MARKETS TODAY Feb 24 (Vica Partners)
DOW (^DJI) 32,817 (-337), S&P 500 (^GSPC) 3,970 (-42) Nasdaq (^IXIC) 11,395 (-195), Russell 2000 (^RUT) 1,890 (-18), NYSE FANG+ (^NYFANG) 5,392 (-111), Brent Crude $83.31/barrel (+$1.10), Gold $1,811/oz (-$12), Bitcoin $23.2k (-$744)
Session Overview
- PCE both headline and core and personal spending were above estimates
- Indexes fall, Nasdaq, FANG+ lag
- Yields rise
- All 11 S&P sectors lower: Consumer Discretionary and Information Technology underperforms/ Energy outperforms
- Canadian Imperial Bank (CM), IAG ADR (ICAGY) with solid earnings beats
- US dollar index rises
- Oil +up
- Bitcoin declines
- Overall, market reaction to inflation markers today was not that bad!
Index Moving Averages
S&P 500 Index ($SPX) close 3,970+/ 50 Day 3,980-/ 100 Day 3,914+/ 200 Day 3,940-
Dow Jones In ($DOWI) close 32,817+/ 50 Day 33,576-/ 100 Day 32,938+/ 200 Day 32,347+
Nasdaq Co ($NASX) close 11,395+/ 50 Day 11,190+/ 100 Day 11,062+/ 200 Day 11,406-
All 11 S&P sectors lower: Consumer Discretionary and Information Technology led decliners/ Energy outperforms
Consumer Discretionary and Information Technology were the largest decliners, down 2.12% and 1.94% respectively. Energy and Utilities were the biggest advancers, down 0.05% and 0.26% respectively.
Yields rise: US 2yr to 4.814%+, 5yr to 4.212%+, 10yr to 3.949%+, 30yr to 3.934%+
Greed Index Rating 59/ Greed
Notable Company Earnings
- Beats / Canadian Imperial Bank (CM), Gray Television (GTN), Evergy (EVRG), IAG ADR (ICAGY), Frontier Communications Parent (FYBR), Carter’s (CRI), US Silica (SLCA)
- Misses/ BASF ADR (BASFY), Icahn Enterprises (IEP), HF Sinclair (DINO), Graham Holdings (GHC), Cinemark (CNK)
U.S Economic News
- Consumer spending (nominal); period Jan., act 1.8%, fc 1.4%, prior -0.1%
- Personal income (nominal); period Jan., act 6%, fc 1.2%, prior 0.3%
- PCE index; period Jan., act 0.6%, fc – , prior 0.2%
- Core PCE index; period Jan., act 0.6%, fc 0.5%, prior 0.4%
- Core PCE (year-over-year); period Jan., act 4.7%, fc 4.4%, prior 4.6%
- New home sales; period Jan., act 670,000, fc 620,000, prior 625,000
- Consumer sentiment (final); period Feb., act 67, fc 66.4, prior 66.4
- Fed Speakers (Bostic/Daly); TBA
Other Asset Classes:
- CBOE Volatility Index (^VIX): +0.49 to 21.63
- USD index: +0.64 to $105.23
- Oil prices: Brent: +1.34% to $83.31, WTI: +1.62% to $76.61, Nat Gas: +8.21% to $2.504
- Gold: -0.67% to $1,811.17, Silver: -2.65% to $20.76, Copper: -2.35% to $3.96
- Bitcoin: -3.10% to $23.2k
Business News
- Netflix cuts prices in some countries to boost subscriptions, shares drop Reuters
- European Commission bans TikTok on staff devices BBC
- Boeing shares fall after new Dreamliner delivery halt Reuters
- Goldman expects $2.3 bln more in potential losses from legal disputes Reuters
- Elon Musk’s challenge: Stay ahead of the competition Reuters
- Carvana’s net loss widens on cooling used car demand Reuters
International Related News and Other
- U.S., China to hold deputy-level bilateral talks on debt – sources Reuters
- U.S. likely to cap level of S.Korean chips made in China- U.S. official Reuters
- JPMorgan’s Dimon says U.S. interest rates could hit 6% -CNBC Reuters
Vica Momentum Stock Report
U.S. Silica Holdings (SLCA) $SLCA (Momentum C) (Value B) (Growth A), moving averages/ 50-Day +2.93%, 100-Day +12.15%, 200-Day -28.40%, Year-to-Date -1.76
Strong Growth Buy Rating
US Silica Holding (SLCA) Garners a Vica Top Growth RatingU.S. Silica Holdings, Inc. produces and sells commercial silica in the United States. It operates through two segments, Oil & Gas Proppants and Industrial & Specialty Products. U.S. Silica Holdings, Inc. was incorporated in 2008 and is headquartered in Katy, Texas.
Market Outlook and updates posted at vicapartners.com
