Tuesday, February 7th, 2023
Pre-market futures are mixed this morning, looking for opportunities to catch a big higher after two straight down-sessions. We expect the biggest impact on the day’s trading to come during or following Fed Chair Jay Powell’s speech at the Economic Club of Washington mid-day today. The Dow is currently -100 points, but the S&P 500 and Nasdaq are -5 and +10 points, respectively.
Powell’s engagement comes nearly a week after the Fed’s latest interest rate tightening, +25 bps to a current range of 4.50-4.75%. This decision came out a couple days before nonfarm payrolls for the month of January posted a nearly 3x beat over expectations, to +517K new jobs created last month, with an Unemployment Rate sinking to more than a half-century low, 3.4%. Might we expect the Fed Chair to speak a bit more harshly on these conditions, inflationary as they potentially are?
As we mentioned yesterday, this week does not appear to have the same market impact as last week — or next week, with its CPI, PPI and housing numbers throughout — but it does have a couple other events worth mentioning: aside from Fed Chair Powell speaking, Vice Chair Michael Barr also makes an appearance this afternoon. And Consumer Credit for December is expected to come down slightly to $26 billion from $28 billion previously.
This morning, we saw the December International Trade Deficit moderate somewhat, to -$67.4 billion from an expected -$68.5 billion. This follows the November print which was revised from -$61.5 billion to -$61.1 billion this morning. Technically, these are better numbers, but we’re still in a deep hole historically with our trade balance, which comes as a shock to no one.
BP (BP - Free Report) reported Q4 earnings this morning, posting an earnings miss for the first time in eight quarters this morning: $1.59 per American Depositary Share (ADS) versus $1.65 expected, though up notably from the year-ago quarter’s $1.23 per ADS. Revenues, on the other hand, jumped notably to $70.36 billion from $59.51 billion anticipated, and $52.24 billion reported in the year-ago quarter. A +10% share buyback increase to $7.75 billion was also announced. For more on BP’s earnings, click here.
Questions or comments about this article and/or its author? Click here>>
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
Hurry, Download Special Report – It’s FREE >>
Tuesday, February 7th, 2023
Pre-market futures are mixed this morning, looking for opportunities to catch a big higher after two straight down-sessions. We expect the biggest impact on the day’s trading to come during or following Fed Chair Jay Powell’s speech at the Economic Club of Washington mid-day today. The Dow is currently -100 points, but the S&P 500 and Nasdaq are -5 and +10 points, respectively.
Powell’s engagement comes nearly a week after the Fed’s latest interest rate tightening, +25 bps to a current range of 4.50-4.75%. This decision came out a couple days before nonfarm payrolls for the month of January posted a nearly 3x beat over expectations, to +517K new jobs created last month, with an Unemployment Rate sinking to more than a half-century low, 3.4%. Might we expect the Fed Chair to speak a bit more harshly on these conditions, inflationary as they potentially are?
As we mentioned yesterday, this week does not appear to have the same market impact as last week — or next week, with its CPI, PPI and housing numbers throughout — but it does have a couple other events worth mentioning: aside from Fed Chair Powell speaking, Vice Chair Michael Barr also makes an appearance this afternoon. And Consumer Credit for December is expected to come down slightly to $26 billion from $28 billion previously.
This morning, we saw the December International Trade Deficit moderate somewhat, to -$67.4 billion from an expected -$68.5 billion. This follows the November print which was revised from -$61.5 billion to -$61.1 billion this morning. Technically, these are better numbers, but we’re still in a deep hole historically with our trade balance, which comes as a shock to no one.
BP (BP - Free Report) reported Q4 earnings this morning, posting an earnings miss for the first time in eight quarters this morning: $1.59 per American Depositary Share (ADS) versus $1.65 expected, though up notably from the year-ago quarter’s $1.23 per ADS. Revenues, on the other hand, jumped notably to $70.36 billion from $59.51 billion anticipated, and $52.24 billion reported in the year-ago quarter. A +10% share buyback increase to $7.75 billion was also announced. For more on BP’s earnings, click here.
Questions or comments about this article and/or its author? Click here>>
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
Hurry, Download Special Report – It’s FREE >>
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