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Pre-Markets Mixed, Stocks Headed for Weekly Losses
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Friday, January 20th, 2023
We see a somewhat bifurcated pre-market in this last trading day for the week, with the Dow currently -30 points while the S&P 500 is +6 and the Nasdaq +60. This continues the slide we’ve seen in the blue-chip Dow index, which has already given back its gains year to date. The Nasdaq and S&P are still in the green from the start of the year.
In this holiday-shortened week, we have gotten a good slab of economic data: PPI, Retail Sales, Empire State, Philly Fed and Weekly Jobless claims all went down. This helps the narrative that the Fed will only hike by 25 bps at its February 1st meeting (despite St. Louis Fed Chair Bullard’s advocation of 50 bps; he’s not a voting member this time), even as “higher for longer” concerns continue to dampen market prospects.
Housing Starts and monthly job gains are the only metrics we’re seeing tick higher of late, in fact. If we had to pick two prints that would foster inflation in the near-term, it would likely be these two. Thus, we still appear pretty “Goldilocks” these days, even if our stock portfolios aren’t necessarily documenting this of late. That said, Alphabet (GOOGL - Free Report) announced it will be laying off -12K employees going forward. Eventually these layoffs will start showing up in the monthly data.
Existing Home Sales come out after the bell for the month of December, with estimates lower once again, expected at 3.95 million units — near pandemic lows, by the way, and would be the 11th straight month of a lower print. Last time around, 4.09 million was the headline number, a big drop from the 4.43 million we saw in October. In short, the housing market is fading fast.
Oilfield services giant Schlumberger (SLB - Free Report) reported Q4 earnings ahead of the opening bell this Friday, with results modestly outperforming expectations on both top and bottom lines: earnings of 71 cents per share surpassed the Zacks consensus estimate by 2 cents (and well above the 41 cents per share we saw reported in the year-ago quarter), while $7.88 billion in quarterly sales topped expectations by +0.78%. It’s the fourth-straight earnings beat for the Zacks Rank #3 (Hold)-rated stock. For more on SLB’s earnings, click here.
Image: Bigstock
Pre-Markets Mixed, Stocks Headed for Weekly Losses
Friday, January 20th, 2023
We see a somewhat bifurcated pre-market in this last trading day for the week, with the Dow currently -30 points while the S&P 500 is +6 and the Nasdaq +60. This continues the slide we’ve seen in the blue-chip Dow index, which has already given back its gains year to date. The Nasdaq and S&P are still in the green from the start of the year.
In this holiday-shortened week, we have gotten a good slab of economic data: PPI, Retail Sales, Empire State, Philly Fed and Weekly Jobless claims all went down. This helps the narrative that the Fed will only hike by 25 bps at its February 1st meeting (despite St. Louis Fed Chair Bullard’s advocation of 50 bps; he’s not a voting member this time), even as “higher for longer” concerns continue to dampen market prospects.
Housing Starts and monthly job gains are the only metrics we’re seeing tick higher of late, in fact. If we had to pick two prints that would foster inflation in the near-term, it would likely be these two. Thus, we still appear pretty “Goldilocks” these days, even if our stock portfolios aren’t necessarily documenting this of late. That said, Alphabet (GOOGL - Free Report) announced it will be laying off -12K employees going forward. Eventually these layoffs will start showing up in the monthly data.
Existing Home Sales come out after the bell for the month of December, with estimates lower once again, expected at 3.95 million units — near pandemic lows, by the way, and would be the 11th straight month of a lower print. Last time around, 4.09 million was the headline number, a big drop from the 4.43 million we saw in October. In short, the housing market is fading fast.
Oilfield services giant Schlumberger (SLB - Free Report) reported Q4 earnings ahead of the opening bell this Friday, with results modestly outperforming expectations on both top and bottom lines: earnings of 71 cents per share surpassed the Zacks consensus estimate by 2 cents (and well above the 41 cents per share we saw reported in the year-ago quarter), while $7.88 billion in quarterly sales topped expectations by +0.78%. It’s the fourth-straight earnings beat for the Zacks Rank #3 (Hold)-rated stock. For more on SLB’s earnings, click here.
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