MARKETS TODAY Jan 25 (Vica Partners)
DOW (^DJI) 33,744 (+10), S&P 500 (^GSPC) 4,016 (-1), Nasdaq (^IXIC) 11,313 (-21), Russell 2000 (^RUT) 1,888 (+3), NYSE FANG+ (^NYFANG) 5,055 (-22), Brent Crude $86.41/barrel (+$0.28), Gold $1,946/oz (+$9), Bitcoin $23.0k (+$403)
Session Overview
- Microsoft slower growth warning weighed on the markets, especially tech
- DOW ends higher, S&P and Nasdaq lower for a 2nd consecutive day.
- The Nasdaq however, is up about 11% from its lowest close in December last year
- Yields all lower
- 6 of 11 S&P 500 Sectors higher: Financials outperforms, Utilities underperforms
- Earnings mixed, AT&T Inc. (T) and Tesla (TSLA) beat!
- Mortgage applications in the US jumped 7% in the week ended January 20th 2023 following a 27.9% surge in the previous period
- Bitcoin breakthrough $23K, easily above 200d average of $22,274
- Markets will be watching fourth-quarter GDP due out tomorrow. Economists expect a 2.3% increase.
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 4,016-/ 50 Day 3,939+/ 100 Day 3,865+/ 200 Day 3,962+
Dow Jones In ($DOWI) close 33,744+/ 50 Day 33,616+/ 100 Day 32,279+/ 200 Day 32,355+
Nasdaq Co ($NASX) close 11,313-/ 50 Day 10,947+/ 100 Day 10,985+/ 200 Day 11,527-
6 of 11 S&P 500 Sectors higher: Financials and Materials outperforms/ Utilities and Industrials underperform
The best performing sectors were the Financials and Materials sectors, up 0.64% and 0.55% respectively. The Utilities sector was the biggest decliner, down 0.51%.
Yields decline: US – 2yr to 4.131%-, 5yr to 3.554%-, 10yr to 3.447%-, 30yr to 3.60%-
Greed Index Rating 64/ Greed
Notable Company Earnings
- Beats / AT&T Inc. (T), Tesla (TSLA), Hess Corp. (HES), Kimberly-Clark Corp (KMB),
- Misses / U.S. Bancorp U.S. (USB), Boeing Co. (BA)
- Tomorrow/ SAP SE ADR (SAP), American Airlines Group Inc. (AAL), Archer Daniels Midland Co. (ADM), Valero Energy Corp. (VLO), MidWestOne Financial Group Inc. (MOFG)
U.S Economic News
- Mortgage Apps; mortgage applications in the US jumped 7% in the week ended January 20th 2023, following a 27.9% surge in the previous period, data from the Mortgage Bankers Association showed. Applications to refinance a home loan went up 14.6% while those to purchase increased 3.4%.
- Week Ahead (key report activity) Thursday/ Initial and Continuing jobless claims January, Friday / PCE and Core price indexes data, December
Other Asset Classes:
- CBOE Volatility Index (^VIX): -0.10 to 19.10
- USD index: -$0.26 to $101.66
- Oil prices: Brent: +0.33% to $86.41, WTI: +0.49% to $80.52, Nat Gas: -7.55% to $3.012
- Gold: +0.47% to $1,946.02, Silver: +1.11% to $23.89, Copper: +0.28% to $4.26
- Bitcoin: +1.78% to $23.0k
Business News
- Bank of Canada raises rates, says it is likely to pause for now reuters
- NYSE says manual error triggered major trading glitch reuters
- Microsoft’s dour outlook raises red flags for tech sector reuters
- Oil edges up after less-than-expected U.S. inventories rise reuters
Vica Momentum Stock Report
RPC Inc (RES) $RES. (Momentum Grade A-) (Value A-) (Growth B) 20 Day Average +9.27%, 50 Day Average -8.87%, 100 Day Average +20.82%, Year-to-Date Average +8.04%
RPC, Inc. is an oilfield service provider. It supplies equipment and services to the oil and natural gas explorers and producers in almost all of the prospective plays like the Rocky Mountain regions, Appalachian area, Gulf of Mexico and other resources in the United States. The company also provides oilfield services in several regions outside the domestic market.
Market Outlook
Market Outlook and updates posted at vicapartners.com
