MARKETS TODAY Dec 20 (Vica Partners)
DOW (^DJI) 33,376 (+527), S&P 500 (^GSPC) 3,878 (+57), Nasdaq (^IXIC) 10,709 (+162), Russell 2000 (^RUT) 1,776 (+28), NYSE FANG+ (^NYFANG) 4,626 (+99), Brent Crude $82.36/barrel (+$2.37), Gold $1,815/oz (-$3), Bitcoin 16.8k (-113)
Session Overview
All major US indices closed higher Wednesday as inflation expectations hit the lowest level since April. Wall Street extended it’s noon day gains as consumer confidence also edged higher in December.
Nike’s Q4 earnings helped jumpstart the market rally today; they handily beat analyst earnings forecasts as the company raised its revenue-growth outlook and reported a better-than-expected quarterly results.
Technicals/ Sector Performance/ Yields+
The Dow Jones Industrial Average ended sharply higher today, rallying by 1.60% to close at 33,376. As the S&P 500 closed 3878, spot- on its 50 day moving average and above 3,800 which was the 50% retracement of the rally off the October lows.
11 S&P 500 Sectors ended higher today. The best performing sectors were the Energy and Financials sectors, up 2.22% and 1.71% respectively. Consumer Staples and Materials lagged, up 0.84% and 1.09% respectively.
US yields ended mostly flat to negative in session today US – 2yr to 4.219%, 5yr to 3.775%, 10yr to 3.669%, 30yr to 3.727%
Greed Index Rating maintained at 38/ Fear
US Economic News
- Mortgage Applications in the US rose 0.9% in the week ending December 16th, following a 3.2% jump in the previous week which was the highest in 3 months, report stats: 0.85% prior week 3.2%; 30yr rate 6.3% prior 6.4%
- Current Account deficit narrowed to $217.1B vs. $238.7B, report stats: -$217.1B vs. -$224B cons., prior -$251.1B
- The Conference Board’s Consumer Confidence Index rose to 108.3 in December, up from 101.4 in November, the highest level since April, report stats: 108.3 vs. 100.5 cons., prior 101.4
- Existing-Home Sales fell for the tenth consecutive month to a seasonally adjusted annual rate of 4.09 million. Sales slipped 7.7% from October and 35.4% from the previous year, report stats: 4.09ml vs. 4.2ml cons., prior 4.43ml
Other Asset Classes:
- CBOE Volatility Index (^VIX): -1.41 to 20.07
- USD index: +$0.25 to $104.22
- Oil prices – Brent: +2.96% to $82.36, WTI: +2.96% to $78.49, Nat Gas: +1.92% to $5.43
- Gold: -0.16% to $1,814.40, Silver: -0.70 to $23.96, Copper: +0.46% to $3.81
- Bitcoin: -0.73% to $16.8k
In world news, Wednesday 12-21-22
- China’s President Xi tells former Russian President Medvedev that he would like to see peace talks
- Rising Covid cases once again threaten China’s supply chains
Vica Momentum Stock Report
Garrett Motion Inc. (GTX) $GTX. (Mom Grade B+) (Value A) 50 Day Average +22.26%, 100 Day Average +13.98%, 200 Day Average +22.26
Garrett Motion Inc. provides transportation systems. The Company offers turbochargers, engines, diesel tank and other related parts. Garrett Motion Inc. is based in Switzerland.
Market Outlook
Market Outlook and updates posted at vicapartners.com
