farm Payrolls data, which revealed that despite concerns about a recession, the labor market was still in a respectable state. A more assertive Fed, which would be negative for equities, has begun to be priced in by traders.


The yield-sensitive real estate and technology equities are among the greatest losses in today's trading session, which is not unexpected. All market categories are trending down as a result of the widespread decline. Consumer Defensive Stocks perform better when investors look for safe-haven investments.

NASDAQ

As traders continued to take gains after the most recent significant rise, the NASDAQ fell below the 12,500 mark.


Leading tech companies like Apple, Microsoft, and Alphabet are all down 1% to 2% today, which is bad news for the NASDAQ.


Although the RSI has lately left the oversold zone, it is still unclear if traders would accelerate their purchases of tech companies at a time when Treasury rates are sharply climbing.


From session lows, the Dow Jones index rose. The worst-performing Dow Jones component today was Intel, which is down 4%, while Caterpillar had the highest gains.

Dow Jones

Overall, the Dow Jones is consolidated close to the 34,000 mark. As traders concentrated on tech companies throughout the most recent bounce, the index was unable to reach new highs. The Dow Jones excels today because Treasury yield movements have less of an impact on it.

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