Stock Market Today: February 12th - 16th, 2024

Welcome StonkForums to the trading week of February 12th!

This past week saw the following moves in the S&P:


S&P Sectors End of Week:


Major Indices End of Week:


Major Futures Markets End of Week:


Economic Calendar for the Week Ahead:


What to Watch in the Week Ahead:
(N/A.)

 

Bitcoin Blasts Off As 'Euphoric' Stocks Do Something They Haven't Done In 52 Years...
FRIDAY, FEB 09, 2024 - 04:00 PM

The S&P 500 closed above 5,000 for the first time ever...



...only 39 more green candles to go until the election...



Source: Bloomberg

The S&P 500 jumped 5,000 faster than any other 1,000-point milestone (which of course makes some sense given that they are smaller and smaller percentage changes).

It took 719 sessions for the index to set its latest 1,000-point milestone, much shorter than the 1,227 trading days it needed to get from 2,000 in 2014 to 3,000 in 2019, Bloomberg News reports.

That compares to the 4,168 sessions from 1,000 in 1998 to 2,000 in 2014.

However, as Bloomberg notes, it may take time for the index to settle above 5,000, if history is any guide.

For example, after breaching 2,000 in 2014, the SPX hovered around that level for the next three weeks, only to retreat in the five weeks that followed.

A similar trend can be observed in 2019, when the index crossed 3,000. After rising more, the SPX fell and hovered below it for many weeks after.

...and the S&P 500 is up for 14 of the last 15 weeks for the first time since March 1972...



But, while the S&P 500 is now up 4% from its prior record closing high in Jan 2022, so is Bitcoin; and the dollar is up 8%... and gold up over 12%. The loser in those two years are bonds which are down over 9%...



Source: Bloomberg

Small Caps were the biggest winners this week - amid a constant short-squeeze - followed by Nasdaq (and the S&P), while The Dow ended the week unchanged....



'Most Shorted' stocks ripped higher this week, up over 6% (biggest squeeze in two months)...



Source: Bloomberg

Regional Bank shares ended the week lower, but well of the mid-week lows...



Source: Bloomberg

MAG7 stocks soared for the 5th straight week...



Source: Bloomberg

NVDA just kept on doing what it does...



Source: Bloomberg

...with its market now approaching that of AMZN and GOOGL...



Source: Bloomberg

Tech stocks soared despite yields rising significantly...



Source: Bloomberg

...with the belly of the curve underperforming on the week...



Source: Bloomberg

Rate-cut expectations dropped significantly on the week (with the odds of a March cut below 20% and less than 5 overall cuts now priced in for 2024)...



Source: Bloomberg

Bitcoin soared back above $48,000 - erasing the 'sell the news' post-ETF declines - at its highest 'close' since Dec 2021...



Source: Bloomberg

...thanks to the ongoing net inflows into spot ETFs (which in aggregate are now above $2.1BN)...



Source: Bloomberg

The dollar was basically flat on the week, holding gains from last Friday's post-payrolls surge...



Source: Bloomberg

The dollar's modest gains were gold's modest losses on the week...



Source: Bloomberg

Oil prices rallied back this week with WTI back above $77 intraday, erasing last week's punishment...



Source: Bloomberg

Finally, 'tick tock'...



Source: Bloomberg

NVDA earnings? Bank crisis? CPI re-ignition? Animal-Spirits 2.0?



Source: Bloomberg

March is gonna be lit...

 

There’re Reasons to Be Optimistic About Productivity


Productivity growth surged at an annual rate of 3.9% over the last three quarters of 2023, which is the largest non-recessionary gain we’ve seen since the late 1990s, and more than double the pace of productivity growth between 2005 and 2019.



As we wrote in our 2024 Outlook, “Seeing Eye to Eye” (download here), productivity growth is a game-changer for the economy. Higher productivity means workers can have strong income gains without putting upward pressure on inflation. This in turn allows the Federal Reserve to back off from running interest rates at a very high level. Easier rates and the promise of higher demand, thanks to stronger incomes, can spur business investment – into labor, technological equipment, and structures – all of which can further boost productivity. That’s the virtuous productivity cycle, pictured below, which we last experienced in the late 1990s.



The good news is that we could be poised for another resurgence in productivity, at least above the low levels we experienced over the last decade and half.

A Strong Labor Market Is Key
There was a lot of hiring in 2021 and 2022, with the economy more than recovering all the jobs lost in 2020. However, newly hired workers are not immediately productive – businesses have to invest in training them. Also, businesses have an incentive to invest more when labor markets are tight. If a worker can get higher pay by switching jobs, which is what we saw in 2021-2022, employers may have to pony up more to keep them. At the time, it looked like productivity was falling. However, all this investment in labor bore fruit in 2023, and productivity started to surge.

