empty
24.01.2023 02:46 PM
US premarket on January 24: US stock market fears corporate earnings reports

On Tuesday, European and US stock index futures are trading lower, struggling to hold on to the previous day's rally as investors prepare for important earnings and expense reports from many leading technology companies.

This image is no longer relevant

European bonds rose and the four-day euro growth streak came to a halt after business activity data increased but was worse than economists' forecasts. The market did not react either to today's strong data on the S&P Global PMI Composite in the EU, which rose to 50.2 points in January, much better than economists' forecasts of 49.8 points. For the first time since June 2022, the indicator moved above the 50-point threshold separating growth from contraction.

The Stoxx 600 index lost early gains and went into the red zone, while the Nasdaq 100 and S&P 500 futures are trading at -0.2%.

An upcoming wave of corporate earnings reports from tech giants such as Microsoft Corp. and Texas Instruments Inc. as well as industrial companies such as GE will test the recovered demand for risky assets. Some traders are preparing for the worst drop in tech earnings since 2016. For example, Microsoft is predicted to report its smallest sales growth in six years. However, there are also those who believe that lower inflation and cost-cutting measures helped to avoid a deeper downturn.

Traders expect that the US Federal Reserve is nearing the end of its rate hike cycle. They also believe that the US central bank will raise rates by only 25 basis points at its February meeting, the first meeting of the year.

Yields on German and UK 10-year government bonds fell. The latter was under pressure from poor business performance.

Oil prices stabilized as traders awaited new inventory data. Copper was trading near its highest level in seven months and gold continued to rise for the fourth straight week.

This image is no longer relevant

As for the S&P 500 index, bulls continue to control the market. The index may continue to grow. However, they need to protect the support of 3,986. At the same time, bulls should return the level of $4,010 under control. Only after that, the trading instrument may soar to $4,038. The level of $4,064 will be difficult to reach. If the index declines and we see low activity from bulls at $3,986, they will have to protect $3,960. Breaking through this level from above, the trading instrument may be pushed to $3,923.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Stock Market on March 14th: S&P 500 and NASDAQ Indexes Continue to Decline

Futures on the S&P 500 and NASDAQ stock indices continued their significant decline, returning to a bearish scenario.Asian stocks, along with futures on U.S. and European stock indices, rose during

Jakub Novak 13:01 2025-03-14 UTC+2

Donald Trump Is Just Getting Started

The 24-hour chart wave structure for #SPX appears relatively clear. The first key observation is the global five-wave structure, which is so extensive that it doesn't even fit into

Chin Zhao 12:04 2025-03-14 UTC+2

US stock market: NASDAQ and SP500 going through correction, 10% down from their historic highs

S&P500 Markt update on March 14 Snapshot of benchmark US stock indices on Thursday: Dow -1.3%, NASDAQ -2%, S&P 500 -1.4%, S&P 500 at 5,521, range 5,400 - 6,000

Jozef Kovach 10:53 2025-03-14 UTC+2

S&P 500 Forecast for March 14, 2025

Yesterday, the S&P 500 index reached its target support level of 5516, which corresponds to the peak observed on June 20, 2024. This level also aligns with the 23.6% Fibonacci

Laurie Bailey 03:53 2025-03-14 UTC+2

US stock market groping for support

S&P500 Market update on 13.03 Snapshot of benchmark US stock indices on Wednesday: Dow -0.2%, NASDAQ +1.2%, S&P 500 +0.5%, S&P 500 at 5,599, range 5,400 – 6,000 The S&P

Jozef Kovach 10:17 2025-03-13 UTC+2

Stock Market on March 13: SP500 and NASDAQ Gains Were Short-Lived

Futures for the S&P 500 and NASDAQ indices declined again following yesterday's unexpected U.S. inflation data, which revealed a slowdown in price pressures that contradicted economists' forecasts. Asian stocks also

Jakub Novak 08:28 2025-03-13 UTC+2

US market experiencing strong correction

S&P 500 Overview for March 12 The US market is experiencing a strong correction. US major indices on Tuesday: the Dow -1.1%, the NASDAQ -0.2%, the S&P 500 -0.8%

Jozef Kovach 11:36 2025-03-12 UTC+2

Stock Market on March 12th: S&P 500 and NASDAQ Hit Another Low

Futures on the S&P 500 index rose by 0.2% after losing 0.76% at the end of the previous day, while Nasdaq 100 futures added 0.3% after closing at -0.18%. Stocks

Jakub Novak 10:58 2025-03-12 UTC+2

Trump's meeting with Wall Street leaders set to stabilize market

Amid a sharp decline in US stock markets, President Donald Trump will meet with chief executives of major companies today as industry leaders try to navigate the uncertainty surrounding widespread

Jakub Novak 13:32 2025-03-11 UTC+2

Black Monday on Wall Street. US stocks lose $4 trillion in market capitalization

S&P500 Market review on March 11 US stock market suffers a crash. $4 trillion lost, but game not over yet Performance of benchmark stock indices on Monday: Dow: -2.1% NASDAQ

Jozef Kovach 12:14 2025-03-11 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.