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March 26th Futures News: 1. WTI crude oil futures trading volume was 1,031,433 lots, a decrease of 122,774 lots from the previous trading day. Open interest was 1,993,722 lots, a decrease of 8,343 lots from the previous trading day. 2. Brent crude oil futures trading volume was 230,750 lots, a decrease of 19,198 lots from the previous trading day. Open interest was 316,280 lots, an increase of 651 lots from the previous trading day. 3. Natural gas futures trading volume was 300,521 lots, a decrease of 90,680 lots from the previous trading day. Open interest was 1,505,694 lots, an increase of 1,642 lots from the previous trading day.On March 26, it was learned that Belarusian President Alexander Lukashenko and North Korean General Secretary of the Workers Party of Korea and Chairman of the State Affairs Commission Kim Jong Un signed a treaty of friendship and cooperation between the two countries in Pyongyang. Lukashenko stated that this foundational document outlines the goals and principles of bilateral cooperation and establishes the institutional framework for future mutually beneficial processes. During his talks with Kim Jong Un, Lukashenko indicated that relations between Belarus and North Korea have entered a new phase. Lukashenko arrived in Pyongyang on March 25 for a two-day visit to North Korea. This is the first visit to North Korea by a Belarusian leader.March 26 – Investors are searching for the “pain point” that could prompt President Trump to change his policy on the Iran war, as the president’s social media posts have triggered sharp fluctuations in the oil market. Since Trump launched his Middle East wars, he has often intensified his threats against Iran during weekend oil market closures and hinted at impending peace when oil prices rise. This pattern highlights the central role of the oil market in the conflict process and the White House’s success in preventing oil prices from spiraling out of control – at least so far. “It’s clear that Trump is afraid of high oil prices… Gasoline prices above $4 are politically fatal,” said Jorge Montepek, an oil analyst at Onyx Capital Group. “On the other hand, his pride is also important. He can’t let himself look like he’s lost.” A veteran energy trader noted a clear pattern: whenever U.S. oil prices approach $95 to $100 a barrel, the government’s conciliatory rhetoric increases, and market speculation about potential government intervention in the oil market intensifies.On March 26, Russian Foreign Ministry spokeswoman Maria Zakharova stated at a regular press conference on March 25 that Japans intensified military cooperation with Ukraine would further diminish the prospects for a peaceful resolution to the Russia-Ukraine conflict. According to the Russian Foreign Ministry website, Zakharova commented on Japanese media reports that the Japanese government was considering purchasing Ukrainian-made drones. She said such reports indicate that Japan is increasingly involved in military cooperation with Ukraine, given the Ukrainian authorities public expression of a desire to exchange drones for other weapons. Zakharova reiterated Russias warning, stating that any attempt by the Japanese leadership to provide lethal weapons and military equipment to Ukraine would be considered a hostile act by Russia and would inevitably provoke severe retaliatory measures.March 26th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices have maintained their previous gains in recent intraday trading, although they have broken below the major bullish trendline in the short term, negatively impacting price action. With prices trading below the 50-day EMA, crude oil prices continue to face negative and dynamic pressure, reducing the likelihood of a sustained short-term rebound. This rally has been supported by positive signals from the Relative Strength Index (RSI); however, the current RSI has reached severely overbought levels, indicating that positive momentum is gradually weakening relative to price action, which could threaten the continuation of the upward trend in the near future.

S&P 500, Dow Pressured by Weak Economic Data, Hawkish Fed Remarks

Cory Russell

Jan 19, 2023 17:29

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The S&P 500 and the Dow both fell by about 2% on Wednesday, sending the main U.S. stock index futures down. Wall Street suffered its largest daily loss in more than a month as hawkish remarks from two Fed members and dismal economic data contributed to investor desire for lower-risk assets.


The benchmark S&P 500 Index finished the day on Wednesday at 3928.86, down 62.11 or -1.56%. The blue chip Dow Jones Industrial Average ended the day at 33296.96, down 613.89 or -1.81%, while the tech-heavy NASDAQ Composite dropped 138.10, or 1.24%, to close at 10957.01.


Wednesday's Recap Following the release of data revealing a decline in industrial production last month and the largest drop in retail sales in a year, U.S. equities dipped just before the cash market opened on Wednesday.


The theme of a weakening economy and an impending recession in 2023 was furthered by the drop in both industrial output and retail expenditure. Additionally, it could have dispelled last week's market craze about a "soft-landing" recession.


Investors also had to cope with Microsoft's announcement of 10,000 layoffs and hawkish remarks from Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard, and Philadelphia Fed President Patrick Harker in addition to the bad economic news.

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