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Stocks Settle Higher, With Earnings a Key Driver

EQUITIES
  • After a mixed open, all three major US equity indices settled higher on Wednesday, with the S&P 500 outperforming despite a more solid start for the NASDAQ.
  • Alphabet (Google) is a particularly source of strength, opening at fresh alltime highs after their report following the Tuesday close. This puts the Communication Services at the top of the pile in the S&P500, with real estate and consumer staples not far behind.
  • Energy and financials are the laggards of the day, with a reversal off the highs in the crude price the primary driver. For bank names, a sharp flattening of the US sovereign curve has sapped margins for financials, prompting underperformance among the likes of Wells Fargo, Bank of America and JPMorgan.
  • Earnings remain a key driver at this stage, with Meta Platforms (Facebook)and Qualcomm both due after market. Full schedule with timings, EPS and revenue expectations here: https://marketnews.com/mni-us-earnings-schedule-sp...
  • Gains in the e-mini S&P are still considered corrective. Price action in January resulted in a reversal of the moving average condition to bearish that suggests short-term gains are corrective. 4576.53, the 50-day EMA has been probed. A decisive break of this resistance would suggest scope for a stronger reversal.
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