Wake Up Wall Street (SPY) (QQQ): Market nervous before huge week of earnings and Fed announcement
Here is what you need to know on Monday, January 30:
Markets are pretty quiet this morning as we have a lot to get through this week. Overnight, equities in Asia were weak as risk-off was the main theme. The Hang Seng closed down nearly 3%, while the Nikkei was flat. No surprise here given we have Fed, ECB and BOE rate decisions as well as earnings from Apple (AAPL), Amazon (AMZN), Ford (F), McDonald's (MCD) and Caterpillar (CAT) to name just a few. A huge week then lies ahead.
The US Dollar benefited from risk-off sentiment, but then strong Spanish inflation data boosted the Euro. The Dollar Index is flat at 101.90. Oil is lower at $79.54, and Gold is flat at $1,925.
European markets lower: FTSE +0.12%, but DAX, CAC and Eurostoxx all down -0.6%.
US futures all lower: S&P 500 -1%, NASDAQ -1.3% and Dow -0.7%.
Wall Street top news
Spanish inflation higher than forecast.
German GDP lower than forecast.
Reuters top headlines
Koninklijke Philips NV PHG: The Dutch health technology company scrap another 6,000 jobs worldwide.
Xpeng Inc XPEV: The Chinese company said it had appointed Wang Fengying, the former vice chairman of Great Wall Motor, as the electric vehicle (EV) startup's president.
Baidu Inc BIDU: The Chinese internet search major is planning to launch an artificial intelligence (AI) chatbot service similar to OpenAI's ChatGPT in March, a person familiar with the matter told Reuters.
Chevron Corp CVX: The White House on Friday launched a fresh attack against US oil companies, accusing them of using profits to pay shareholders instead of boosting supply, after Chevron said its annual profit doubled for 2022.
Rio Tinto Plc RIO: The company apologised for the loss of a tiny radioactive capsule that has sparked a radiation alert across parts of the vast state of Western Australia.
Shell Plc SHEL: The oil company will combine its oil and gas production and liquefied natural gas (LNG) divisions as part of broader changes under new CEO Wael Sawan, which the company said could result in some job cuts.
Toyota Motor Corp TM: The Japanese automaker sold 10.5 million vehicles in 2022, it said, defending its title as the world's top-selling automaker for a third straight year.
Upgrades and downgrades
Upgrades
Monday, January 30, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
Colgate-Palmolive |
CL |
Morgan Stanley |
Equal-Weight>>Overweight |
$82 |
|
Flowserve |
FLS |
BofA Securities |
Neutral>>Buy |
$33>>$40 |
|
Federal Realty |
FRT |
Compass Point |
Neutral>>Buy |
$125 |
|
Kemper |
KMPR |
Credit Suisse |
Underperform>>Neutral |
$44>>$56 |
|
Lockheed Martin |
LMT |
DZ Bank |
Hold>>Buy |
$523 |
Downgrades
Monday, January 30, 2023
|
COMPANY |
TICKER |
BROKERAGE FIRM |
RATINGS CHANGE |
PRICE TARGET |
|---|---|---|---|---|
|
AZEK |
AZEK |
BofA Securities |
Buy>>Neutral |
$20>>$25 |
|
Celularity |
CELU |
Morgan Stanley |
Equal-Weight>>Underweight |
$5>>$1 |
|
Eastern Bankshares |
EBC |
Janney |
Buy>>Neutral |
$17 |
|
Eastman Chemical |
EMN |
Scotiabank |
Sector Outperform>>Sector Perform |
$100>>$90 |
|
Edwards Lifesciences |
EW |
Piper Sandler |
Overweight>>Neutral |
$95>>$80 |
|
Fortune Brands Innovations |
FBIN |
BofA Securities |
Neutral>>Underperform |
$61>>$60 |
|
First Interstate Bancsystem |
FIBK |
Keefe Bruyette |
Outperform>>Mkt Perform |
$49>>$38 |
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.
