| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3941 Registered: 05-2011 Posted From: 24.164.46.35 Rating: N/A |
Futures market points to another rebound try at the open Factors underpinning the positive bias: Belief market is in oversold condition and due for a bounce (Nasdaq down 10.7% from November closing high) PBOC cut 1-yr loan prime rate 10 bps to 3.70% and 5-yr rate 5 bps to 4.60% A burgeoning belief that the wave of Omicron infections in the U.S. has peaked President Biden concurs Fed needs to make policy moves to help rein in inflation President Biden not ready to lift import tariffs for China and thinks smaller parts of Build Back Better can still pass UAL and AAL report Q4 results. Both beat expectations but reaction to reports is mixed. Dow component TRV up 3.8% after topping Q4 EPS expectation by large margin Germany's December PPI +5.0% m/m and +24.2% yr/yr 10-yr note yield unchanged at 1.83%; 2-yr note yield up 3 bps to 1.04% WTI crude futures down 0.5% to $86.50/bbl; gold futures down 0.2% to $1839.50/troy oz. Ratings changes of note: Upgrades: CME, ETSY, SEE, THC, UPS, and VRTX Downgrades: AMD, ASH, BLL, BURL, CVNA, F, IP, NXPI, USB, and WMT Econ data: Initial Claims and Philadelphia Fed Index at 08:30 ET; Existing Home Sales at 10:00 a.m. E |