Stock Market LIVE: Indices to open on mixed note; SGX Nifty marginally in green
US CPI data showed prices rose 0.5% in January, more than the 0.4% forecast by economists. On the other hand, Fed officials gave mixed signals about bank’s future course of action on interest rates. Meanwhile, India’s WPI inflation eased to a 24-month low in January.
Hiring trends across sectors: Retail leads, IT sector jobs fell 22% YoY
Hiring activity in the retail space in January witnessed 19 per cent year-on-year growth whereas sectors including IT, Media & Entertainment, home appliances reported a slowdown, according to Foundit (formerly Monster) Insights Tracker (fit) for January 2023 report.
Retail is back again being the topmost industry in the hiring activity on-year basis. Also, travel and tourism showed a growth of 15% with major demand in operations with focus on increased revenue generation through digitalisation and personalisation.
Year-on-year growth momentum in Advertising, MR, PR (+15%) too strengthened this month, the report showed. (Read More)
Wall Street ends mixed on Tuesday as inflation data supports rate worries
Wall Street stocks ended mixed on Tuesday after U.S. consumer price data for January offered little to change expectations about the Federal Reserve’s path forward on interest rate hikes.
U.S. consumer prices accelerated as Americans continued to be burdened by higher rental housing costs, suggesting that the Fed will maintain its fight against inflation.
“Inflation remains elevated, albeit it appears to be slowing,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis. “Looking at today’s price action, I think it might be a little bit of profit-taking on the heels of strong year-to-date performance.”
Of the 11 S&P 500 sector indexes, seven declined, led by real estate, down 1.08%, followed by a 0.95% loss in consumer staples.
The consumer discretionary index rose 0.30%, lifted by a surge of nearly 8% in Tesla Inc. The electric car maker has rebounded over 60% in 2023 after losing two-thirds of its value last year.
Money market traders are betting on at least two more 25 basis point rate hikes this year, with interest rates seen peaking at 5.28% by July.
Also adding to the investor angst were hawkish remarks by Richmond Fed President Thomas Barkin and Dallas Fed President Lorie Logan. Barkin said the Fed needs to prioritize quashing inflation over risks to U.S. economic growth. (Reuters)
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