NY Dow and US stocks fall Tonight is the US March ADP employment statistics | 5th Financial Tankan

4/4 (Wednesday) morning market trends (compared to the previous day)

traditional finance

• NY Dow: $33,402 -0.5%
• Nasdaq: $12,126 -0.5%
• Nikkei Stock Average: ¥28,287 +0.3%
• USD/JPY: 131.69 -0.01%
• USD Index: 101.5 -0.5%
• 10 year US Treasury yield: 3.3 -2.7% annual yield
• Gold Futures: $2,038 +1.8%
• Crude oil futures: $81 +0.7%

crypto assets

• Bitcoin: $28,193 +2.2%
• Ethereum: $1,869 +4.5%

Today’s NY Dow fell for the first time in five days and closed at -198 dollars. The Nasdaq and S&P 500 were also negative.

On this day, the number of US job openings in February seems to have become a selling factor. U.S. job openings fell to their lowest level since May 2021 in February. Job openings fell to just over 9.93 million, below the forecast of 10.5 million. The situation seems to indicate the cooling of the labor market.

A series of indicators indicating economic weakness, such as the deflator of the US PCE price index last week and the weak performance of the US March ISM manufacturing index announced the day before, confirms the market’s expectations for an early suspension of interest rate hikes and an interest rate cut within the year. However, the risk of a recession is also increasing. In addition, there seems to be growing speculation that the Fed will not be able to continue raising interest rates as aggressively as it has in the past, due to the impact that a sharp rise in crude oil costs could have on the economy.

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In addition, the US March ADP employment report is coming up tonight. The market forecast was 215,000, compared with 242,000 last time. (ADP employment statistics are statistics developed to predict the number of non-agricultural sector employees nationwide using data from ADP, a major US payroll accounting service company.)

Economic indicators (Japan time)

• Wednesday, April 5, 21:15: U.S. March ADP Employment Statistics
• April 12, 21:30 (Wednesday): US March Consumer Price Index (CPI)
• Thursday, April 13, 3:00 PM: Federal Open Market Committee (FOMC) Minutes
• Friday, April 14, 21:30: U.S. March Retail Sales
• April 14, 23:00 (Friday): April University of Michigan Consumer Confidence Index, preliminary figures

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US stocks

Next week, the financial results season for the first quarter (1Q) will begin, starting with major US banks. How the March banking crisis affected banking and financial companies will be a factor influencing stock prices and indices.

In addition, some AI-related stocks in the US IT/tech stocks have shown significant price movements. Individual stocks compared to the previous day: NVIDIA -1.8%, c3.ai -26%, Big Bear.ai -14%, Bullfrog AI +27.9%, Tesla -1.1%, Microsoft -0.01%, Alphabet +0.3%, Amazon +1.5 %, Apple -0.3%, Meta -0.7%, Coinbase -1.6%.

Bullfrog AI

The stock price of Bullfrog AI soared. The company provides digital solutions that utilize artificial intelligence and machine learning to improve the efficiency of drug development. It seems that the buying factor was the announcement that it had signed a license agreement with Johns Hopkins University’s Applied Physics Laboratory for the use of patented AI technology.

c3.ai

On the other hand, c3.ai fell sharply the day before. Frustrated after investment firm Kerrisdale Capital revealed that it sent a letter on March 6 to Deloitte, the company’s auditing firm, for the purpose of shorting c3.ai’s accounting and other issues. was done.

Kerrisdale Capital said in a letter, “c3.ai resurrected from IPO collapse under the misconception that self-declared AI leadership would benefit from Silicon Valley’s current tech themes of GPT chat and generative AI boom. ” he points out.

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