Tue, 02/02/2021 – 10:58
E-mini S&P 500 (March): Settled 3765.75, 60.50
E-mini Nasdaq-100 (March): Settled at 13,236.50, up 325.25
U.S. benchmarks steadied the ship yesterday and continued their rebound overnight; all 4 were up nearly 1% ahead of the opening bell. Today’s economic calendar is rather quiet: we look to New York Fed President John Williams speaking at 1:00 p.m. CT.
The U.S. Dollar Index is trading at 2-month highs and finding tailwinds today from an underwhelming Eurozone Q4 GDP. However, the Chinese Yuan against the U.S. Dollar is paring some of yesterday’s losses. U.S. Dollar strength isn’t the only headwind to risk assets: the Treasury market is lower, as well. The 10-year yield is back above 1.10%, and although this isn’t a true headwind right here and right now, a decisive move through 1.15-1.20% will raise caution.
On the earnings front, Exxon is grabbing headlines with a beat. This comes on the heels of merger talks with Chevron and tailwinds from higher Crude prices. The stock is up 2% despite a $20.1 billion loss in the Q4. Others to report in the Energy space were BP and Marathon Petroleum: BP was down 4% after widely missing estimates. On a brighter note, Marathon Petroleum was up 2.5% after topping revenue expectations.
Additionally, UPS was up nearly 5% after crushing estimates and Pfizer is edging green after missing income but beating on revenue (Blue Line Capital owns MPC, UPS, and PFE). Amazon and Alphabet headline a deluge after the bell.
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