Hiring did ease in 2023, but it was more normalization than a slowdown. The economy still created over 3.0 million jobs in 2023. As I wrote a week ago after the January payroll report was released, most indicators suggest the labor market is as strong as it was back in 2019. Wage growth is running above the pre-pandemic pace. Despite this, annual inflation fell from 5.4% at the end of 2022 to 2.6% at the end of 2023 (using the Fed’s preferred measure, the personal consumption expenditure price index). Why did strong wage growth not lead to upward pressure on inflation? Productivity growth, amid supply chain improvements. Consumption actually ran above trend in 2023, but a more productive workforce was able to produce more goods and services to keep inflation at bay.

All of which is why the Fed was able to stop hiking rates by July 2023, and is now potentially eyeing rate cuts, which gets us to what could drive productivity gains going forward.

Artificial Intelligence (AI) Is Not a Big Driver, but It’s Early Days Yet
There’s been a lot of focus on generative artificial intelligence (AI) and its prospects to boost productivity. The reality is that we haven’t seen the impact of AI yet on a broad economic level. After adjusting for inflation, investment in information processing equipment is running below the 2017-2019 trend. It did pick up in the fourth quarter, but clearly we have some ways to go.



The productivity surge in the late 1990’s came on the back of a boom in business investment, and notably, investment in computer equipment. As Preston Mui, an economist at Employ America, points out, investment in computer equipment made a significant contribution to GDP growth between 1995 and 1999 (side note: I highly recommend their series on productivity “The Dream of the 90’s”). Investment in software is actually calculated as part of “intellectual property products investment” within GDP, and even this played a big role, as you can see in this chart from the folks at Employ America.



Coming to today, the good news is that we just got a surge in productivity growth without much of a contribution from AI. But going forward, over the next several years, AI could turn out to be a significant driver. Companies are increasingly investing in AI, and it’s going to take time for that to turn into increased productivity.

The key is that we need investment to rise above the recent trend, and that’s going to get a boost if the Federal Reserve pulls back on their aggressive interest rate stance. We believe they are going to start that process in a few months, especially as inflation continues to ease. Lower inflation combined with income growth that is propelled by a relatively strong labor market will keep consumption (and the economy) humming. That’s another key factor that will push businesses to invest. In contrast, if companies believe economic growth is going to ease to the relatively low levels we saw last decade, there’s going to be less incentive to invest.

The good news is that the latest earnings season shows forward expectations of capital expenditures (capex) for companies in the S&P 500 continuing to push higher. Over the 6 years from 2014 to 2019, forward capex rose 22%. Since the end of 2021, through January 2024 (2 years and 1 month), forward capex has grown 21%.



We believe the economy may have turned the page on the last decade of lackluster economic growth and low productivity, which is also why we’re overweight equities in our strategic Carson House View portfolios, and overweight U.S. equities in particular. As we wrote in our 2024 Outlook, “seeing eye to AI” on productivity, it is not so much about the immediate impact of AI on economic growth, but rather the forces that create and foster it. AI itself is a strategic play that can support the long-term growth of corporate profits. And in the near term, it’s about continued innovation that investment makes possible.

Seasonality of #Bitcoin Update: 2024 $BTC Tracking

My 9/26/23 groundbreaking seasonal #BTC study w/ @crypto_birb on September 26,2023, right at the seasonal sweet spot predicted Q4 rally. $BTC delivered and ripped higher from October to early January. The big SEC spot Bitcoin ETF approval was a classic sell on the news event. In 2024 Bitcoins is once again tracking seasonals. This suggests a rally to mid-late-Feb then dip to Ides of March ahead April 2024 halving.

Welcome to the Year of the Dragon and Why We Remain Cautious on China


“Bulls make money, bears make money, and pigs get slaughtered.” -Old Wall Street saying

We already had our New Year here in the United States, but the Chinese New Year begins on February 10th and with it the Year of the Dragon. The Dragon is very important in Chinese culture and it will be quite the celebration. Although we would never suggest investing based on the zodiac signs, it is fun to note that the Year of the Dragon has historically been fairly strong for stocks, although stocks really did like the current Year of the Rabbit, which is set to end soon.

There are 12 Zodiac signs in the following order: Rat, Ox, Tiger, Rabbit, Dragon, Snake, Horse, Goat, Monkey, Rooster, Dog, and Pig. Each sign is named after an animal, and each animal has its own unique characteristics. Someone born during the Year of the Dragon tends to partner well with an Ox or Rooster and tends to be philosophical, organized, intelligent, intuitive, elegant, attentive, and decisive.

Since the Chinese New Year typically starts between late January and mid-February, we looked at the 12-month return of the S&P 500 Index starting at the end of January dating back to 1950. And wouldn’t you know it? The Year of the Dragon has been up five out of six times and up a median of 11.5%. But if you look closer below, you’ll notice that stocks see double digit returns only every other appearance of the Year of the Dragon, which could mean this time it’s due for a breather.



