MARKETS TODAY Feb 6 (Vica Partners)
DOW (^DJI) 33,891 (-35), S&P 500 (^GSPC) 4,111 (-25 Nasdaq (^IXIC) 11,887 (-120), Russell 2000 (^RUT) 1,957 (-28), NYSE FANG+ (^NYFANG) 5,675 (-57), Brent Crude $81.79/barrel (+$0.80), Gold $1,873/oz (+$8), Bitcoin $22.9k (+$105)
Session Overview
- Market pullback today with Nasdaq outperforming the DOW and S&P 500, YTD
- Goldman Sachs says level of short covering last week was the largest since Nov 2015
- Indexes decline
- Yields rising
- Defensives outperformed
- 10 of 11 S&P 500 Sectors lower: Information Technology and Communication Services underperformed/ Utilities and Consumer Staples outperformed
- Fed Chief Powell speaks tomorrow
- Earnings pickup Tuesday
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 4,111+/ 50 Day 3,959+/ 100 Day 3,874+/ 200 Day 3,948+
Dow Jones In ($DOWI) close 33,891+/ 50 Day 33,661+/ 100 Day 32,465+/ 200 Day 32,330+
Nasdaq Co ($NASX) close 11,887+/ 50 Day 11,036+/ 100 Day 10,979+/ 200 Day 11,458+
10 of 11 S&P 500 Sectors lower: Information Technology and Communication Services underperformed/ Utilities and Health Care outperformed
Information Technology and Communication Services were the biggest decliners, down 1.44% and 1.43% respectively. Utilities and Consumer Staples outperformed, up 0.44% and down 0.17% respectively.
Yields rising: US 2yr to 4.431%, 5yr to 3.80%, 10yr to 3.63%, 30yr to 3.673%+
Greed Index Rating 75/ Extreme Greed
Notable Company Earnings
- Beats / Cummins (CMI), Sumitomo ADR (SSUMY), Activision Blizzard (ATVI), ON Semiconductor (ON), Skyline (SKY), Spirit Airlines (SAVE)
- Misses/ Tyson Foods (TSN), Energizer (ENR), Aurubis ADR (AIAGY), Pinterest (PINS)
U.S Economic News
- None scheduled
- Tomorrow/ Fed Chair Jerome Powell speaks at Economic Club of Washington, Consumer credit and International trade deficit
Other Asset Classes:
- CBOE Volatility Index (^VIX): +1.10 to 19.43
- USD index: -0.18 to $103.44
- Oil prices: Brent: +0.99% to $81.79, WTI: +1.13% to $74.95, Nat Gas: +1.34% to $2.490
- Gold: +0.42% to $1,873.23, Silver: +0.27% to $22.34, Copper: +0.24% to $4.04
- Bitcoin: +0.46% to $22.9k
Business News
- Google unveils ChatGPT rival Bard, AI search plans in battle with Microsoft Reuters
- Hedge funds caught in bigger squeeze than 2021 meme stock frenzy – Goldman Sachs note Reuters
- Morning Bid: Rates start to bite Reuters
- Oil rises on China outlook, supply worries after Turkey earthquake Reuters
Vica Momentum Stock Report
Skyline Champion Corp (SKY) $SKY (Momentum B+) (Value B+) (Growth A), moving averages/ 50 Day +17.94%, 100 Day +11.98%, 200 Day +12.12%, Year-to-Date +16.52%
Skyline Champion Corporation independent publicly traded factory-built housing company. The Company designs, produces, and markets manufactured and modular homes, park models, and modular buildings for the multi-family, hospitality, senior, and workforce housing sectors.
Market Outlook
Market Outlook and updates posted at vicapartners.com
