Tuesday's Markets Update (Feb 28, 2023)

02 Mar 2023 by rate3

On Tuesday, the stock market was uncertain, possibly due to lack of a novel information in the published macroeconomic data. NASDAQ hovered around 11.4K (open: 11451, close: 11455) and BTC remained stagnant at approximately 23.3K (open: 23403, close: 23272) during the day session. BTC saw an increase in after-hours trading.

The Census Bureau reported a decrease in wholesale inventories of 0.4% to USD 929.7 billion in January 2023, which was the first decline in inventories since July 2020. This was attributed to a drop in stocks for both durable (-0.1% compared to 0.6% in December) and non-durable goods (-0.8% same as December).

Additionally, Richmond Fed Manufacturing Shipments in the United States decreased to -15 points in February compared to -3 points in January 2023, which was worse than the expected value of -2. Furthermore, the S&P/Case-Shiller Home Price Index in the United States experienced a 0.9% month-over-month decline in December 2022, marking the sixth consecutive month of declining house prices based on non-seasonally adjusted data.