This New York session is going to be quiet. Investors dispelled fears over a bank crisis and are shifting focus to macroeconomic data. A batch of data will be followed by remarks from Fed’s policymakers today. The US benchmark stock indices rose yesterday. Notably, all three indices added at least 15% because optimistic forecasts by Micron Technology quelled concern over economic conditions. The Dow Jones climbed by 232 points or 1%. The Nasdaq jumped by 1.79%. The S&P 500 increased by 1.42% to close at 4,027. Futures on the major stock indices gained 0.5-0.6% in the pre-market. Fresh data in unemployment claims and the US GDP brightened up market sentiment and the stock indices clocked into gear. The S&P 500 is expected to trade in the intraday corridor between 3,990 and 4,110. Wednesday was a lucky day for Wall Street. Jitters in the banking sector took a back seat. So, investors again give priority to the economic calendar and prospects of the high-tech sector. The market catalyst was Micron Technology with its optimistic forecasts which aroused hopes among global investors. Micron shares surged by 7.2%, thus pushing the Nasdaq and the S&P 500 up. The semiconductor index closed 3.5% higher because the chip manufacturer came up with a rosy forecast. The company also said that artificial intelligence boosts its sales. The forecast inspired the market. Indeed, Chips by Micron Technologies are used in various products around the world. If the company is optimistic about orders, economic prospects do not seem dismal. At the congressional hearings, Fed Vice Chair for Supervision Michael Barr told lawmakers that the failure of Silicon Valley Bank was entirely on its executives. So, he assured investors that the crash of the banks was triggered by their inside faults, not by global headwinds. The index of US regional banks has slumped by almost 20% since the shock in early March. Nevertheless, the S&P 500 is on track to close the first quarter tomorrow with a 5% monthly gain. The Nasdaq is likely to log a 14% monthly gain. Today futures on the US stock indices gained ground because investors shifted focus from waning bank woes to macroeconomic data, in particular personal spending. The economic calendar is again setting the tone for markets and Wall Street is regaining confidence. Besides, investors are alert to the PCE price index for February, the Fed’s preferable inflation barometer, to find extra clues to the Fed’s agenda for further rate hikes. The economic data released today cheered up market sentiment. The robust labor market in the US eventually revealed long-awaited growth in jobless claims. The number of Americans who filed for unemployment benefits increased by 7,000 last week to 198,000, more than the expected 196,000. It is good news. The bad news is that the average reading is still way below historic levels. The data of the US GDP for the fourth quarter showed that the US economy slowed down sequentially. The US gross domestic product expanded by 2.6% sequentially in the final quarter of 2022, a downtick lower than the previous estimate at 2.7%. Consumer spending grew by 1%, below the consensus of a 1.4% increase.Investments in intellectual property went up whereas investments in residential construction shrank again. The national economic output rose by 2.1% for the whole of 2022. Such data cemented optimism on Wall Street. Still, the crucial metric, the PCE price index, is due tomorrow. Meanwhile, the market is trading quietly. Shares of high-tech giants such as Microsoft, Tesla, and Amazon, climbed by 0.5-1.5%.H&M shares jumped by 7.3% after the world’s second largest fashion retailer reported unexpectedly high operating profits from December to February but warned that spring sales are delayed due to cold weather. Shares of Faraday Future Intelligent Electric skyrocketed by 22.9% in the pre-market after the company launched manufacturing of its first posh electric car after a multi-month delay. Fed policymakers, including Boston Fed President Susan Collins and Minneapolis Fed President Neel Kashkari, are due to speak later today.

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00:00 INTRO
00:19 S&P500
01:15 USA
02:50 QUOTES
03:32 US UNEMPLOYMENT CLAIMS
04:01 US GDP, Q/Q, Q4
05:54 USDX
08:04 USD | CAD
08:25 OIL
09:16 BTC | USD