Anna Carpenter
Wed, 02/03/2021 – 10:20
Tuesday’s Close
E-mini S&P 500 Futures (March): Settled at 3818.25, up 52.50
E-mini Nasdaq-100 Futures (March): Settled at 13,449, up 212.50
The stocks go marching 2 by 2, hurrah, hurrah! Overnight, the Nasdaq traded within 15 points, or 1/10 of 1% (11 basis points) from its record, and the S&P half of 1%. Those short spurts of panic late last week and Sunday night have allowed the market’s profile to refresh, creating a new sense of enthusiasm. In fact, the market is right back to focusing on news through a glass-half-full lens.
Amazon posted a record Q4 with $125.5 billion in sales. Despite the massive beat, a gloomier market backdrop could’ve zeroed in on founder and CEO Jeff Bezos stepping down and marked it as a negative. Instead, the stock is up more than 2%, trading at 3½-month highs and breaking out of a technical wedge. Of course, it’ll be crucial for Amazon to hold these gains through the session.
Alphabet is adding to the bullish narrative with its own blowout quarter amid strong advertising growth; the stock is up more than 7%. This is the heart of earnings season and after the bell, we’re most eager for PayPal (Blue Line Capital owns Alphabet and PayPal directly and indirectly own Amazon through FDIS).
This week is also very much about jobs data, and Nonfarm Payroll is due Friday. Today, we got the first glimpse of January job growth from the private ADP Payroll survey which reported 174,000 jobs added. Congress passed fresh fiscal measures in December and the jobs landscape seems to be finding traction. However, today’s headline data point will be from the Services sector.
First, final January Services PMI was due at 8:45 a.m. CT. The more closely watched ISM Non-Manufacturing read followed at 9:00 a.m. CT. This afternoon, we look to a deluge of Fed speakers beginning at noon CT with St. Louis Fed President Jim Bullard; followed by Philadelphia Fed President Patrick Harker at 1:00 p.m. CT; Chicago Fed President Charles Evans, a 2021 voter, at 4:00 p.m. CT along with Cleveland Fed President Loretta Mester; and concluding with Dallas Fed President Robert Kaplan at 5:00 p.m. CT.
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