Nasdaq leads Wall Street on Monday as more investors jump back into tech stocks
MARKETS TODAY Jan 23 (Vica Partners)
DOW (^DJI) 33,630 (+254), S&P 500 (^GSPC) 4,020 (+47), Nasdaq (^IXIC) 11,364 (+224), Russell 2000 (^RUT) 1,890 (+23), NYSE FANG+ (^NYFANG) 5,107 (+198), Brent Crude $88.10/barrel (+$0.47), Gold $1,931/oz (+$5), Bitcoin $23.0k (+$245)
Session Overview
- Key Indexes end higher
- The Tech rally continues, ICE Semiconductor Price Return Index ^ICESEMI ~5%
- Yields rise
- 10 of 11 S&P 500 Sectors higher: Tech outperforms, Defensives underperform
- U.S. leading indicators index falls for 10th straight month, continuing to signal near term recession
- Bitcoin extending on last week’s gains
- Tuesday PMI’s could stress market
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 4,020+/ 50 Day 3,932+/ 100 Day 3,864+/ 200 Day 3,966+
Dow Jones In ($DOWI) close 33,630+/ 50 Day 33,589+/ 100 Day 32,236+/ 200 Day 32,362+
Nasdaq Co ($NASX) close 11,364+/ 50 Day 10,921+/ 100 Day 10,995+/ 200 Day 11,552-
10 of 11 S&P 500 Sectors higher: Information Technology and Consumer Discretionary outperforms/ Utilities and Energy underperform
The best performing sectors were the Information Technology and Consumer Discretionary sectors, up 2.31% and 1.31% respectively. The Utilities sector was the biggest decliners, down 0.09%.
Yields up: US – 2yr to 4.229%+, 5yr to 3.62%+, 10yr to 3.519%+, 30yr to 3.685%+
Greed Index Rating 65/ Greed
U.S Economic News
- Fed sentiment following last week was viewed by the market as primarily dovish/ soft and no activity planned for the week
- Leading economic indicators; The Conference Board Leading Economic Index (LEI) for the U.S. decreased by 1.0 percent in December 2022 to 110.5, following a decline of 1.1 percent in November. The LEI is down 4.2 percent over the six-month period between June and December 2022 indicating a weakness among leading indicators in December, and signals deteriorating conditions in manufacturing, housing construction, and financial markets in the months ahead. The Coincident Economic Index (CEI) increased by 0.1 percent in December 2022 to 109.6; the key component indicators include payroll employment and personal income. The Conference Board Lagging Economic Index (LAG) increased by 0.3 percent in December 2022 to 117.6, a much slower growth over the previous six months.
Week Ahead (key report activity)
Tuesday/ S&P U.S. manufacturing and Services PMI (flashes), January
Thursday/ Initial and Continuing jobless claims, January
Friday / PCE and Core price indexes data, December
Other Asset Classes:
- CBOE Volatility Index (^VIX): -0.04 to 19.81
- USD index: +$0.04 to $102.06
- Oil prices: Brent: +0.54% to $88.10, WTI: +0.00% to $81.64, Nat Gas: +8.66% to $3.449
- Gold: +0.23% to $1,931.47, Silver: -2.24% to $23.46, Copper: +0.14% to $4.26
- Bitcoin: +1.08% to $23.0k
Business News
- Wall Street rises as chipmakers lead tech shares higher reuters
- Amazon launches dedicated air cargo service in India as online sales soar reuters
- Goldman Sachs to cut asset management investments that weighed on earnings reuters
- EU lawmakers to vote on tighter crypto, ESG rules for banks reuters
Vica Momentum Stock Report
Nabors Industries (NBR) $NBR. (Momentum Grade B) (Value A) (Growth A+) 20 Day Average +16.61%, 50 Day Average +0.59%, 100 Day Average +24.32%, 200 Day Average +13.09%
Nabors Industries Ltd. is one of the largest land-drilling contractors in the world, conducting oil, gas, and geothermal land drilling operations. The American multinational company – active across approximately 20 countries – primarily provides land-based and offshore drilling rigs that serves the oil and gas industry.
Market Outlook
Market Outlook and updates posted at vicapartners.com
