Скачать или смотреть Tech Talk Tuesday 03-07-2023

This week in the MarketEdge Tech Talk Tuesday for March 3, 2022 host Rachel Paule along with co-host David Blake provide a technical analysis of the previous week’s market activity.

The major averages put a dismal February in the rear-view mirror this week and the DJIA was able to snap a four-week losing streak despite rising rates. Coming off the worst week for stocks of 2023 the different indexes charged out of the gate on Monday but concerns over inflation from Friday's PCE report nearly erased the gains. Choppy trading left the market mixed midweek as recession fears mounted and the yield on the 10-year Treasury nosed above 4%. A better-than-expected jobs report on Thursday kept upward pressure on rates but comments from Atlanta Fed President Bostic that he was firmly in the camp for a 0.25-point rate hike at the March FOMC Meeting sent stocks sharply higher in the afternoon. The major averages were able to build on those gains on Friday after the ISM Services Index showed a drop in prices paid for goods in February. The rate on the 10-year T-Bill closed the period back below 4% at 3.96%, while the two-year Treasury yield landed at 4.86%. Crude oil prices nudged higher as China's reopening gained momentum but remained under $80 a barrel. Leading the market higher was strength in Materials (XLB), Industrials (XLI), Energy (XLE), Communication Services (XLC) and Technology (XLK) sectors, while defensive sectors Utilities (XLU) and Consumer Staples (XLP) lagged the broader market and finished lower. The major averages were able to kick off the new month on a positive note with the major averages all higher on the week for the first time since the week ending January 27.
For the period, the DJIA jumped 574.05 points (+1.7%) and settled at 33390.97. The S&P 500 added 75.60 points (+1.9%) and closed at 4045.64. The NASDAQ soared 294.07 points (+2.6%) finishing at 11689.01, while the small cap Russell 2000 picked up 37.77 points (+2.0%) finishing at 1928.26. For the period, the DJIA dropped 1009.77 points (-3.0%) and settled at 32816.92. The S&P 500 fell 109.05 points (-2.7%) and closed at 3970.04. The NASDAQ lost 392.33 points (-3.3%) finishing at 11394.94, while the small cap Russell 2000 gave up 55.88 points (-2.9%) finishing at 1890.48.

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