Market Highlights π‘ - 8 January 2025
Economic data sparks inflation concerns, Wall Street declines
πΊπΈ S&P 500 Index: -1.11% π
πΊπΈ Nasdaq: -1.89% π
πͺπΊ Stoxx 600 Index: 0.32% π
π―π΅ Nikkei 225 Index: 1.97% π
ππ° Hang Seng Index: -1.22% π
π¨π³ Shanghai Shenzhen 300 Index: 0.75% π
πΈπ¬ Straits Times Index: 0.17% π
U.S. stock markets fell, with the S&P 500 $S&P 500(.SPX)$
The Nikkei index rose nearly 2%, as investors took a positive signal from strong trading on Wall Street overnight.
Chinese stocks showed mixed results, with the Hang Seng Index falling -1.2%, while the Shanghai Shenzhen 300 Index rose 0.8%, after the U.S. blacklisted two major tech companies.
π‘ Future Events π‘
Japanese consumer confidence will be released on Wednesday.
On Thursday, the U.S. will release the FOMC meeting minutes and initial jobless claims, while the EU will publish retail sales on a yearly basis.
By the end of the week, U.S. nonfarm payrolls, unemployment rate, University of Michigan preliminary consumer confidence index will be released on Friday.
π‘ Things to Know Today π‘
1. Nvidia $NVIDIA Corp(NVDA)$
Jensen at CES
2. The U.S. Department of Defense has added Chinese tech giant Tencent Holdings $TENCENT(00700)$
Tencent and CATL under the list
3. Last month, the U.S. ISM Services PMI rose 2 points to 54.1, reflecting stronger business activity and helping drive price indicators to the highest level since early 2023.
4. Prime Minister Datuk Seri Anwar Ibrahim stated that the government has confirmed that the Kuala Lumpur-Singapore High-Speed Rail (HSR) project can be revived, provided there is full participation from the private sector with minimal government involvement.
HSR project revived
5. On Tuesday, Moderna's $Moderna, Inc.(MRNA)$
Moderna
β Key Takeaways:
The market sell-off was triggered by some profit-taking and concerns over persistent inflation.
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The S&P 500 and Nasdaq both experienced declines on January 8, 2025. The S&P 500 decreased by 1.11% and the Nasdaq dropped by 1.89%. These declines were primarily attributed to mixed job vacancy data for November that raised concerns about inflation.
In contrast, the Nikkei 225 Index rose by 1.97% as investors reacted positively to strong trading on Wall Street the previous day. Chinese stocks showed mixed results, with the Hang Seng Index falling by 1.22% and the Shanghai Shenzhen 300 Index rising by 0.75%. The Hang Seng Index was negatively affected by the U.S. blacklisting of two major tech companies.
Looking ahead, some key events to watch out for include the release of Japanese consumer confidence on Wednesday, the release of the FOMC meeting minutes and initial jobless claims in the U.S. on Thursday, and the release of U.S. nonfarm payrolls, unemployment rate, and the University of Michigan preliminary consumer confidence index on Friday.
It's important to note that market movements can be influenced by various factors, including economic data, geopolitical developments, and investor sentiment.