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Wake Up Wall Street: All eyes on Powell after powerful jobs report

Ivan Brian FXStreet

Here is what you need to know on Tuesday, February 7:

Markets are adopting a calmer tone after the shock of last week's nonfarm payrolls jobs report is still being digested. With Fed Chair Powell speaking later on Tuesday, investors are bracing for a more hawkish message. Certainly, that is what Fed member Kaskari is currently delivering by expecting the terminal rate at 5.4%. So far the market is not reacting, but yields look set to rise if Powell confirms those thoughts. Kaskari and Powell do tend to rhyme when it comes to rates and decisions.

The US Dollar is flat at 103.70 in the Dollar Index, Gold is also flat at $1,869, and oil is higher at $75.17.

See forex today

European markets are mixed: Eurostoxx is flat, FTSE is +0.5%, and CAC and DAX are both -0.1%.

US futures are also mixed: Nasdaq +0.3%, Dow -0.1%, and S&P +0.1%.

Wall Street top news

Kaskari speaks hawkishly on rates.

Powell is due to speak this afternoon.

Bed Bath and Beyond (BBBY) down sharply premarket on a warning from the company on investing in its stock.

DuPont (DD) is down on weak guidance.

Baidu (BIDU) up on talk of the launch of chatbot.

Hertz (HTZ) is up on strong earnings.

Activision Blizzard (ATVI) beats on earnings.

BP: oil major reports record profits.

Linde (LIN) has strong guidance, revenue miss but EPS beats.

Pinterest (PINS) reports weak earnings.

Spirit Airlines (SAVE) has better than expected earnings.

Take Two Interactive (TTWO) lowered its bookings forecast.

Boeing (BA) to cut up to 2,000 jobs.

Upgrades and downgrades

Upgrades

Tuesday, February 07, 2023

COMPANY	TICKER	BROKERAGE FIRM	RATINGS CHANGE	PRICE TARGET
Cipher Mining	CIFR	H.C. Wainwright	Neutral>>Buy	$1.5>>$3
Lockheed Martin	LMT	Credit Suisse	Underperform>>Outperform	$427>>$510
Kemper	KMPR	Raymond James	Outperform>>Strong Buy	$60>>$80
Pfizer	PFE	Daiwa Securities	Neutral>>Outperform	$51
Wartsila	WRTBY	Citigroup	Neutral>>Buy
Terna Rete Elettrica	TERRF	RBC Capital Mkts	Underperform>>Sector Perform
Snam SPA	SNMRY	RBC Capital Mkts	Underperform>>Outperform

Downgrades

Tuesday, February 07, 2023

COMPANY	TICKER	BROKERAGE FIRM	RATINGS CHANGE	PRICE TARGET
Adecoagro S.A.	AGRO	Morgan Stanley	Equal-Weight>>Underweight	$10>>$9
BigCommerce	BIGC	Piper Sandler	Overweight>>Neutral	$16>>$12
ZoomInfo	ZI	UBS	Buy>>Neutral	$34>>$33
Spire	SR	Stifel	Buy>>Hold	$73>>$75
Tyson Foods	TSN	Goldman	Buy>>Neutral	$91>>$66
Holley Inc.	HLLY	Telsey Advisory Group	Outperform>>Market Perform	$3
The Children's Place	PLCE	Telsey Advisory Group	Outperform>>Market Perform	$46
Plains All American	PAA	Bernstein	Outperform>>Mkt Perform
PennyMac Mortgage	PMT	Piper Sandler	Overweight>>Neutral	$16>>$15

Source: WSJ.com

Economic releases

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.

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Gold treads water around $4,000

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The French bond panic is overdone. Here's what the market is misreading

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What November 3 means for the Fed's rate path and the US Dollar

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