Stock market news update live: 04/01/2023

US stock futures rose modestly on Wednesday morning as Wall Street sought to recover from a bad start to the week and waiting minutes from the Federal Reserve’s December policy meeting for clues about the central bank’s next interest rate decision.

Futures contracts tied to the S&P 500 (^GSPC) rose 0.3%, while futures on the Dow Jones Industrial Average (^DJI) added 60 points, or 0.2%. Contracts on the tech-heavy Nasdaq Composite (^IXIC) increased by 0.5%. Wednesday morning’s rebound follows a dismal start to 2023 trading as last year’s pressures dragged investors into the new year. On Tuesday, all three major averages close lower.

Yields on US Treasuries fell as traders awaited the Fed minutes. The benchmark 10-year bond fell 10 basis points to about 3.69% as of 7:30 a.m. ET, while the 2-year yield fell about 6 basis points to 4.34%.

The US dollar index also fell. And oil prices continued to fall, with West Texas Intermediate (WTI) crude oil futures – the US benchmark – futures down 3.2% to $74.50 a barrel.

All eyes are on Tesla (TSLA) again on Wednesday after sharing 12% off on the first trading day of 2023 — the biggest drop in more than two years and erased any gains in the last three sessions of 2022 last week. Shares were up 1.6% before the market on Wednesday.

Electric car maker earlier this week vehicle production and delivery report The fourth-quarter data disappointed Wall Street, adding to another woe for investors concerned about Tesla’s Chinese factory production and CEO Elon Musk’s management of Twitter.

Shares of Alibaba Group (TORTOISE) spiked more than 7% before opening after billionaire co-founder Jack Ma won approval from Chinese regulators to raise 10.5 billion yuan — or $1.5 billion — for subsidiary Ant Group’s consumer finance business. Other Chinese stocks listed in the US also rallied.

Sales force (CRM) on Wednesday announced restructuring plan includes cutting about 10% of the workforce and closed some offices, joining a growing list of tech companies laying off workers to cut costs after hiring too much during the post-pandemic boom in 2021. Shares rose. 2.8% in pre-market trading.

NEW YORK - JANUARY 3: An exterior view of the New York Stock Exchange on Wall Street during the First Trading Day of 2023 at the NYSE in New York City, January 3, 2023. (Photo by Kena Betancur. /VIEW press)

NEW YORK – JANUARY 3: An exterior view of the New York Stock Exchange on Wall Street during the First Trading Day of 2023 at the NYSE in New York City, January 3, 2023. (Photo by Kena Betancur. /VIEW press)

Investors await a busy week with economic data shorten the first trading week of year. Minutes of the December FOMC meeting will be released at 2:00 p.m. ET. The data is likely to show the thinking behind the central bank’s “slower but higher” regime after Fed Chair Powell last month signaled that he and his colleagues would turn to rate hikes. smaller but likely higher closing interest rates.

The Job Openings and Labor Turnover Survey, or JOLTS, and ISM manufacturing data are due Wednesday morning and the Labor Department’s December jobs report is due on Friday.

Financial market record their worst year since 2008 on Fridayrampage central bank action to quell inflation and war in Eastern Europe devastated stocks and bonds. Even as investors turn the page in 2022, much of Wall Street hope more pain is still ahead.

“What we get from our model is that there’s a bit of a regime change going on inside, and what we mean by 2022 is that it’s all about the Fed as they tighten financial conditions. key to fighting inflation,” Huw Roberts, head of analytics at Quant Insight told Yahoo Finance Live on Tuesday.

“But what we’re doing now is being more sensitive to the real economy – more sensitive to growth, inflation expectations, industrial metals and the credit cycle – and what we’re talking about is the market. the school will spend early 2023 really worried about a hard landing.”

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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