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