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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD faces the next hurdle at 0.6400
AUD/USD rose markedly and approached the key 0.6400 hurdle at the beginning of the week, always in response to rising weakness in the US Dollar and hopes of fresh stimulus in China.
EUR/USD keeps the upside target at 1.1000
EUR/USD extended further Friday’s recovery and traded at shouting distance from the YTD peaks near 1.0950 in response to increased selling pressure in the Greenback and the improved political scenario in Germany.
Gold consolidates around $3,000 ahead of Fed
Gold prices has started the week on a positive tone and maintains their trade around the key $3,000 mark per troy ounce on the back of the modest pullback in the Greenback and mixed US yields across the curve,
Crypto markets could gain $1 trillion as Gold price reaches $3,000: Tokenized-Gold expert explains
Tokenized-Gold assets hit a $1.8 billion market cap on Monday after the Gold (XAU) price marked new all-time highs above $3,000 per troy ounce. In an exclusive interview with FXStreet, RAAC CEO Kevin Rusher explains how tokenized Gold assets could impact the next crypto market recovery phase.
Five Fundamentals for the week: Fed leads central bank parade as uncertainty remains extreme Premium
Central bank bonanza – perhaps its is not as exciting as comments from the White House, but central banks still have sway. They have a chance to share insights about the impact of tariffs, especially when they come from the world's most powerful central bank, the Fed.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.