Wake Up Wall Street (SPDR S&P 500 SPY): Risk comes off, but long weekend to see some position closing

Ivan Brian FXStreet

Here is what you need to know on Friday, February 17:

Equity markets remained on the defensive after yet more hawkish data and central bank comments on Thursday. Bond yields continued to push higher and have now ticked up nearly 50 basis points in the past two weeks. Equity markets up here as a result look very rich. Little in the way of economic data appears on Friday, but a few Fed speakers will make an entrance. Hawkish rhetoric is likely to continue meaning risk assets are likely to fall and the US Dollar remain supported ahead of the long weekend.

The US Dollar is up to 104.40 for the Dollar Index, Gold is lower to $1,827, and Oil down to $76.38.

See forex today

European markets are lower, CAC -0.2%, Dax -0.7%, FTSE -0.2% and Eurostoxx -0.7%.

US futures also lower, Nasdaq -0.7%, Dow and S&P both -0.4%.

Wall Street top news

Deere (DE) raises forecasts for 2023 as it sees strong demand.

DraftKings (DKNG) posts strong results.

DoorDash (DASH) up 5% on strong earnings.

Redfin (RDFN) down on revenue forecasts.

Texas Roadhouse (TXRH) misses earnings.

Applied Materials (AMAT) provides earnings beat and strong guidance.

Vale (VALE) profits drops 30% on weak iron-ore prices, still beats estimates.

Upgrades and downgrades

Upgrades

Friday, February 17, 2023

Coinbase Global	COIN	Compass Point	Neutral>>Buy	$100
DraftKings	DKNG	BTIG Research	Neutral>>Buy	$24
TechnipFMC	FTI	Citigroup	Neutral>>Buy	$18
Cisco	CSCO	DZ Bank	Hold>>Buy	$58
Healthcare Services Group	HCSG	RBC Capital Mkts	Sector Perform>>Outperform	$14>>$17
Roku	ROKU	BofA Securities	Underperform>>Buy	$45>>$85
Virgin Galactic	SPCE	Wolfe Research	Underperform>>Peer Perform
ZIM Integrated Shipping	ZIM	JP Morgan	Neutral>>Overweight	$17.6>>$30.4
Kuehne & Nagel International	KHNGY	JP Morgan	Neutral>>Overweight

Downgrades

Friday, February 17, 2023

COMPANY	TICKER	BROKERAGE FIRM	RATINGS CHANGE	PRICE TARGET
Cohu	COHU	Craig Hallum	Buy>>Hold
PennyMac Mortgage	PMT	BTIG Research	Buy>>Neutral
C.H. Robinson	CHRW	JP Morgan	Neutral>>Underweight	$87
EPAM Systems	EPAM	Cowen	Outperform>>Market Perform	$390>>$370
Focus Financial	FOCS	Oppenheimer	Outperform>>Perform
Focus Financial	FOCS	Raymond James	Outperform>>Mkt Perform
Generac	GNRC	Wells Fargo	Overweight>>Equal Weight	$135
Canada Goose	GOOS	Evercore ISI	Outperform>>In-line	$25>>$20
InMode	INMD	Needham	Buy>>Hold
Toast	TOST	SMBC Nikko	Outperform>>Neutral	$26>>$23
TuSimple Holdings	TSP	HSBC Securities	Buy>>Hold	$15.9>>$2.2

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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