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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3913
Registered: 05-2011
Posted From: 24.164.46.35

Rating: N/A
Votes: 0

Posted on Tuesday, January 11, 2022 - 1:28 pm:   

Midday Market Summary: Nasdaq takes the lead in rebound bid

The stock market is extending yesterday's dip-buying efforts, with the Nasdaq Composite up 1.0% today and up 3.9% since yesterday's low. The S&P 500 is currently up 0.4% while the Dow Jones Industrial Average trades higher by 0.2%.

The major indices were holding modest losses this morning during Fed Chair Powell's confirmation hearing before the Senate. Mr. Powell didn't say anything particularly new, confirming that he thinks the Fed will end asset purchases in March, hike rates over the course of the year, and allow the balance sheet to run off later in the year.

The Treasury market has been subdued, which appears to be giving the stock market the green light in its rebound bid. The S&P 500 energy (+2.6%), consumer discretionary (+1.0%), and information technology (+0.8%) sectors are leading the benchmark index higher.

Conversely, the defensive-oriented utilities (-1.1%), real estate (-0.6%), and consumer staples (-0.7%) sectors underperform in negative territory. IBM (IBM 131.47, -3.57, -2.6%) is an individual laggard after the stock was downgraded to Sell from Neutral at UBS.

Shares of Illumina (ILMN 407.55, +45.27, +12.5%) are rallying 12.5% after the biotechnology company guided Q4 and FY22 revenue above consensus. CVS Health (CVS 106.17, +1.11, +1.1%) raised its FY21 EPS guidance above consensus.

In the Treasury market, the 10-yr yield is down one basis point to 1.76% while the 2-yr yield is unchanged at 0.90% after touching 0.94% prior to Fed Chair Powell's confirmation hearing.

Elsewhere, WTI crude futures are rising 4.0% to $81.32 per barrel to trade at its highest level since November, as the market anticipates oil demand to pick up as the Omicron variant hopefully nears a peak in daily cases.

Today's economic data was limited to the NFIB Small Business Optimism Index, which December increased to 98.9 in December from 98.4 in November.

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