MARKETS TODAY Feb 16 (Vica Partners)
DOW (^DJI) 33,697 (-432), S&P 500 (^GSPC) 4,090 (-57) Nasdaq (^IXIC) 11,856 (-214), Russell 2000 (^RUT) 1,942 (-19), NYSE FANG+ (^NYFANG) 5,608 (-206), Brent Crude $84.77/barrel (-$0.61), Gold $1,838/oz (+$1), Bitcoin $24.5k (+$155)
Session Overview
- PPI and Core PPI came in high, jobs claims in line
- Indexes finish lower, Nasdaq lags
- Yields continue rise rally
- All 11 S&P 500 Sectors lower: Information Technology and Communication Services underperformed/ Materials outperformed
- Zebra (ZBRA), INC Research (SYNH), Hyatt (H) w/ impressive earning beats
- Bitcoin in earlier session trading hits $25k
- Oil down, Copper up +2.8%
- US Dollar >$104 edges above 50d moving average
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 4,090-/ 50 Day 3,975+/ 100 Day 3,897+/ 200 Day 3,944+
Dow Jones In ($DOWI) close 33,697-/ 50 Day 33,627+/ 100 Day 32,739+/ 200 Day 32,344+
Nasdaq Co ($NASX) close 11,856-/ 50 Day 11,139+/ 100 Day 11,024+/ 200 Day 11,426+
All 11 S&P 500 Sectors lower: Information Technology and Communication Services underperformed/ Materials outperformed. : Information Technology and Communication Services were the largest decliners, down 1.69% and 1.12% respectively. Materials was the biggest advancer, down 0.18%.
Yields rise: US 2yr to 4.655%+, 5yr to 4.082%+, 10yr to 3.867%+, 30yr to 3.922%+
Greed Index Rating 69/ Greed
Notable Company Earnings
- Beats / Southern (SO), Coca-Cola European (CCEP), Zebra (ZBRA), INC Research (SYNH), Hyatt (H)
- Misses/ Cenovus Energy Inc. (CVE), Constellation Energy (CEG), Vulcan Materials (VMC), Paramount Global B (PARA), Reliance Steel&Aluminum (RS), Hasbro (HAS), KBR (KBR)
U.S Economic News
- Initial jobless claims; period Feb. 11., act 194,000, fc 200,000, prev 195,000
- Continuing jobless claims; period Feb. 4, act 1.70m, fc -, prev 1.69m
- Producer price index final demand; period Jan., act 7%, fc 0.4%, prev -0.2%
- Core PPI; period Jan., act 0.6%, fc -, prev 0.2%
- PPI (year-over-year); period Jan., act 6.0%, fc -, prev 6.5%
- Core PPI (year-over-year); period Jan., act 4.5%, fc -, prev 7%
- Building permits; period Jan., act 1.34m, fc 1.35m, prev 1.34m
- Housing starts; period Jan., act 1.31m, fc 1.35m, prev 1.37m
- Philadelphia Fed manufacturing survey; period Feb., act -24.3, fc -7.8, prev -8.9
- Fed speakers; Cleveland Fed President Mester supported a 0.50% rate hike this month. Federal Reserve Bank of St. Louis President James Bullard “continued policy rate increases can help lock in a disinflationary trend during 2023, even with ongoing growth and strong labor markets, by keeping inflation expectations low,”
Other Asset Classes:
- CBOE Volatility Index (^VIX): +1.94 to 20.17
- USD index: +0.60 to $104.04
- Oil prices: Brent: -0.71% to $84.77, WTI: -0.52% to $78.18, Nat Gas: -2.99% to $2.397
- Gold: +0.07% to $1,837.84, Silver: -0.22% to $21.59, Copper: +2.84% to $4.12
- Bitcoin: +0.64% to $24.5k
Business News
- Potential winners and losers from the new U.S. EV charging standards Reuters
- BP to buy TravelCenters for $1.3 bln in U.S. fuel retail drive Reuters
- Nestle plans price hikes after costs eat into profits Reuters
- Tesla sold out Model Y in U.S. for this quarter – Electrek Reuters
- KPMG becomes first Big Four accounting firm to cut staff in U.S. – FT Reuters
- U.S. lawmakers seek answers from egg companies on record-high prices Reuters
Vica Momentum Stock Report
NexTier Oilfield Solutions (NEX) $NEX (Momentum B) (Value A+) (Growth A), moving averages/ 50 Day +9.35%, 100 Day +48.76%, 200 Day -7.29%, Year-to-Date +10.12%
Top Rank Value Buy Rating
NexTier Oilfield Solutions Inc is a U.S. land oilfield focused service company. The company has a diverse set of well completion and production services across a variety of active and demanding basins. NexTier operates through two segments viz Completion Services which provides hydraulic fracturing; wireline and pump-down services; and completion support services. While the Well Construction and Intervention Services provides cementing and coiled tubing services. It derives revenue from the Northeast, Central, West Texas, West and International regions.
Market Outlook and updates posted at vicapartners.com
