S&P 500 Day Ahead Outlook: Bulls take control as CPI doesn't worry investors
Update 1100 EST/1600GMT: Moving nicely on from yesterday, the S&P breaking down channel resistance as US CPI doesn't scare anyone, just yet, and stimulus checks look likely to land soon.
Sectoral performance: Financials and energy are the best performers with Real Estate and Communication the underperformers.
Winners and Losers: Gamestop +18%, CCIV +5% DraftKings +9%, Zillow +6%, PLTR +4%, Enphase Energy +5%, Valero Energy +5%, GE-6%, Terradyne -2%, Baidu -3%, Rio Tinto -2%, Match Group -3%.
Here is what you need to know on Wednesday, March 10:
After Tuesday's stellar gains markets are looking for further bullish direction on Wednesday. The US 10 year is slightly higher at 1.56% and all eyes will be on Wednesday's 10 Year auction, at 1800 GMT/1400 EST. US CPI comes in pretty much in line with expectations at 0.4% for the month, 1.7% for the year.
The Dollar is slightly stronger this morning at 1.1890 versus the Euro, Oil is higher with WTI at $64.50 up 0.8%.
Stay up to speed with hot stocks' news!
European markets are mixed with EuroStoxx up 0.8%, FTSE down 0.1% and Dax up 0.5%.
US futures have turned around on the back of CPI numbers and are all in the green now. Dow is up 0.5%, S&P up 0.4% and Nasdaq ahead by 0.5%.
S&P 500 News today
US Stimulus bill due to pass on Wednesday, House meets at 0900 EST 1400 GMT for a two-hour debate before voting on the bill.
Wall Street analysts are raising corporate profit targets after S&P 500 earnings showed a 4% rise in Q4 2020 according to Reuters.
A bipartisan group of lawmakers will bring forward legislation to make it easier for news companies to negotiate collective agreements with large tech platforms such as Facebook and Google-Reuters.
ING sees US 10 Year topping 2% in Q2 2021. Could spike "well above"-CNBC.
German Chancellor Merkel says another difficult 3 or 4 months to go in relation to the pandemic.
Tesla adds $106 billion in market cap on Tuesday as it surges nearly 20%.
Disney+ announces it has passed 100 million subscribers.
Roblox launches on Wednesday via a direct listing on the NYSE. NYSE set a reference price of $45 a share on Tuesday.
AerCap and GE announce a deal for GE's aviation business. GE is to pay down debt with the proceeds.
Gamestop keeps on going! Shares up 11% in pre-market.
American Express says likely not all employees will return to the office once the pandemic ends, will consider hiring remote workers.
Apple: To establish a European silicon design centre in Munich. Also increases European presence in Ireland with new office space in Cork where it has its European HQ.
BioNTech and Pfizer: European Commission gets an extra 4 million doses of companies covid 19 vaccine.
AMC results due out after the close today shares up 7% pre-market.
Facebook to launch Instagram Lite for countries with poor internet connectivity speeds. Works on as low as 2G networks, Reuters.
Twitter: Russia says slow down! Russia is to slow down the speed of Twitter in response to alleged failure to remove banned content-Reuters.
Eli Lilly said its covid-19 antibody therapy reduces the risk of hospitalization and death by 87% in a study, CNBC.
Express (EXPR) EPS loss of $0.66 versus $0.88 expected, shares up 21% in pre-market.
Coherent announced a revised agreement in its merger with Lumentum. $175 in cash plus 1.0109 Lumentum shares for each share held.
Toll Brothers announces a large increase in its dividend. Shares up 1.6%.
Ups and Downs
Chevron: Scotiabank raises price target. Evercore ISI reiterates Chevron as a top pick.
Draftkings: Jefferies and Rosenblatt both raise price target.
Apple: Wedbush adds to its best ideas list according to CNBC.
General Motors: Morgan Stanley reiterates as a top pick. CNBC
Sundial Growers: Cantor Fitzgerald initiates coverage with a neutral rating, price target $1.15. BMO downgrades SNDL to underperform, price target of $0.40.
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
