MARKETS TODAY Jan 26 (Vica Partners)
DOW (^DJI) 33,949 (+205), S&P 500 (^GSPC) 4,060 (+44), Nasdaq (^IXIC) 11,512 (+199), Russell 2000 (^RUT) 1,903 (+13), NYSE FANG+ (^NYFANG) 5,217 (+153), Brent Crude $87.45/barrel (+$1.33), Gold $1,929/oz (-$20), Bitcoin $23.1k (-$1)
Session Overview
- Key Indexes all up
- Yields rise
- Economic data better than expected
- GDP increased, weekly jobless claims fall, single family house sales up, highest value in four months
- Durable goods BIG beat
- 9 of 11 S&P 500 Sectors higher: Energy outperforms, Consumer Staples underperforms
- Tesla earnings helped boost Tech Sector today
- Visa and Mastercard beat!
- Brent / WTI up >1.5% and commodities mostly higher
- Bitcoin ends flat following a strong rally this week
Technicals/ Sector Performance/ Yields+
Index Moving Averages
S&P 500 Index ($SPX) close 4,060+/ 50 Day 3,941+/ 100 Day 3,866+/ 200 Day 3,959+
Dow Jones In ($DOWI) close 33,949+/ 50 Day 33,621+/ 100 Day 32,302+/ 200 Day 32,351+
Nasdaq Co ($NASX) close 11,512+/ 50 Day 10,951+/ 100 Day 10,983+/ 200 Day 11,516-
9 of 11 S&P 500 Sectors higher: Energy, Information and Consumer Discretionary outperforms/ Consumer Staples and Health Care underperform
The best performing sectors were the Energy, Information and Consumer Discretionary, up 2.49%, 1.57% and 1.53% respectively. The Consumer Discretionary and Health Care sectors were the biggest decliner, down 0.60% and 0.50% respectively.
Yields rise: US – 2yr to 4.187%+, 5yr to 3.60%+, 10yr to 3.506%+, 30yr to 3.641%+
Greed Index Rating 69/ Greed
Notable Company Earnings
- Beats / Visa (V) Mastercard (MA), Nokia Corp. ADR (NOK), Valero Energy Corp. (VLO), STMicroelectronics N.V. (STM), Xerox Holdings Corp. (XRX)
- Misses / INTEL (INTC), SAP SE ADR (SAP), Dow Inc. (DOW), Hyundai Motor Co. Ltd. (HYMPY)
Tomorrow/ Colgate-Palmolive Co. (CL), American Express Co. (AXP), HCA Healthcare Inc. (HCA), Chevron Corp. (CVX), Charter Communications Inc. Cl A (CHTR)
U.S Economic News
- Initial jobless claims; 186k vs. 205k cons., prior 192k. Headline/ for the week ending January 21, weekly jobless claims fall 6,000, beating estimates and the lowest rate since April 2022.
- Continuing jobless claims; 1.68m vs. 1.65m cons., prior 1.66m. Headline/ the unemployment rate was 1.2 percent for the week ending January 14, an increase of 0.1 percentage point from the previous week.
- Real gross domestic product, (SAAR); 2.9% vs. 2.3% cons., prior 3.2%. Headline/ Q4 GDP increased at an annual rate of 2.9 percent in the fourth quarter of 2022, after increasing 3.2 percent in the third quarter.
- Durable goods orders; durable goods beat (5.6% vs. 2.4%)
- Core capital goods orders; a business spending metric declined moderately (-0.2% vs. -0.2% cons.)
- The Chicago Fed National Activity Index (CFNAI); was –0.49 in December, up slightly from –0.51 in November. Headline/ the index points to little change in economic growth in December
- New home sales (SAAR); 616k vs. 615k cons., prior 602k. Headline/ sales of new single family houses in the US increased 2.3% month-over-month in December of 2022, the highest value in four months.
Key report activity, Friday / PCE and Core price indexes data, December
Other Asset Classes:
- CBOE Volatility Index (^VIX): -0.35 to 18.73
- USD index: +$0.16 to $101.80
- Oil prices: Brent: +1.54% to $87.45, WTI: +1.50% to $81.35, Nat Gas: -5.51% to $2.898
- Gold: -1.00% to $1,928.94, Silver: -0.25% to $23.91, Copper: +0.93% to $4.28
- Bitcoin: -0.00% to $23.1k
Business News
- Blackstone’s earnings fall 41% as assets sales slump reuters
- Musk outlines Tesla’s recession playbook: claw back costs reuters
- Dow forecasts dour quarterly revenue, says will slash 2,000 jobs reuters
- Northrop Grumman expects strong 2023 revenue as weapon demand surges reuters
- Nokia says is gaining market share, sees 2023 growth reuters
Vica Momentum Stock Report
Albemarle Corp (ALB) $ALB. (Momentum Grade A) (Value B-) (Growth A+) 20 Day Average +30.66%, 50 Day Average -14.00%, 100 Day Average +8.90%, 200 Day Average +32.62%
Albemarle Corporation is a top specialty chemicals company with leading positions globally. It is a leading producer of highly-engineered specialty chemicals for petroleum refining, consumer electronics, energy storage, construction and automotive. The company also provides oilfield services in several regions outside the domestic market.
Market Outlook
Market Outlook and updates posted at vicapartners.com
