MARKETS TODAY Feb 1 (Vica Partners)
DOW (^DJI) 34,093 (+7), S&P 500 (^GSPC) 4,119 (+43), Nasdaq (^IXIC) 11,816 (+232), Russell 2000 (^RUT) 1,961 (+29), NYSE FANG+ (^NYFANG) 5,503 (+221), Brent Crude $83.44/barrel (+$0.60), Gold $1,953/oz (+$25), Bitcoin $23.9k (+$190)
Session Overview
- Fed hikes by 25bps as market expected
- Key Indexes rise
- Nasdaq jumps >2%
- Yields declined
- US dollar index falls to 10 month low
- 10 of 11 S&P 500 Sectors higher: Information Technolgy outperforms, Energy underperforms
- Meta (META) reported after the bell with revenue beat UP +30% in after hours
- Big Tech earnings day tomorrow post market AAPL, AMZN, GOOGL, QCOM
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 4,119+/ 50 Day 3,949+/ 100 Day 3,871+/ 200 Day 3,953+
Dow Jones In ($DOWI) close 34,093+/ 50 Day 33,654+/ 100 Day 32,403+/ 200 Day 32,343+
Nasdaq Co ($NASX) close 11,816+/ 50 Day 10,981+/ 100 Day 10,978+/ 200 Day 11,479+
10 of 11 S&P 500 Sectors higher: Information Technolgy outperforms, Energy underperforms
The Information Technolgy and Consumer Discretionary Sectors were the biggest advancers, up 2.32% and 1.52% respectively. The worst performing sector was Energy, down 1.62%.
Yields fall: US – 2yr to 4.11%-, 5yr to 3.509%-, 10yr to 3.413%-, 30yr to 3.563%-
Greed Index Rating 73/ Greed
Notable Company Earnings
- Beats EPS / Altria Group Inc. (MO), Humana Inc. (HUM), T-Mobile US Inc. (TMUS), Novartis (NVS)
- Misses/ Allstate (ALL), MetLife (MET),
Tomorrow/ Apple (AAPL), Alphabet (GOOGL), Amazon.com (AMZN), Merck & Co (MRK), ConocoPhillips (COP)
U.S Economic News
- ADP employment report; period Jan, actual 106,000, forecast 190,000, previous 253,000
- S&P manufacturing PMI (final); period Jan actual 46.9, forecast 46.8, previous 46.8
- ISM manufacturing index; period Jan actual 4, forecast 48.0%, previous 48.4%
- Job openings; period Dec. actual 11.0 million, forecast 10.3 million, previous 10.4 million
- Quits; period Dec, actual 4.1 million, previous 4.1 million
- Federal funds rate; actual 4.50%-4.75%, previous 25% to 4.50%
- Fed meeting; encouraging as Fed Chair Powell acknowledged that inflation is easing and the possibility of a soft landing
Other Asset Classes:
- CBOE Volatility Index (^VIX): -1.53 to 17.87
- USD index: -$0.31 to $100.91
- Oil prices: Brent: +0.72% to $83.44, WTI: +0.85% to $77.06, Nat Gas: +1.50% to $2.505
- Gold: +1.28% to $1,952.04, Silver: +2.16% to $24.19, Copper: +1.67% to $4.18
- Bitcoin: +0.80% to $23.9k
Business News
- Microsoft rolls out ChatGPT-powered Teams Premium reuters
- Dollar plunges as Fed says disinflation now in play reuters
- Oil climbs as dollar slumps, OPEC+ keeps output cut policy reuters
- As Tesla ignites an EV price war, suppliers brace for Musk seeking givebacks reuters
Vica Momentum Stock Report
Meta Platforms Inc (META) $META. (Momentum B) (Value B+) (Growth B), moving averages – 5 Day +8.21%, 20 Day +22.75%, 50 Day +37.39%, Year-to-Date +27.24%
Meta Platforms is the world’s largest social media platform. The company’s portfolio offering evolved from a single Facebook app to multiple apps like photo and video sharing app Instagram and WhatsApp messaging app.
Market Outlook
Market Outlook and updates poste
