Wake Up Wall Street (SPX) (QQQ): Can Monday's massive afternoon rally hold?
Here is what you need to know on Tuesday, January 25:
A massive intraday turnaround for equity markets on Monday sowed increasing confusion for investors. Was this a buy-the-dip turnaround or merely position closing ahead of some big earnings releases and the Fed meeting? To the gentle scribes at FXstreet, it appears the latter as uncertainty is disliked,, and the market needs these events out of the way. Added to this is more uncertainty from rising US-Russia tensions pushing many market participants toward risk aversion.
The dollar remained strong throughout this escalation as currency traders move to the risk-off king. The dollar is at 1.1270 now versus the euro. Bitcoin turned sharply yesterday and perhaps aided the equity rally as it went green early. Bitcoin is steady at $36,300 now. Oil is also calmer at $83.70, while Gold is flat at $1,842.
European markets are mixed: Eurostoxx -1.2%, FTSE -0.2% and Dax +0.5%.
US futures are lower: S&P -1.5%, Dow -1% and NASDAQ -2%.
Wall Street (SPY) (QQQ) top news
IMF cuts global growth outlook.
Fed meeting starts today, though the announcement is tomorrow.
IBM reports a big jump in sales, the highest in 10 years, as its beats on top and bottom lines.
Microsoft (MSFT) reports after the close.
Pfizer (PFE) and BioNTech (BNTX) carry out trial new Omicron vaccine.
3M (MMM) beats on top and bottom lines.
Johnson&Johnson (JNJ) just beats on EPS but misses on revenue.
American Express (AXP) beats on revenue and profit.
Logitech (LOGI) raises forecasts, shares up 4% premarket.
General Electric (GE) down 5% on an earnings miss.
Ericsson (ERIC) up 5% premarket on strong earnings.
Upgrades and Downgrades
Source: Benzinga Pro
Economic releases
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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.
