To The Moon

$DJIA(.DJI)$ US stocks slump on signs of an economic slowdown · US stocks slipped on Tuesday as new data signalled the labour market could be cooling. The Job Openings and Labour Turnover Survey for February showed the number of job openings decreased. · The Dow Jones Industrial Average lost 199 points, or 0.6%, and the S&P 500 dipped 0.6%, snapping four-day winning streaks. Banks came under renewed pressure; as bank stocks retreated, the KBW Bank index was off 2%. The Nasdaq Composite was down 0.5%. · Amid market uncertainty, investors appear to be finding a haven in gold, which is nearing all-time highs. The US Dollar slipped 0.5% against a basket of six other major currencies. Meanwhile, gold rose 2% to US$2,039.80 on Tuesday and traded as high as US$2,043, the highest intraday level since March 9, 2022, when it reached US$2,068.50, according to Dow Jones Market Data. · In the energy sector, there are concerns that OPEC's surprise production cut could have a big effect on the oil market, possibly for years to come. The real loser may be natural gas. · Now, attention turns to the March payrolls report on Friday, a key economic indicator for the Federal Reserve. Economists expect an increase of 240,000 payrolls in March, down from 311,000 in February. Investors will want to see more evidence of slowing growth and a weakening labour market to reinforce hopes for both a less-hawkish Fed and soft landing for the recent stock market resilience to resume. · The yield on two-year US Treasury notes — which move with interest rate expectations — fell 0.13 percentage points to 3.84%. The yield on benchmark 10-year Treasuries fell 0.07 percentage points to 3.34%. · Europe’s Stoxx 600 closed flat and London’s FTSE 100 fell 0.5%. Sterling rose 0.7% against the US Dollar. · Asia markets are poised for a cautious open today; yesterday’s slide in China tech stocks was led by Alibaba and Meituan. The benchmark Shanghai Composite Index was the only gainer, rising 0.5%. The Shenzhen Composite Index fell 0.45% while the ChiNext Price Index lost 0.8%. Precious metal miners were among the top performers, after gold prices hit a multi-month high. · Hong Kong’s benchmark gauge ended its own five-day winning streak on profit-taking. The Hang Seng Tech Index dropped 1.6%, weighed down by Chinese electric-vehicle makers. · Still, many strategists and fund managers remain positive on Asia’s stock market outlook. · Singapore's Straits Times Index tracked the previous night gains on Wall Street, ending 0.92% or 30.04 points higher. DYODD @TigerStars