State of The Markets

Stocks Mixed in Thin Holiday Trading

MFMTeam
Publish date: Wed, 28 Dec 2022, 08:44 AM

STATE OF THE MARKETS

Stocks mixed in thin holiday tradingUS stocks closed mixed on Tuesday as investors back into a holiday mood trading ahead of the new year. Nasdaq (-1.38%), Russell (-0.65%) and S&P (-0.40%) closed in the red, while Dow (+0.11%) edged higher as yields continued to climb across the board. The shorter 2Y yields pierced 4.45% and the 10Y benchmark hit 3.85% as investors mostly stayed on the sideline as the Dollar continued to float around the 104 handle.

In the commodity markets, crude oil jumped near $81.15/bl after Saudi Aramco continued to press for supply concerns amid China re-opening. Gold climbed to $1,833.20/oz on dealers bid as the metal continued to act as inflation hedge amid less aggressive Federal Reserve. Elsewhere, iron ore continues to stall around $110.50/tn waiting for the next catalysts after China re-opening.

In the FX space, short and medium term accounts seemed bullish as Yen was sold off alongside Sterling and Dollar while Aussie, Loonie and Kiwi led the demand territories. Long term sentiments were little changed except for more demand in Kiwi and Aussie than Euro and Dollar.

On Wednesday, markets expected to be in choppy waters as investors mostly in holiday mood with little economic data and earnings on the slate. Cal-Maine Foods (CALM) is scheduled to report earnings with pending home sales on the economic side while EIA petroleum status has shifted to Thursday.

OUR PICK – No New Pick

No new picks amid thin markets. Markets are gearing for the year end book closing and new year holiday. We stay on the sideline for now.

Disclaimer: This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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