US Stocks Today: More gains in sight as inflation concerns ease and Coca Cola fizzes
Here is what you ended to know on Wednesday, February 10:
Stock markets remain near record highs set earlier in the week on Monday as the dollar continues to falter, Bitcoin drops back, Oil remains bid and US yields remain steady.
European markets are calm with most indices flat. Both FTSE and EuroStoxx are down 0.01% with Germany’s Dax showing a slight gain of 0.01%.
Asian markets continued their strong trend with the Nikkei closing 0.2% higher and Hang Seng up 1.9%.
US futures are all currently higher. The Nasdaq and Dow are both up 0.3% with S&P futures gaining 0.2%.
Dow Jones
Asian stocks remained strong overnight as Chinese markets were buoyed by rising factory gate prices after a year of declines. Chinese new bank loans hit a new high in January. Japanese shares were calmer but still helped by positive results from Toyota and Honda.
Europen stocks were calm on Wednesday with most indices flat. Corporate earnings continued to flow with SocGen reporting good numbers but global shipping company Maersk gave a cautious outlook for 2021.
US futures turned higher after the release of US CPI. CPI came in mostly along expected lines, calming investor's fears over inflation.
Democrats in the House unveiled proposals for $1,400 direct checks as part of the stimulus plan.
Federal Reserve Chairman Powel speaks at 2 pm EST on Wednesday.
Corporate earnings streamed in with most companies meeting or beating analyst's expectations.
Coca-Cola (KO) beat expectations and talked up the macro-economic outlook. Coke is a macro indicator given its homogenous use and the company said it sees itself returning to growth levels of 2019 before the end of 2021, according to CNBC.
General Motors (GM) also reported strong numbers but disappointed investors with its outlook. GM gave lower than expected guidance, blaming the global shortage of semiconductors.
Twitter shares jumped as Daily average users rose strongly despite losing numbers after the platform removed former President Trump.
Under Armour (UA) surprisingly beat expectations with strong sales over the 2020 holiday period.
Ups and Downs
KeyBanc, Morgan Stanley, and Rosenblatt all increased price targets for Twitter (TWTR).
UBS upped Virgin Galactic (SPCE) to a $52 price target but downgraded the stock to neutral.
HSBC initiated coverage on Airbnb (ARNB) as a buy.
Credit Suisse announced their top picks for 2021. Among the brokers picks are Chipotle (CMG), Hershey (HSY) and Caterpillar (CAT).
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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.
