S&P 500 Day Ahead Outlook: Records smashed again as S&P just goes for it
Update: Selling pressure in tech has finally abated as big tech bounces and the Nasdaq leads the indices higher. The Nasdaq is up 2%, Dow up 1%, and S&P up 1.3%. The market's inflation fears have calmed, risk is back on and stimulus checks are anticipated to flow into equities. The S&P just sets another new record high, it only had to wait a month!
Sectoral performance: Tech, Communications, and Consumer Discretionary are all up nearly 2% while Utilities and Consumer Staples lag showing gains of 0.2%.
Winners and Losers: NIO up 5%, Square up 4%, Moderna up 4%, ETSY up 8%, CCIV up 6%, GME up 2%, RBLX up 3%, MGM Resorts up 6%. GE down 7%, Oracle down 6%, HSBC down 4%, AZN down 1.8%.
Here is what you need to know on Thursday, March 11:
Markets maintained bullish sentiment on Wednesday with some struggles seen in the tech sector. The Nasdaq was the only major index to finish in the red yesterday as inflation worries were pushed to one side after benign US CPI and a calm US 10 year bond auction. Roblox took its time but eventually opened on the NYSE yesterday. The reference price had been set at $45 but this was quickly dismissed as Roblox gamers/investors! pushed the price to a high of $74.83.
Thursday sees more green in evidence with overnight Asian market strength helping. A sliding US 10 year yield, now under 1.5%, further stimulus checks imminent and continued ECB money printing have all helped calm inflation fears. The Dollar is weaker at 1.1966 versus the Euro and Oil rose to $66 on the back of falling US inventories and Gold rose to $1730 as yields fell.
European markets are mixed with the FTSE again the laggard, down 0.2%. the Dax is up 0.3% and EuroStoxx up 0.2%
US futures are nice and green with Dow up 0.3%, S&P up 0.7% and the Nasdaq leading the charge, up nearly 2%.
Stay up to speed with hot stocks' news!
S&P 500 Top News
ECB leaves rates unchanged as expected. Signals more money printing, bond purchases to keep yields low.
US Jobless claims 712k versus 725 expected.
US stimulus bill to be signed by President Biden on Friday.
1 year anniversary of WHO declaring a global pandemic.
Coupang launches its IPO today, Thursday. Ticker CPNG. Priced at $35.
AstraZeneca: Denmark and Norway temporarily suspend AZN's covid-19 vaccine. Italy and Austria suspend the use of a certain batch of AZN's covid vaccine. Italy says move precautionary no link between the vaccine and reported events, Spain continues use says no issues reported. The UK says reports of blood clots not greater than the number that would have occurred naturally in a vaccinated population. EMA says no specific issue. See more.
JNJ: EU medicines agency approves JNJ covid 19 vaccines. Dutch regulator says JNJ vaccine works against all known variants.
Eli Lilly: EU to begin rolling review of its antibodies treatment for covid 19.
Baidu: Launches Hong Kong listing on Friday
AMC results were obviously well down but slightly better than feared. Outlook positive on the conference call. Shares up 7% in pre-market. See more.
Roblox: kicked off trading yesterday on the NYSE. Shares are up 11% in pre market at $77.25. See more.
JD.com: revenue beats, shares up 5% in pre-market.
British American Tobacco: Buys 20% stake in Canadian cannabis producer Organigram.
Boeing and Southwest Airlines: close to agreeing a deal for 737 Max jets according to Reuters, citing sources.
Walt Disney: Reaches deal with NHL on a 7 year TV, streaming and media deal.
Oracle: beats EPS estimate, cloud revenue misses, increases dividend. Shares down 5% in pre-market.
Ups and Downs
NIO: Mizuho starts as a buy.
GE: Oppenheimer downgrades. RBC raises price target.
Costco: Wells Fargo upgrades.
Oracle: JP Morgan raises price target. SocGen downgrades.
Bumble: Jefferies raises price target.
Sources: Reuters, CNBC, Benzinga.
Economic Releases (see all)
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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.
