MARKETS TODAY Feb 7 (Vica Partners)
DOW (^DJI) 34,157 (+266), S&P 500 (^GSPC) 4,164 (+53) Nasdaq (^IXIC) 12,114 (+226), Russell 2000 (^RUT) 1,973 (+15), NYSE FANG+ (^NYFANG) 5,815 (+140), Brent Crude $83.69/barrel (+$2.70), Gold $1,872/oz (+$4), Bitcoin $23.3k (+$507)
Session Overview
- Powell speech well received sparks market rally
- Indexes rise
- S&P 500 holds >4100
- VIX under <19 as less fear in the market
- 8 of 11 S&P 500 Sectors higher: Energy and Information Technology outperformed/ Consumer Staples and Real Estate underperformed
- Oil jumps >3%
- Fed expects “significant” declines in inflation to occur this year
- U.S. consumer credit grows at slowest pace in two years
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 4,164+/ 50 Day 3,962+/ 100 Day 3,876+/ 200 Day 3,947+
Dow Jones In ($DOWI) close 34,157+/ 50 Day 33,660+/ 100 Day 32,495+/ 200 Day 32,326+
Nasdaq Co ($NASX) close 12,114+/ 50 Day 11,053+/ 100 Day 10,983+/ 200 Day 11,452+
8 of 11 S&P 500 Sectors higher: Energy and Information Technology outperformed/ Consumer Staples and Real Estate underperformed
Energy and Information Technology were the biggest advancers, up 2.97% and 2.23% respectively. Consumer Staples and Real Estate underperformed, down 0.33% and 0.28% respectively.
Yields flat: US 2yr to 4.465%-, 5yr to 3.83%-, 10yr to 3.67%-, 30yr to 3.71%+
Greed Index Rating 79/ Extreme Greed
Notable Company Earnings
- Beats / KKR & Co (KKR), Itau Unibanco (ITUB), Gartner (IT), Centene (CNC), Aramark Holdings (ARMK), Weatherford (WFRD), DuPont (DD)
- Misses/ SoftBank Group (SFTBY), BP ADR (BP), Nintendo ADR (NTDOY), Linde PLC (LIN), Sharp ADR (SHCAY)
U.S Economic News
- International trade deficit; period Dec., actual -$67.4b, forecast -$68.5b, prev -$61.0 b
- Fed Chair Jerome Powell speaks at Economic Club of Washington; The Fed expects “significant” declines in inflation to occur this year. It will take “not just this year but next year to get down to 2%,” the central bank’s inflation target, Powell said. And rates will have to remain at a restrictive level “for a period of time” before that happens, he noted.
- Consumer credit; period Dec., actual $11.6, forecast $26b, prev $28b
- Tomorrow; central bank commentary
Other Asset Classes:
- CBOE Volatility Index (^VIX): -0.77 to 18.66
- USD index: -0.28 to $103.34
- Oil prices: Brent: +3.33% to $83.69, WTI: +0.51% to $77.53, Nat Gas: -0.19% to $2.579
- Gold: +0.20% to $1,872.09, Silver: -0.33% to $22.21, Copper: -0.21% to $4.07
- Bitcoin: +2.23% to $23.3k
Business News
- Spirit Airlines says expects DOJ decision on JetBlue merger in around 30 days Reuters
- Oil surges more than 3% as Fed’s Powell eases rate hike concerns
- Shares of Japan’s Nintendo, SoftBank and Sharp tumble after earnings Reuters
- Investors focus on buybacks, billionaire tax in Biden speech Reuters
Vica Momentum Stock Report
Weatherford International (WFRD) $WFRD (Momentum B) (Value A-) (Growth A), moving averages/ 50 Day +34.62%, 100 Day +74.32%, 200 Day +55.91%, Year-to-Date +12.49%
Weatherford International Public Limited Company provides oil field services and equipment. The Company offers drilling solutions, gas well unloading, restoration and other related activities. Weatherford International Public Limited Company is based in TX, United States.
Market Outlook
Market Outlook and updates posted at vicapartners.com
