Market Overview
Stock futures rose Friday, driven by continued strength in technology stocks.
Markets will be closed Monday in observance of Martin Luther King Jr. Day.
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Indexes & Sectors
Major Indexes: S&P 500 slightly higher, Nasdaq higher, Dow flat, Russell 2000 slightly higher
Leading Sectors: Technology, Industrial, Energy
Lagging Sectors: Materials, Utilities, Consumer Staples
Economic Calendar
Time (ET) | Report | Actual | Forecast | Previous |
|---|---|---|---|---|
9:15am | Industrial production (Dec.) | 0.1% | 0.2% | |
9:15am | Capacity utilization (Dec.) | 76.0% | 76.0% | |
10:00am | Home builder confidence index (Jan.) | 40 | 39 | |
10:50am | Boston Fed President Susan Collins opening remarks | |||
11:00am | Richmond Fed President Tom Barkin speaks | |||
11:00am | Fed Vice Chair for Bank Supervision Michelle Bowman speaks | |||
3:30pm | Federal Reserve Vice Chair Philip Jefferson speaks |
Stocks In The Spotlight
ImmunityBio (IBRX): The biotech company jumped after giving strong guidance for its bladder cancer drug Anktiva, saying it expects full-year revenue from the drug to increase dramatically.
QXO (QXO): The stock dropped after the company announced a large common stock offering to raise money for general corporate needs and future acquisitions, alongside preliminary quarterly results.
PNC Financial (PNC): Shares climbed after the bank reported better-than-expected quarterly earnings and revenue and gave upbeat longer-term growth guidance.
AST SpaceMobile (ASTS): The company gained after being selected as a prime contractor on a U.S. Missile Defense Agency program, allowing it to compete for future defense contracts.
Micron Technology (MU): Shares rose after a company director disclosed a sizable personal purchase of Micron stock, signaling confidence in the company.
Rocket Lab USA (RKLB): The stock advanced after Morgan Stanley upgraded its rating and raised its price target, citing improved outlook for the space technology company.
Sigma Lithium (SGML): Shares fell after Brazilian authorities shut down several waste piles at its main mine due to safety concerns.
HP Inc. (HPQ): The stock declined after Barclays downgraded the company, citing weaker fundamentals and lowering its price target.
J.B. Hunt Transport Services (JBHT): Shares slipped after the company reported mixed quarterly results, with earnings beating expectations but revenue falling short; management highlighted strong cost savings and productivity gains.
Regions Financial (RF): The stock moved lower after the bank reported quarterly results and issued tax-rate guidance, despite highlighting record performance in parts of its business.
M&T Bank (MTB): The stock ticked higher after the bank reported strong quarterly and full-year earnings, driven by higher net interest income and lower credit losses.
Coupang (CPNG): Shares moved higher after Deutsche Bank upgraded the stock to Buy, saying most regulatory concerns are already reflected in the share price.
State Street (STT): Shares edged down after the company released quarterly and full-year financial results showing modest revenue growth.
Momentum Stocks
(Stocks showing elevated volume and notable price movement)
Gainers: FIGR, CMPO, NTR, TTMI, MRNA, SNBR, GPCR, MTSI, BLDR, MTH, BW, KRUS
Losers: IRON, INTU, MNDY, MTG, FIG, FVRR, ADSK
Today’s IPOs
Company | Ticker | Managers | Shares | Low | High | Volume |
|---|---|---|---|---|---|---|
FG Imperii Acquisition | FGIIU | ThinkEquity/EarlyBirdCapital | 20 million | 10.00 | 10.00 | $200.0 million |
Infinite Eagle Acquisition | IEAGU | Goldman Sachs | 30 million | 10.00 | 10.00 | $300.0 million |
Disclaimer: This newsletter is for informational purposes only and does not constitute investment advice. Readers should conduct their own research and consider consulting a financial professional before making investment decisions.