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


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

Share: Feed news

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


Recommended content

Editors’ Picks

EUR/USD struggles to hold above 1.0400 as mood sours

EUR/USD struggles to hold above 1.0400 as mood sours

EUR/USD stays on the back foot and trades slightly below 1.0400 following the earlier recovery attempt. In the absence of high-tier data releases, the negative shift seen in risk mood helps the US Dollar gather strength and forces the pair to stretch lower. 

EUR/USD News
GBP/USD declines toward 1.2500 on renewed USD strength

GBP/USD declines toward 1.2500 on renewed USD strength

GBP/USD loses its traction and declines to the 1.2500 area in the second half of the day on Monday. The US Dollar (USD) benefits from safe-haven flows and weighs on the pair as investors await US Consumer Confidence data for December.

GBP/USD News
Gold drops below $2,620 as US bond yields edge higher

Gold drops below $2,620 as US bond yields edge higher

After starting the week in a quiet manner, Gold comes under bearish pressure and retreats below $2,620. The benchmark 10-year US Treasury bond yield stays in positive territory above 4.5%, making it difficult for XAU/USD gain traction.

Gold News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin hovers around $95,000 on Monday after losing the progress made during Friday’s relief rally. The largest cryptocurrency hit a new all-time high at $108,353 on Tuesday but this was followed by a steep correction after the US Fed signaled fewer interest-rate cuts than previously anticipated for 2025. 

Read more
Bank of England stays on hold, but a dovish front is building

Bank of England stays on hold, but a dovish front is building

Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures