CFRA Chief Investment Strategist Sam Stovall comments on fourth quarter results and the Federal Reserve’s planned rate hikes this year to fight inflation.
US stocks rallied midday Monday as investors end a volatile month and ahead of another busy week for earnings.
The Nasdaq Composite took the lead with a 2.3% rise as Tesla and Netflix led the gains.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| I: COMP | NASDAQ COMPOSITE INDEX | 14126.568689 | +356.00 | +2.59% |
| TSLA | TESLA INC. | 930.22 | +83.87 | +9.91% |
| NFLX | NETFLIX INC. | 423.42 | +39.06 | +10.16% |
The Dow Jones Industrial Average rose more than 200 points or 0.6%, reversing morning losses and the S&P 500 rose 1%.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 34974.14 | +248.67 | +0.72% |
| SP500 | S&P500 | 4491.92 | +60.07 | +1.36% |
For the month, all three major averages are down, with the Nasdaq the worst at over 10%.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 199.31 | +8.72 | +4.58% |
Boeing rose after announcing a new $6.8 billion order from Qatar Airways for GE9X engines as part of its global launch order for up to 50 Boeing 777-8 Freighters. The commitment, which includes 34 firm orders for 777-8s and 16 additional purchase right options, also includes GE90 engines for an additional order for two Boeing 777 Freighters.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| mRNA | MODERNA INC. | 167.86 | +8.39 | +5.26% |
Moderna also surged after the Food and Drug Administration fully cleared COVID-19 use for people 18 and older. Previously, the vaccine was administered via the emergency use classification.
The deal-making was active on Monday, with Citrix Systems confirming it would go private in a deal valued at $16.5 billion as Evergreen Coast Capital Corporation, a subsidiary of Elliott Investment Management LP and of Vista Equity Partners, acquires the company.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| CTX | CITRIX SYSTEMS INC. | 101.64 | -3.92 | -3.71% |
Blackberry sells the majority of its patents related to an old smartphone branch for $600 million to Catapult IP Innovations.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| BB | BLACKBERRY LTD. | 8:20 am | +0.32 | +4.06% |
And JB Hunt Transport Services Inc. buys Zenith Freight Lines from Bassett Furniture Industries, Inc., in a deal valued at $87 million.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| JBHT | JB HUNT TRANSPORTATION SERVICES INC. | 192.50 | +0.60 | +0.31% |
| BSET | BASSETT FUR | 18.12 | +4.18 | +29.99% |
In earnings news, Cirrus Logic and NXP Semiconductor are expected to report on Monday.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| RAW | CIRRUS LOGIC INC. | 87.71 | +2.46 | +2.89% |
| NXP | NUVEEN SEL TF P 3 FD | 15.10 | +0.01 | +0.10% |
Later in the week, technology will be front and center with Amazon, Google and Meta Platforms, formerly Facebook, set to report.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 2,972.22 | +92.66 | +3.22% |
| GOOGL | ALPHABET INC. | 2,695.71 | +28.69 | +1.08% |
| META PLATFORMS INC. | 310.63 | +8.92 | +2.96% | |
Sony Pictures’ “Spider-Man: No Way Home” grossed $11 million over the weekend, according to studio estimates on Sunday, bringing its domestic total to $735.9 million. Marvel’s success accounted for a huge percentage of the month’s ticket sales.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| SONY | SONY CORP GROUP | 111.41 | +4.56 | +4.27% |
In commodities, oil hovered around $87 a barrel ahead of the OPEC meeting this week.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | US OIL FUND LP | 62.32 | +0.36 | +0.58% |
DRUG MANUFACTURERS RAISED PRICES BY 6.6% ON AVERAGE AT THE START OF THIS YEAR
Asian stocks followed Wall Street higher on Monday early in the week when markets in China, South Korea and Southeast Asia close for the Lunar New Year holiday.
CATHIE WOOD’S ARK FACES LOYALTY TEST AFTER TECH-STOCK ROUT
Major cryptocurrencies – Bitcoin, Ethereum and Dogecoin were all down.
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The Associated Press contributed to this report.
