To The Moon

Global markets were generally mixed ahead of the Fed's important remarks.

🇺🇸 S&P 500: -1.02% 📉

🇺🇸 Nasdaq: -1.65% 📉

🇪🇺 Stoxx 600 Index: -0.23% 📉

🇯🇵 Nikkei 225 Index: -0.03% 📉

🇭🇰Hang Seng: -2.59%📉

🇨🇳CSI 300: 0.70%📈

• U.S. markets were broadly lower on Tuesday, with the S&P 500 and Nasdaq Composite down -1.0% and -1.7%, respectively, as investors weighed in on this week's economic data and comments from Federal Reserve Chairman Jerome Powell. Investment was previously suspended.

• U.S. services sector growth slowed to 52.6 in February as employment fell, but a gauge of new orders rose to a six-month high.

• Asia-Pacific stock markets closed mixed as investors digested the results of China's annual two sessions, with China's CSI 300 index rising 0.04% and Hong Kong's Hang Seng Index falling 0.1%.

• The Caixin Global Services Purchasing Managers' Index (PMI) fell to 52.5 from 52.7 in January, with business confidence slowing for a second consecutive month and companies cutting jobs for the first time since November.

💡 Future events: 💡

• On Wednesday we have JOLTS job openings and ADP non-farm payrolls changes in the US and retail sales m/m in the EU.

💡 Things you need to know today: 💡

 1. Chinese Prime Minister Li Qiang announced ambitious economic growth targets for 2024, striving to achieve growth of around 5%. He pledged to take steps to reform the country's development approach and address the risks posed by bankrupt property developers and strained city finances.

 2. Target announced higher holiday quarter earnings and a smaller-than-expected sales decline. The company also forecast annual comparable sales to beat Wall Street forecasts.

 3. Advanced Micro Devices (AMD) encountered obstruction from the U.S. government when it tried to sell artificial intelligence chips designed specifically for the Chinese market.

 4. Singapore's Temasek Holdings is negotiating to invest in OpenAI, a company in the artificial intelligence field backed by Microsoft.

5. Cadence Design Systems announced the acquisition of BETA CAE Systems International AG, a company specializing in analytical automotive and jet engine design software.

 ✅ Key Points:

Maybe some people are taking investments off the table ahead of Powell's speech to take profits on high-flying areas before we get a lot of labor market data.

Powell FED

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