MARKETS TODAY Feb 10 (Vica Partners)
DOW (^DJI) 33,869 (+170), S&P 500 (^GSPC) 4,090 (+9) Nasdaq (^IXIC) 11,718 (-71), Russell 2000 (^RUT) 1,920 (+5), NYSE FANG+ (^NYFANG) 5,535 (-143), Brent Crude $86.48/barrel (+$1.99), Gold $1,864/oz (+$1), Bitcoin $21.7k (-$125)
Session Overview
- Indexes mixed, Dow leads
- S&P 500 with late market day comeback, finishes just below 4100
- Yields rise
- 6 of 11 S&P 500 Sectors higher: Energy and Utilities outperformed/ Consumer Discretionary and Communication Services underperformed
- Energy Sector jumps +3.5%
- Oil >+2% as Russia will cut 5% of production in response to price caps
- Honda Motor ADR (HMC), Kawasaki ADR (KWHIY) impressive earning beats
- U.S. consumer sentiment improves a 13 month high, inflation 12 month expectations rise
- Next week a hotter than expected CPI report could reverse recent market gains
- >83% chance of 25bps rate hike in May, moving the terminal rate closer to 5.25%
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 4,090+/ 50 Day 3,969+/ 100 Day 3,882+/ 200 Day 3,945+
Dow Jones In ($DOWI) close 33,869+/ 50 Day 33,650+/ 100 Day 32,582+/ 200 Day 32,329+
Nasdaq Co ($NASX) close 11,718-/ 50 Day 11,096+/ 100 Day 10,992+/ 200 Day 11,438+
6 of 11 S&P 500 Sectors higher: Energy and Utilities outperformed/ Consumer Discretionary and Communication Services underperformed
Energy and Utilities were the biggest advancers, up 3.49% and 1.37% respectively. Consumer Discretionary and Communication Services were largest decliners, down 1.53% and 1.16% respectively.
Yields rise: US 2yr to 4.528%+, 5yr to 3.933%+, 10yr to 3.745%+, 30yr to 3.826%+
Greed Index Rating 70/ Greed
Notable Company Earnings
- Beats / IQVIA Holdings (IQV), Honda Motor ADR (HMC), Kawasaki Heavy Industries ADR (KWHIY), Newell Brands (NWL), Global Payments (GPN)
- Misses/ Enbridge (ENB), Hewlett Packard (HPE), Credicorp (BAP), Olympus Corp (OCPNY), Millicom (TIGO)
U.S Economic News
- UMich consumer sentiment index (early); per Feb., act 66.4, fc 65.1, prev 64.9. U.S. consumer sentiment improved to a 13-month high in February.
- UMich 1-year inflation expectations (early); per Feb., act 4.2%, fc –, prev 3.9%. Households expected higher inflation to persist over the next 12 months.
- UMich 5-year inflation expectations (early); per Feb., act 2.9%, fc –, prev 2.9%
- Federal budget balance; per Jan., act -$39 billion, fc -$63 billion, prev -$119 billion
- Fed Gov. Christopher Waller; the employment market is still robust and could fuel consumer spending. The Fed needs to maintain its current plan of action however, “we are seeing that effort begin to pay off, but we have farther to go”. In addition, he mentioned crypto as ‘nothing more than a speculative asset’.
Other Asset Classes:
- CBOE Volatility Index (^VIX): -0.16 to 20.55
- USD index: +0.35 to $103.57
- Oil prices: Brent: +2.36% to $86.49, WTI: +2.23% to $79.80, Nat Gas: +5.31% to $2.559
- Gold: +0.06% to $1,863.57, Silver: +0.33% to $22.01, Copper: -1.93% to $4.02
- Bitcoin: -0.57% to $21.7k
Business News
- Gigapresses – the giant die casts reshaping car manufacturing Reuters
- Walmart pushes back as major product suppliers ask for higher prices Reuters
- North American companies notch another record year for robot orders Reuters
- Ford cuts Rivian stake to about 1% amid production woes at EV maker Reuters
Vica Momentum Stock Report
Tenet Healthcare Corp (THC) $THC (Momentum B-) (Value A+) (Growth B+), moving averages/ 50 Day +32.09%, 100 Day -0.68%, 200 Day -20.91%, Year-to-Date +20.53%
Top Rank Value Buy Rating
Tenet Healthcare Corp., is an investor-owned health care services company, which owns and operates general hospitals and related health care facilities throughout US. It’s subsidiaries provide healthcare services primarily through general hospitals and related healthcare facilities. Its hospitals offer acute care services, operating and recovery rooms and radiology. The company has investments in other health care companies and is one of the largest investor-owned health care delivery systems in the United States.
Market Outlook
Market Outlook and updates posted at vicapartners.com
