MARKETS TODAY Jan 17 (Vica Partners)
DOW (^DJI) 33,911 (-392), S&P 500 (^GSPC) 3,991 (-8), Nasdaq (^IXIC) 11,095 (+16), Russell 2000 (^RUT) 1,884 (-3), NYSE FANG+ (^NYFANG) 4,824 (+45), Brent Crude $86.57/barrel (+$2.11), Gold $1,908/oz (-$10), Bitcoin $21.3k (+$205)
Session Overview
- Russel 2000 small-cap index up >7% this year and outpacing the S&P 500 YTD >4%
- Earnings are driving market activity as the Dow underperformed today following Goldman Sachs Group earnings where they reported a 69 percent drop in fourth-quarter profits
- 6 of 11 S&P 500 Sectors lower: Cyclicals for the most part underperformed, Real Estate and Consumer Staples led.
- Longer term yields moved higher following as The NY Empire State Manufacturing Index fell to its lowest reading since May of 2020
- Chinese economic data topped estimates while Tesla’s China EV registrations jumped after big price cuts. Tesla up, 7.43% and boosting the FANG+ index
- Oil jumps, Brent moving back towards $90
Technicals/ Sector Performance/ Yields+
The Nasdaq and FANG+ were up on the day while the S&P 500 closed down 0.20% and the Dow Jones Industrial fell 1.14%.
5 of 11 of S&P 500 Sectors were higher today
The best performing sectors were the Real Estate and Consumer Staples up 0.63% and 0.31% respectively. Materials and Communication Services were the largest decliners, down 0.89% and 0.47% respectively.
Yields mostly up: US – 2yr to 4.205% -, 5yr to 3.619% +, 10yr to 3.549% +, 30yr to 3.661%+
Greed Index Rating 65/ Greed
U.S Economic News
- United States NY Empire State Manufacturing Index; the index fell to -32.9 in January of 2023, the lowest reading since May of 2020, from -11.2 in December, and well below market forecasts of -9. The reading pointed to the fifth worst contraction ever in business activity in the NY state, as new orders (-31.1 vs -3.6 in December) and shipments (-22.4 vs 5.3) declined substantially.
Other Asset Classes:
- CBOE Volatility Index (^VIX): -0.13 to 19.36
- USD index: +$0.17 to $102.37
- Oil prices – Brent: +2.50% to $86.57, WTI: +1.35% to $80.94, Nat Gas: +6.64% to 3.646
- Gold: +0.51% to $1,908.35, Silver: -1.53% to $23.93, Copper: +0.43% to $4.23
- Bitcoin: +0.97% to $21.3k
News
- Microsoft to cut thousands of jobs across divisions – reports reuters
- ECB staff losing faith in leadership as inflation bites, survey shows reuters
- Big Oil’s good times set to roll on after record 2022 profits reuters
- Netflix set for slowest revenue growth as ad plan struggles to gain traction reuters
Vica Momentum Stock Report
DoubleDown Interactive (DDI) $DDI. (Momentum Grade B+) (Value A) (Growth C) 5 Day Average +21.41%, 20 Day Average +14.79%, 50 Day Average +4.27%
DoubleDown Interactive Co. Ltd. is a developer and publisher of digital social casino games and is based in Seattle.
Market Outlook
Market Outlook and updates posted at vicapartners.com
