Wake Up Wall Street (SPDR S&P 500): SPY rally set to stall until earnings fall
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UNLOCK OFFERHere is what you need to know on Tuesday, January 24:
Another roaring US session for risk assets saw the NASDAQ again surge over 2% and the other leading indices all close strongly higher. Credit is being given to a Wall Street Journal article that points to a 25-basis-point hike by the Federal Reserve at its next meeting, but in reality markets have already priced in 25 basis points as a near certainty for some time now. No, this was enthusiasm and money on the sidelines wanting in on the action. Hopes are high for earnings season, and Microsoft (MSFT) will get the tech sector up and running this afternoon. CTA money remains on the sidelines though, and a break of 4,100 for the S&P 500 could really get this rally moving.
The US Dollar remains under pressure but is recovering this morning to 102 for the Dollar Index. Oil is higher at $82, and Gold is also higher at $1,941. The impressive thing about yesterday's rally was it happened with a concurrent rise in bond yields, a rare feat.
European markets are all lower: CAC, DAX, FTSE and Eurostoxx all down by -0.3%.
US futures also lower: Dow and S&P 500 -0.2% and NASDAQ -0.4%.
Wall Street top news
German manufacturing PMI is worse than expected.
UK PMI weaker than expected.
General Electric (GE) beats on EPS, revenue misses.
Microsoft (MSFT) out after the close.
Verizon (VZ) down on 2023 forecasts.
Tesla (TSLA) planning Nevada plant for semi-trucks.
Johnson & Johnson (JNJ) up on 2023 forecasts.
3M (MMM) to cut 2,500 jobs.
Lockheed Martin (LMT) beats on revenue and EPS.
Eli Lilly (LLY) to invest $450m to expand diabetes meds production.
Upgrades and downgrades
Upgrades
Tuesday, January 24, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
Allogene |
ALLO |
JP Morgan |
Neutral>>Overweight |
$20>>$11 |
|
Blackstone |
BX |
JP Morgan |
Neutral>>Overweight |
$104>>$105 |
|
Marathon Oil |
MRO |
Morgan Stanley |
Equal-Weight>>Overweight |
$27>>$28 |
|
Lyft |
LYFT |
KeyBanc Capital Markets |
Sector Weight>>Overweight |
$24 |
Downgrades
Tuesday, January 24, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
American Electric |
AEP |
Evercore ISI |
Outperform>>In-line |
$100>>$102 |
|
Advanced Micro |
AMD |
Bernstein |
Outperform>>Mkt Perform |
$95>>$80 |
|
APA Corp. |
APA |
Morgan Stanley |
Overweight>>Equal-Weight |
$52>>$44 |
|
Cheesecake Factory |
CAKE |
Raymond James |
Outperform>>Mkt Perform |
|
|
lululemon athletica |
LULU |
Bernstein |
Mkt Perform>>Underperform |
$340>>$290 |
Source: WSJ.com
Economic releases
Here is what you need to know on Tuesday, January 24:
Another roaring US session for risk assets saw the NASDAQ again surge over 2% and the other leading indices all close strongly higher. Credit is being given to a Wall Street Journal article that points to a 25-basis-point hike by the Federal Reserve at its next meeting, but in reality markets have already priced in 25 basis points as a near certainty for some time now. No, this was enthusiasm and money on the sidelines wanting in on the action. Hopes are high for earnings season, and Microsoft (MSFT) will get the tech sector up and running this afternoon. CTA money remains on the sidelines though, and a break of 4,100 for the S&P 500 could really get this rally moving.
The US Dollar remains under pressure but is recovering this morning to 102 for the Dollar Index. Oil is higher at $82, and Gold is also higher at $1,941. The impressive thing about yesterday's rally was it happened with a concurrent rise in bond yields, a rare feat.
European markets are all lower: CAC, DAX, FTSE and Eurostoxx all down by -0.3%.
US futures also lower: Dow and S&P 500 -0.2% and NASDAQ -0.4%.
Wall Street top news
German manufacturing PMI is worse than expected.
UK PMI weaker than expected.
General Electric (GE) beats on EPS, revenue misses.
Microsoft (MSFT) out after the close.
Verizon (VZ) down on 2023 forecasts.
Tesla (TSLA) planning Nevada plant for semi-trucks.
Johnson & Johnson (JNJ) up on 2023 forecasts.
3M (MMM) to cut 2,500 jobs.
Lockheed Martin (LMT) beats on revenue and EPS.
Eli Lilly (LLY) to invest $450m to expand diabetes meds production.
Upgrades and downgrades
Upgrades
Tuesday, January 24, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
Allogene |
ALLO |
JP Morgan |
Neutral>>Overweight |
$20>>$11 |
|
Blackstone |
BX |
JP Morgan |
Neutral>>Overweight |
$104>>$105 |
|
Marathon Oil |
MRO |
Morgan Stanley |
Equal-Weight>>Overweight |
$27>>$28 |
|
Lyft |
LYFT |
KeyBanc Capital Markets |
Sector Weight>>Overweight |
$24 |
Downgrades
Tuesday, January 24, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
American Electric |
AEP |
Evercore ISI |
Outperform>>In-line |
$100>>$102 |
|
Advanced Micro |
AMD |
Bernstein |
Outperform>>Mkt Perform |
$95>>$80 |
|
APA Corp. |
APA |
Morgan Stanley |
Overweight>>Equal-Weight |
$52>>$44 |
|
Cheesecake Factory |
CAKE |
Raymond James |
Outperform>>Mkt Perform |
|
|
lululemon athletica |
LULU |
Bernstein |
Mkt Perform>>Underperform |
$340>>$290 |
Source: WSJ.com
Economic releases
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