Submitted by Any-Lie-1107 t3_10pxxcb in wallstreetbets
The three major U.S. stock indexes tumbled last night, ending their sixth straight positive day. By the close, the Dow was down 0.77%, the Nasdaq was down 1.96% and the S&P was down 1.3%.
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The 10-year Treasury yield rose 0.998% to 3.542%, a gap of -70 basis points over the two-year yield. The fear index VIX rose 7.73%, Brent crude closed down 2.04% and spot gold continued to rally, down 0.27% at $1,922.61 an ounce. The dollar index continued to retreat from its highs to close at 102.01.
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Dallas Fed Business activity Index for January -8.4, expectations are -15, last month was -18.8. Moody's expects the modest economic cooling in the fourth quarter to continue this year. Traders are betting that ECB rates will peak at 3.5% for the first time since January 11. Markets are fully pricing in a 50 bps rise by the ECB this week for the first time since December 28.
Trending Stocks
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Google fell 2.74% after foreign media said Waymo, Google's self-driving unit, cut jobs and its self-driving trucks department was hurt the most. Research has been released on MusicLM, an AI model that can generate any type of hi-fi music from text descriptions, but Google does not plan to release the model immediately due to concerns about the risks.
SoFi Technologies (SOFI)
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SOFI rose 12.46%, 22Q4 revenue rose 60% year over year, net loss narrowed 64% year over year, and forecast Q1 adjusted revenue of $430 million to $440 million, slightly below consensus of $443.5 million. Meanwhile, Wedbush analyst David Chiaverini maintained a Buy rating on SoFi Technologies today and set a price target of $8.00.
Opportunities
Market is now pricing a 99% chance of Fed raising 25bps in the Feb 1st meeting. Meanwhile, the earnings so far have reflected the US economy is in the recession. Nearly 140 S&P 500 has posted their latest earnings, 70% have exceeded the expectations.
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Under these circumstances, investors should be looking for stocks with the growth and reasonable valuations. Here is the screener for Grow-at-a-reasonable-price stocks.
Growth at a Reasonable Price (GARP) Stocks
View more : https://www.ainvest.com/market-trends/morning-brief/
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