MARKETS TODAY Feb 2 (Vica Partners)
DOW (^DJI) 34,054 (-39), S&P 500 (^GSPC) 4,180 (+43), Nasdaq (^IXIC) 12,201 (+385), Russell 2000 (^RUT) 2,001 (+40), NYSE FANG+ (^NYFANG) 5,883 (+381), Brent Crude $82.20/barrel (+$0.03), Gold $1,916/oz (-$36), Bitcoin $23.5k (+$44)
Session Overview
- Nasdaq jumps >3%, S&P 500 >1.4%
- NYFANG up almost 7%
- Yields decline
- 6 of 11 S&P 500 Sectors higher: Communication Services and Information Technolgy outperforms, Energy, Materials and defensives underperform
- Meta (META) and Coinbase (COIN) up >23.5%
- Earning beats/ Eli Lilly (LLY), Merck&Co (MRK) misses/ / Apple (AAPL), Alphabet A (GOOGL), Amazon.com (AMZN),
- Jobs data today promotes soft landing
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 4,180+/ 50 Day 3,954+/ 100 Day 3,872+/ 200 Day 3,952+
Dow Jones In ($DOWI) close 34,054+/ 50 Day 33,661+/ 100 Day 32,422+/ 200 Day 32,341+
Nasdaq Co ($NASX) close 12,200+/ 50 Day 11,003+/ 100 Day 10,979+/ 200 Day 11,473+
6 of 11 S&P 500 Sectors higher: Communication Services and Information Technolgy outperforms, Energy and Materials underperforms.
The Communication Services and Information Technolgy Sectors were the biggest advancers, up 4.50% and 2.62% respectively. The Energy and Materials sectors were the biggest decliners, down 2.27% and 1.08% respectively.
Yields fall: US – 2yr to 4.089%-, 5yr to 3.467%-, 10yr to 3.368%-, 30yr to 3.525%-
Greed Index Rating 72/ Greed
Notable Company Earnings
- Beats EPS / Eli Lilly (LLY), Merck&Co (MRK), Bristol-Myers Squibb (BMY), Becton Dickinson (BDX)
- Misses/ Apple (AAPL), Alphabet A (GOOGL), Amazon.com (AMZN), Shell ADR (SHEL), Starbucks (SBUX)
Tomorrow/ Cigna (CI), Regeneron Pharma (REGN), Deutsche Bank AG (DB)
U.S Economic News
- Initial jobless claims; period Jan. 28, actual 183,000, forecast 195,000, previous 186,000
- Continuing jobless claims; period Jan. 21, actual 1.66 million, previous 1.67 million
- Productivity, first estimate (SAAR); period Q4 actual 3.0%, forecast 2.5%, previous 1.4%
- Unit labor costs, first estimate (SAAR); period Q4, actual 1.1%, forecast 1.5%, previous 2.0%
- Factory orders ; period Dec, actual 1.8%, previous 2.0%, previous -1.9%
- Core capital goods orders revision; period Dec, actual -0.1%, previous -0.2%
Other Asset Classes:
- CBOE Volatility Index (^VIX): +0.86 to 18.73
- USD index: +$0.12 to $101.87
- Oil prices: Brent: +0.04% to $82.20, WTI: -0.01% to $75.87, Nat Gas: -0.37% to $2.447
- Gold: -1.86% to $1,916.32, Silver: -2.09% to $23.54, Copper: +0.56% to $4.11
- Bitcoin: +0.19% to $23.5k
Business News
- Amazon’s outlook disappoints as customer budgets stay tight reuters
- China boosts imports of fuel oil blended from Russian barrels reuters
- Big Tech earnings show digital ads market not out of the woods reuters
- Alphabet disappoints on sales as ad business slips after pandemic run-up reuters
Vica Momentum Stock Report
Toast (TOST) $TOST (Momentum A) (Value B-) (Growth B-), moving averages – 50 Day +35.93%, 100 Day +15.39%, 200 Day +29.06%, Year-to-Date +37.22%
Toast Inc. builds software which helps restaurants manage online orders and dine-in order, operate an on-demand delivery network and integrate payments.
Market Outlook
Market Outlook and updates posted at vicapartners.com
