Gold Edges Higher On Inflation Worries

Gold prices rose on Monday to hover near one-week high, as surging oil prices along with an increase in global commodity prices added to existing inflationary pressures.

Spot gold edged up 0.2 percent to $1,811.88 per ounce, while U.S. gold futures were up 0.3 percent at $1,812.35.

Growing concerns about widening price pressures boosted the precious metal’s appeal as an inflation hedge and helped cushion the impact of a stronger dollar and rising Treasury yields.

The U.S. dollar continued to fins support, helped by a rise in U.S. Treasury yields, after last week’s strong U.S. jobs data intensified expectations that the Federal Reserve is likely to raise interest rates faster in the months ahead.

Investors await a key report on U.S. inflation due later this week, which is expected to show an increase of 7.3 percent on year in January.

Geopolitical tensions were also in focus, with the White House warning Russia could invade Ukraine any day.

On the other hand, French President Emmanuel Macron, who flies to Moscow today in a risky diplomatic move and will travel to Kyiv on Tuesday, is optimistic he can secure peace.

Sensex falls over 140 points; Nifty defends 17,500

SBI was the top loser in the Sensex pack.

Falling the second consecutive session, equity benchmark Sensex dropped over 140 points on Friday, tracking weakness in banking and energy stocks amid a mixed trend overseas.

Investors also remained concerned over persistent foreign fund outflows, traders said.

The 30-share BSE index ended 143.20 points or 0.24 % lower at 58,644.82. Similarly, the NSE Nifty shed 43.90 points or 0.25 % to close at 17,516.30.

SBI was the top loser in the Sensex pack, shedding nearly 2 %, followed by M&M, NTPC, Kotak Bank, Bajaj Finserv, HDFC and PowerGrid.

On the other hand, Sun Pharma, Asian Paints, Tata Steel and HDFC Bank were among the gainers.

Of the Sensex constituents, 19 shares closed lower while 11 were in the green.

Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul closed on a firm footing. Chinese markets were shut for the Lunar New Year holidays.

Stock exchanges in Europe were trading on a mixed note in mid-session deals.

International oil benchmark Brent crude surged 1.22 % to $ 92.22 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, offloading shares worth ₹ 1,597.54 crore on Thursday, according to stock exchange data.

ON Semiconductor Guides Q1 Well Above Estimates – Quick Facts

While reporting financial results for the fourth quarter on Monday, ON Semiconductor Corp. (ON) provided earnings and revenue guidance for the first quarter, well above analysts’ expectations.

For the first quarter, the company projects earnings in a range of $0.90 to $1.02 per share and adjusted earnings in a range of $0.98 to $1.10 per share on revenues between $1.85 billion and $1.95 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.81 per share on revenues of $1.78 billion for the quarter. Analysts’ estimates typically exclude special items.

US Covid Cases, Hospitalizations Falling

Coronavirus infections and hospitalizations due to it have shown a downward trend in the United Sates, latest data shows.

Covid cases reduced by 35 percent in the last fortnight, while 8 percent fall in hospitalizations was recorded in the same period in the country, the New York Times reports.

The latest weekly average in cases is 5,22,965.

The number of people admitted with coronavirus infection in the country’s hospitals has fallen to 143,902.

With 96887 new cases reported on Sunady, the total number of people infected with coronavirus in the U.S. has risen to 74,333,528, according to the latest data from Johns Hopkins University.

With 321 casualties, the national total increased to 884,265.

Texas reported the highest number of cases – 26,235 – and casualties – 102 – Sunday.

45,937,985 people in the country have recovered from the disease so far.

As per the latest data published by the Centers for Disease Control and Prevention, 211,695,131 Americans, or 63.8 percent of the eligible population, have been administered both doses of Covid vaccine so far. This includes 88.3 percent of people above 65.

41.5 percent of the eligible population, or more than 87 million people, have already received a booster dose that is recommended to provide additional protection from the killer bug.

NAPCO Security Technologies Inc. Announces Retreat In Q2 Profit, misses estimates

NAPCO Security Technologies Inc. (NSSC) reported a profit for second quarter that decreased from the same period last year and missed the Street estimates.

The company’s bottom line totaled $1.04 million, or $0.03 per share. This compares with $3.20 million, or $0.09 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $0.10 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 22.8% to $33.41 million from $27.21 million last year.

NAPCO Security Technologies Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $1.04 Mln. vs. $3.20 Mln. last year.
-EPS (Q2): $0.03 vs. $0.09 last year.
-Analyst Estimates: $0.10
-Revenue (Q2): $33.41 Mln vs. $27.21 Mln last year.

‘Billions’ Season 6, Episode 3 Recap: Street Fighting Man

Prince forms an unsavory alliance to help make a giant land grab. Chuck grabs a bullhorn.

By Sean T. Collins