Mid-Morning Look: December 29, 2022
Mid-Morning Look
Thursday, December 29, 2022
|
Index |
Up/Down |
% |
Last |
|
||
|
DJ Industrials |
329.07 |
1.00% |
33,204 |
|||
|
S&P 500 |
57.67 |
1.52% |
3,840 |
|||
|
Nasdaq |
219.57 |
2.15% |
10,432 |
|||
|
Russell 2000 |
27.14 |
1.58% |
1,749 |
|||
U.S. stocks off to a strong start on this second to last trading day of 2022, with all eleven S&P sectors in the green after yesterday being the last day for tax loss selling to be settled in 2022. The Nasdaq rises as much as 2.1% after closing at 2 ½ year lows on Wednesday, while Treasury yields ease, with the 10-yr down 3 bps to 3.85%, also helping sentiment. Possible causes for the big bounce on the day so far: weekly jobless claims and cont claims rise, something the Fed likely wants to see in their goal to slow wage inflation. Bloomberg also reported overnight that Italy didn’t find any new concerning COVID-19 mutations in the recent arrivals from China who had tested positive for the virus, a positive sign. Keep in mind that markets fell over 1% yesterday and are down between 4%-7% in December already. With yesterday being the last day to sell for 2022 tax loss, today seeing some of 2022 losers rising early. Individual stock news stories quiet as expected heading into the New Year.
Economic Data
· Weekly Jobless Claims rose to 225,000 in latest week from 216,000 (est. 225K); the 4-week moving average fell to 221,000 from 221,250 prior; continued claims rose to 1.710M, the first time above 1.7M since Feb 2022, and above the 1.669 mln prior week; the US insured unemployment rate unchanged at 1.2%
|
Macro |
Up/Down |
Last |
|
||
|
WTI Crude |
-1.49 |
77.47 |
|||
|
Brent |
-1.17 |
82.09 |
|||
|
Gold |
7.00 |
1,822.80 |
|||
|
EUR/USD |
0.0042 |
1.0650 |
|||
|
JPY/USD |
-1.35 |
133.12 |
|||
|
10-Year Note |
-0.02 |
3.866% |
|||
Stock Movers Today
· EDU, GOTU, TAL shares slide after Bloomberg reported overnight that China’s ministry of education published a new set of restrictions
· FSTX slides -36% as CFIUS issues interim order preventing closing of pending merger with Invox Pharma Limited
· HOTH surges over 100% after the FDA accepted an Investigational New Drug application for HT-001 for the treatment for rash and skin disorders
· TGTX +18%; extended gains after FDA approved late yesterday its drug Briumvi
· TSLA +7% after snapping its 7-day losing streak on Wednesday
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Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.