MARKETS TODAY Feb 8 (Vica Partners)
DOW (^DJI) 33,949 (-207), S&P 500 (^GSPC) 4,118 (-46) Nasdaq (^IXIC) 11,910 (-203), Russell 2000 (^RUT) 1,943 (-30), NYSE FANG+ (^NYFANG) 5,725 (-91), Brent Crude $85.12/barrel (+$1.43), Gold $1,875/oz (+$2), Bitcoin $22.9k (-$313)
Session Overview
- Central bank 2% inflation target comments takes a toll on the market
- Indexes fall
- Yields decline
- Value outperforms today
- All 11 S&P 500 Sectors lower: Communication Services and Utilities underperformed/Financials and Health Care outperformed
- Oil up >1.5%
- Alphabet drop close 8% following botched AI chatbot demo
- Probability for Fed tightening increased 2x to 75% over the last week with the futures markets betting a min 25bps rate hike in May, moving the terminal rate closer to 5.25%
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 4,118-/ 50 Day 3,964+/ 100 Day 3,878+/ 200 Day 3,946+
Dow Jones In ($DOWI) close 33,949-/ 50 Day 33,652+/ 100 Day 32,525+/ 200 Day 32,327+
Nasdaq Co ($NASX) close 11,911-/ 50 Day 11,067+/ 100 Day 10,987+/ 200 Day 11,448+
All 11 S&P 500 Sectors lower: Communication Services and Utilities underperformed/
Financials and Health Care outperformed
Communication Services and Utilities were the biggest decliners, down 2.52% and 1.28% respectively. Financials and Health Care outperformed, down 0.05% and 0.12% respectively.
Yields decline: US 2yr to 4.427%-, 5yr to 3.792%-, 10yr to 3.617%-, 30yr to 3.674%-
Greed Index Rating 73/ Greed
Notable Company Earnings
- Beats / Walt Disney (DIS), CVS Health Corp (CVS), Uber Tech (UBER), Molina Healthcare (MOH), Subaru ADR (FUJHY), Penske Automotive (PAG)
- Misses/ TotalEnergies SE ADR (TTE), Emerson (EMR), Bunge (BG), Robinhood Markets (HOOD), Goodyear Tire & Rubber Co (GT), Plains GP Holdings (PAGP)
U.S Economic News
- Wholesale inventories (revision); period Dec., actual 0.1%. forecast 0.1%, prev 0.1%
- New York Fed President John Williams speaks; Fed still has its work cut out for it, and that the central bank will likely have to maintain a “sufficiently restrictive stance on policy” for a few years in order to bring inflation down to its 2% target.
- Fed Gov. Lisa Cook speaks; January job gains increase hopes for soft landing
- Fed Gov. Christopher Waller speaks; “Inflation remains quite elevated, and so more needs to be done”.
Other Asset Classes:
- CBOE Volatility Index (^VIX): +0.97 to 19.63
- USD index: +0.05 to $103.48
- Oil prices: Brent: +1.71% to $85.12, WTI: +1.71% to $78.46, Nat Gas: -6.39% to $2.419
- Gold: +0.11% to $1,875.23, Silver: +0.24% to $22.28, Copper: -0.86% to $4.05
- Bitcoin: -1.35% to $22.9k
Business News
- Morning Bid: Powell confesses ‘This time it’s different’ Reuters
- JPMorgan CEO says economy doing ‘okay’ but cites potential storm cloud Reuters
- U.S. Treasury urges financial firms to examine cloud services Reuters
- Elon Musk to unveil Tesla’s ‘Master Plan 3’ at first investor day Reuters
Vica Momentum Stock Report
FUJIFILM Holdings Corp (FUJIY) $FUJIY (Momentum C+) (Value A) (Growth B+), moving averages/ 50 Day -0.94%, 100 Day +9.93%, 200 Day -6.11%, Year-to-Date +5.87%
Top Rank Buy Rating
Tokyo-based FUJIFILM Holdings Corporation is a leading global producer of photographic imaging products, healthcare and document solutions.
Market Outlook
Market Outlook and updates posted at vicapartners.com
