US Stocks Today: What goes up never comes down!
Here is what you need to know on Thursday, February 11:
Stock markets set more record highs as the market remains awash with cash and corporate results remain upbeat. Oil traded slightly lower at $61 for Brent crude, the dollar remained subdued and Bitcoin also paused.
European markets are strong with most indices positive on Thursday. Both Dax and EuroStoxx are up 0.6% with the FTSE up a more modest 0.2%.
Asian markets continued their strong trend with the Nikkei closing 0.2% higher and Hang Seng closing early for the Lunar holiday, up 0.45%.
US futures are all currently higher. The Nasdaq is up 0.5%, Dow up 0.3% and S&P up 0.3%.
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S&P
Asian stocks remained strong overnight, as Chinese markets were boosted by a call between President Biden and Xi Jinping. Hong Kong market is closed until February 16 for the Lunar New Year. Japanese markets were closed on Thursday.
European shares took their lead from overnight gains on Wall Street, with Eurostoxx and Dax posting the biggest gains. AstraZeneca (AZN) unveiled strong results, beating forecasts and boosting 2021 prospects.
Food stocks will be in line today as Kellog (K) and Heinz (KHC) both reporting results and Danone rose 3% on Thursday on demands for governance changes from investors.
Commerzbank suffered as it issued a weak 2021 outlook.
The European Commission downgraded its forecast for EU economic recovery but said the UK will suffer much more from Brexit than EU economies.
The EU was also close to securing a deal with Novavax for its Covid-19 vaccine.
US futures were again in the green. Fed Chairman Powell said on Wednesday that monetary policy is to stay “patiently accommodative” as he pointed to challenges in the labour market.
AstraZeneca said its vaccine "it’s not perfect, but it’s great. Who else is making 100 million doses in February?” AZN released Q4 results ahead of expectations.
Pepsi announced results with revenue up 9% beating estimates.
Uber shares were lower as results were strong but the company said it continues to see challenges from the pandemic.
Mastercard said it plans to expand its cryptocurrency program.
Ups and Downs
Morgan Stanley raised its target for Sonos.
Mizuho increased its Uber target.
Citi says Philip Morris shares have “significant upside”. Citi also upped its target for Western Union and Fox Corp and lowered CME Group.
Citi upped it's Under Armour price target. Under Armour was also raised by Barclays.
Uber saw Wedbush up its price target for the ride-sharing app. Uber also caught an upgrade from BTIG and Barclays.
Bed Bath 7 Beyond (BBBY) was upgraded to Buy at Bank of America.
RBC increased its price target for General Motors after results on Wednesday.
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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.
