MARKETS TODAY Jan 20 (Vica Partners)
DOW (^DJI) 33,376 (+330), S&P 500 (^GSPC) 3,973 (+74), Nasdaq (^IXIC) 11,140 (+288), Russell 2000 (^RUT) 1,864 (+28), NYSE FANG+ (^NYFANG) 4,901 (+212), Brent Crude $87.72/barrel (+$1.56), Gold $1,927/oz (-$5), Bitcoin $22.4k (+$1276)
Session Overview
- Key Indexes end higher, BIG tech index NYSE FANG+ up 4.70%
- S&P moves ahead of 200d average
- Yields rise
- 11 of 11 S&P 500 Sectors higher: Communication Services and Information Technology outperform/ Health Care, Utilities and Consumer Staples underperform. Utilities and Consumer Staples underperform YTD
- Economic data was sparse / Existing home sales (SAAR) was mostly in-line with expectations
- Federal Reserve Governor Christopher Waller said today he favors a quarter percentage point interest rate increase at the next meeting,
- Oil up and commodities continue moving higher on China re-opening
- Bitcoin jumps!
- Netflix reported upbeat earnings post market yesterday, they added 7.7 million paid subscribers during the fourth quarter, more than the 4.6 million Wall Street expected.
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 3,973+/ 50 Day 3,928+/ 100 Day 3,864+/ 200 Day 3,969+
Dow Jones In ($DOWI) close 33,376+/ 50 Day 33,577-/ 100 Day 32,219+/ 200 Day 32,367+
Nasdaq Co ($NASX) close 11,140+/ 50 Day 10,905+/ 100 Day 11,001+/ 200 Day 11,566-
11 of 11 S&P 500 Sectors higher: Communication Services and Information Technology outperform/ Health Care, Utilities and Consumer Staples underperform
The best performing sectors were the Communication Services and Information Technology sectors, up 3.05% and 2.59% respectively. The Health Care and Utilities sectors were the biggest decliners, down 0.40% and 0.49% respectively.
Yields all up: US – 2yr to 4.177%+, 5yr to 3.567%+, 10yr to 3.484%+, 30yr to 3.654%+
Greed Index Rating 60/ Greed
U.S Economic News
- Existing home sales (SAAR); Existing home sales in the US which include completed transactions of single-family homes, town homes, condominiums and co-ops, fell 1.5% to a seasonally adjusted annual rate of 4.02 million in December of 2022, slightly above market forecasts of 3.96 million. It marks an eleventh straight month of falling home sales, the longest stretch since 1999, and the lowest level since November of 2010. The median existing-home price for all housing types was $366,900, an increase of 2.3% from December 2021, as prices rose in all regions.
- Fed speaker news; Federal Reserve Governor Christopher Waller said today he favors a quarter percentage point interest rate increase at the next meeting, confirming market expectations. “Beyond that, we still have a considerable way to go toward our 2 percent inflation goal, and I expect to support continued tightening of monetary policy,” he added.
Other Asset Classes:
- CBOE Volatility Index (^VIX): -0.77 to 19.75
- USD index: -$0.06 to $102.00
- Oil prices – Brent: +1.81% to $87.72, WTI: +1.33% to $81.40, Nat Gas: -5.04% to $3.110
- Gold: -0.24% to $1,927.42, Silver: +0.31% to $23.94, Copper: +0.93% to $4.27
- Bitcoin: +6.05% to $22.4k
Business News
- Davos 2023: Key takeaways from the World Economic Forum reuters
- U.S. Fed probes Goldman Sachs consumer business – WSJ reuters
- Factbox: Crypto’s string of bankruptcies reuters
Vica Momentum Stock Report
Halliburton (HAL) $HAL. (Momentum Grade A) (Value B+) (Growth B) 20 Day Average +8.864%, 50 Day Average +3.02%, 100 Day Average +30.98%, 200 Day Average +5.07%
Halliburton Company is one of the largest global oilfield service providers in the world, offering a variety of equipment, maintenance, and engineering and construction services to the energy, industrial and government sectors. Haliburton operates under two main segments: Completion and Production, and Drilling and Evaluation.
Market Outlook
Market Outlook and updates posted at vicapartners.com
