TRENDING:

Oil price

XAU/USD

Wake Up Wall Street (SPY) (QQQ): Market dead as everyone waits on Fed

Ivan Brian FXStreet

Here is what you need to know on Wednesday, February 1:

All you need to know is the Federal Reserve. Nothing else matters really. Yes, we have ADP numbers shortly, but those will be totally overshadowed by the Fed decision. Not so much the decision, but the statement and presser. 25 basis points seems nailed on, but Powell has been hawkish all the time and the risk markets may not like that. It is a busy week though with NFP on Friday, so that may see the big money wait and look for confirmation. A hawkish Fed needs a strong NFP, and a dovish Fed needs a weak NFP. Anything else and we are set for more confusion and range trading.

Ahead of the Fed the US Dollar Index is lower at 101.86, oil is up to $79.57 but still much lower for the week. Gold trades at $1,928 for no change.

See forex today

European markets are mixed: Eurostoxx and FTSE completely flat, CAC -0.37%. DAX +0.3%.

US futures lower: NASDAQ flat, S&P 500 -0.2% and Dow -0.3%.

Wall Street top news

Eurozone CPI lower than expected, but German data delayed.

Meta Platforms (META) provides earnings after the close.

Advanced Micro Devices (AMD): revenue ahead of forecasts.

Amgen (AMGN): EPS in line, revenue ahead.

Electronic Arts (EA): down 9% on lowered forecasts.

GSK: beats on top and bottom lines.

Match Group (MTCH): Stock drops 8% on low forecasts as earnings miss estimates.

Mondelez International (MDLZ): beats on top and bottom lines.

Snap (SNAP): beats on EPS, but revenue misses. Stock down sharply on weak outlook.

Intel (NTC): cuts wages.

Upgrades and downgrades

Upgrades

Wednesday, February 01, 2023

COMPANY	TICKER	BROKERAGE FIRM	RATINGS CHANGE	PRICE TARGET
Primis Financial	FRST	Piper Sandler	Neutral>>Overweight	$13>>$14
NeoGenomics	NEO	Needham	Hold>>Buy	$15
Magna	MGA	BMO Capital Markets	Market Perform>>Outperform	$65>>$74
Hubbell	HUBB	JP Morgan	Underweight>>Neutral	$200>>$205
First Interstate Bancsystem	FIBK	Stephens	Equal-Weight>>Overweight	$44>>$43

Downgrades

Wednesday, February 01, 2023

COMPANY	TICKER	BROKERAGE FIRM	RATINGS CHANGE	PRICE TARGET
American Electric	AEP	Wells Fargo	Overweight>>Equal Weight	$108>>$99
Edison	EIX	Wells Fargo	Overweight>>Equal Weight	$76>>$73
Equitrans Midstream	ETRN	Goldman	Buy>>Sell	$9.5>>$6
Funko	FNKO	Goldman	Neutral>>Sell	$22>>$8.5
Hasbro	HAS	Goldman	Buy>>Neutral	$64
Veradigm	MDRX	Piper Sandler	Overweight>>Neutral	$17>>$18.5
Taysha Gene Therapies	TSHA	Jefferies	Buy>>Hold	$14>>$1.5
WSFS Financial	WSFS	Piper Sandler	Overweight>>Neutral	$53>>$52

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.

GBP/USD hangs close to 1.3500, awaits fresh impetus from US CPI

GBP/USD keeps its range around 1.3500 in Wednesday's European trading. The pair continues to trade with caution as the US Dollar (USD) holds ground ahead of a crucial US consumer inflation report. Investors are watching this upcoming reading closely, as it is expected to play a major role in shaping the Federal Reserve’s next interest rate decision and the USD valuation.

EUR/USD consolidates below 1.1550 ahead of US CPI

EUR/USD struggles to gain any meaningful traction and holds steady around 1.1550 in the European trading hours on Wednesday, maintaining a familiar range held over the past week or so. Traders keenly await the release of the key US inflation data and further developments surrounding the Middle East crisis before placing fresh directional bets.

Gold retakes $4,400, eyes two-month high as traders look to US CPI for Fed hike cues

Gold attracts fresh buyers during the Asian session on Wednesday and climbs back above the $4,400 mark, closer to its highest level since June 5, which was touched the previous day. Traders now look to the US Consumer Price Index report for more cues about the US Federal Reserve's future policy path amid inflation risks stemming from volatile oil prices.

Zcash below $500 puts bulls under pressure, 100-day EMA in focus

Zcash price trades below $500 at press time on Wednesday, holding steady after two consecutive days of losses. Retail demand for the privacy coin is mixed as the broader market awaits the release of US Consumer Price Index data for July later in the day.

US CPI data set to show softer inflation in July as markets reassess Fed rate hike bets

The US Bureau of Labor Statistics will publish the July Consumer Price Index data on Wednesday. The report is expected to show a small decline in consumer inflation and core inflation. The monthly CPI is forecast to rise by 0.1%, following the 0.4% decrease recorded in June, while the annual reading is seen retreating to 3.4% from 3.5% reported in the previous month.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.