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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

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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.

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