GLOBAL MARKETS DJIA 32105.25 75.14 0.23% Nasdaq 11787.40 117.44 1.01% S&P 500 3948.72 11.75 0.30% FTSE 100 7499.60 -67.24 -0.89% Nikkei Stock 27388.46 -31.15 -0.11% Hang Seng 20097.62 47.98 0.24% Kospi 2409.81 -14.67 -0.61% SGX Nifty* 17061.50 -22 -0.13% *March contract USD/JPY 130.44-45 -0.31% Range 130.93 130.17 EUR/USD 1.0824-27 -0.06% Range 1.0842 1.0821 CBOT Wheat May $6.620 per bushel Spot Gold $1,992.30/oz Unch Nymex Crude (NY) $69.30 -$1.60 U.S. STOCKS
U.S. stocks edged higher Thursday as investors weighed the future path of interest rates following the Federal Reserve's quarter-point raise.
The S&P 500 ticked up 11.75 points, or 0.3%, to 3948.72. The Dow Jones Industrial Average added 75.14 points, or 0.2%, to 32105.25. The tech-heavy Nasdaq Composite rose 117.44 points, or 1%, to 11787.40.
Stocks gained for most of the day and finished the session higher, but the rebound lost some steam in the final hour of trading.
"The mixed messaging between Powell and Yellen is unsettling investors," said Jeff Kilburg, founder and CEO of KKM Financial.
"The market is grappling with the uncertainty."
ASIAN STOCKS
Japanese stocks were lower in early trade, dragged by falls in financial stocks, as concerns continue about the turmoil in the global banking sector. Toshiba Corp. was up 6.2% after it agreed to a $15 billion takeover proposal made by a group led by Japan Industrial Partners. Investors were focusing on economic data and any signs of weakness in the banking industry. The Nikkei Stock Average was down 0.4% at 27301.66.
South Korea's benchmark Kospi was 0.2% lower at 2419.60 in early trade, as battery and financial stocks retreated on profit taking. USD/KRW was 0.7% higher at 1,287.20. Foreign and institutional investors were net sellers of local stocks, as some were booking profit after the index gained for three consecutive days. SK Innovation added 0.6% after its chemical unit planned to build another ethylene acrylic acid plant in China.
Hong Kong's Hang Seng Index declined 1.1% to 19836.23 following a choppy session for U.S. equities. Banking-related stocks fell in the U.S. following Janet Yellen's comments that a "blanket insurance" isn't being considered for all deposits, while rate-sensitive tech stocks outperformed, said IG . It expects a muted session for Asian markets. Decliners on the HSI were led by HSBC, down 3.5%, while property-management company Country Garden Services slid 3.1% and Ping An Insurance dropped 2.4%.
China stocks were mixed, with the main bourse slightly pulling back from a broad recovery earlier in the week. The benchmark Shanghai Composite Index shed 0.5% to 3271.68, while the Shenzhen Composite Index gained 0.1% to 2113.97. The tech-heavy ChiNext Price Index also edged up by 0.1% to 2363.77. Analysts broadly expect the market to sustain its upturn in the coming weeks, as risk factors get priced in by a valuation pullback since late January. Analysts at Galaxy Securities added that A-shares' risk-reward profile may appear more attractive to investors against a backdrop of rising overseas uncertainty and monetary tightening.
FOREX
JPY strengthened against other G-10 and Asian currencies on possible safe-haven demand spurred by lingering financial stability concerns. Investors still appear to be seeking safety amid banking turmoil as the VIX Index has remained at a relatively high level, said CMC Markets. USD/JPY fell 0.3% to 130.38, AUD/JPY dropped 0.6% to 86.94 and EUR/JPY lost 0.4% to 141.17.
METALS
Gold prices were little changed in early Asian trade, after settling overnight at a more than a year high on declines in U.S. Treasury yields and dollar weakness. The precious metal may remain in an upward trajectory over the medium term, "especially if financial turmoil resurfaces and threatens to create systemic risks," DailyFX's said. "Throw in some risk-aversion on the back of Yellen's comments on the government not considering blanket insurance for bank deposits and gold is beginning to shine once more," Oanda said. ?Spot gold was flat at $1,992.30/oz.
OIL SUMMARY
Oil was lower in early Asian trade, extending overnight losses. There may be concerns that the U.S. government may not be able to refill its strategic reserve in the short term, after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the SPR would be difficult this year, ANZ analysts said. "The market is also becoming increasingly impatient with the rebound in economic activity in China," they said, adding that consumer spending there remains subdued despite a sharp pickup in travel demand. Front-month WTI futures fell 0.8% to $69.37/bbl; front-month Brent declined 0.7% to $75.38/bbl.
TOP HEADLINES Yellen says U.S. would take 'additional actions' to stabilize bank system if necessary SVB Sale Is Close. FDIC Seeks Deal by Monday. Japan Consumer Prices Rose at Slower Pace in February U.K. Consumer Confidence Rose to 12-Month High in March Australian March PMI Data Shows Economy Slowing TikTok Fight Rocks U.S.-China Relations Moody's sees risk that U.S. banking 'turmoil' can't be contained Citi CEO Jane Fraser sees no banking crisis afoot First Republic Bonds Rally Despite Uncertain Outlook Shares of Jack Dorsey's Block Fall on Short-Seller Report Three Arrows Co-Founder Risks Contempt, Bankruptcy Judge Says EY's U.S. Auditors Are Demanding Concessions in Split Pentagon Investigates Lapse in Boeing Security Credentials for Air Force One Iran Could Produce Nuclear Weapon in Several Months if It Decides to Do So, Mark Milley Says U.S., Canada Reach Deal to Turn Back Migrants Crossing Northern Border Illegally Jan. 6 Rioter Gets Three-Year Sentence for Storming Nancy Pelosi's Office Ukraine Sees Russian Losses in Bakhmut as Paving Way for Spring Offensive U.S. Charges Crypto Fugitive Do Kwon With Fraud as Suspect Held in Montenegro
(END) Dow Jones Newswires
03-23-23 2315ET