Here’s how all 12 signs have done since 1950. Turns out the Year of the Goat has the strongest returns, but you’ll have to wait till 2027 to see that one again. More bad news—the Year of the Snake is the worst performer and that takes place after the Dragon next year. Lastly, we found it amusing that animals with horns saw some of the best returns, while a slimy reptile like the snake or a dirty little rat saw the worst. Given Dragons have horns, maybe this will be a nice year for the bulls?



Similar to the Super Bowl Indicator, we would NEVER suggest you invest based on things like who wins the Super Bowl, signs of the Zodiac, how many times they show Taylor Swift on Sunday, or whether Travis Kelce proposes to her after the game. Still, it is fun to look at once a year!

Regarding China, we have been underweight emerging markets (EM) for more than a year now, mainly due to our overall concerns about China, which currently makes up about 25% of the MSCI EM Index.

China’s economic growth has been slowing and incredibly, US nominal GDP grew more (5.8%) last year than China’s (5.0%). Virtually no one had that on their bingo card this time a year ago. Much of China’s economy is based on investment spending (43% of GDP) compared with the US, which is mainly consumer based (nearly 70% of GDP is consumer spending). Given much of China’s investment is based on real estate and debt, the ongoing property investment crash in China will continue to hinder any recovery. In fact, property investment was down 10% last year, compared with up 10% in 2018 and 2019 before the pandemic.

Here are some stats from Sonu Varghese, Global Macro Strategist, on China’s real estate issues:

• In March 2021, China was building residential property at a rate of 1.71 billion square meters per year.
• That was cut in half, to ~ 881 million square meters, by December 2022.
• As of October 2023, it’s been cut by another 20%, to 699 million square meters.

Additionally, China has a lot of debt (so does the US), but most of their debt is private debt, which can be a much bigger issue than public debt (like the $34 trillion our government has racked up).

More from Sonu on this:

• Significant amounts of private debt are actually more detrimental than public debt, and a big risk factor, for an economy.
• Private debt is serviced with revenues from business operations.
  • If there’s a slowdown, private sector revenues contract.
  • The contraction is even more severe if there is leverage.
  • That is what happened in the US in 2008 (high household debt) and in 2001 (high corporate debt).

Will the (year of the) Dragon slay the Bear in China

This Saturday, February 10, is Lunar New Year or Chinese New Year and it will usher in the year of the dragon. Traditionally, the dragon has been a symbol of good luck, strength, and health. All of which have been lacking for China’s Shanghai Comp and Hong Kong’s Hang Seng indexes as both have languished since peaking in late 2021. Some signs of a possible turnaround have begun to materialize with both indexes rebounding off their respective 2024 lows.

Historically, trading ahead of the Lunar New Year has been bullish on average with the Hang Seng index solidly advancing during the 30-trading days before the holiday. The Shanghai Comp has also tended to rise, but gains were in the final few trading days before the holiday. After the holiday passes and trading resumes, Shanghai Comp has taken the advantage over the following 60-trading days with gains continuing. Hang Seng has tended to drift into a sideways trading pattern but still produced a modest gain.

Not All Rate Cuts Are the Same


“The Fed’s job is to take away the punchbowl, just as the party is getting good.” William McChesney Martin Jr., the ninth Chair of the Federal Reserve of the United States (Fed)

Rate cuts are coming, but after last week’s Fed meeting and then Chairperson Powell’s appearance on 60 Minutes on Sunday, the expectations are the first cut will probably be in May, not March. The odds were in the March camp this time a few weeks ago, but stronger economic data and direct comments from Powell have pushed market expectations to May.

We’ve long been in the camp that the first cut would be May and pushed back against March. Think about it like this: The Fed was very wrong when they told anyone and everyone that inflation was ‘transitory.’ That didn’t go so well, so now we think they’ll want to be extra careful on the other side before cutting, as the biggest worry is they cut too soon and inflation comes roaring back, especially in an election year. Of course, the Fed and Washington politicians are totally separate and no one would ever think like that .

The bottom line is the Fed probably wants to see a few more months of data that indeed confirms inflation isn’t an issue. Our take for many months now has been that inflation is last year’s problem and the door is wide open for cuts, with annualized core PCE (the Fed’s preferred measure of inflation) running sub 2% the past 3 and 6 months. Yes, over the past year it is still above the Fed’s mandate of 2% inflation, but the more recent tame inflation numbers are what matters more in our opinion, not what was happened a year ago.



Let’s talk more about rate cuts, as there are greatly varying opinions out there. Here’s the thing—many think the Fed cutting rates is a sign we’re in or near a recession. It is true that some rate cuts have come during times of economic weakness, even recessions. Many immediately think about 2001, 2007, and 2020 as times the Fed cut to stimulate the economy amid troubles. Here’s the truth: Not all rate cuts are the same, as some take place during what we would call periods of normalization.

A normalizing first cut is a cut that takes place likely after the Fed hiked to slow things down, the economy wobbled but didn’t fall into a recession, and then began to expand again amid lower inflation. Think of this like the first cuts in 1984, 1995, and 2019. Then of course there are what we’d classify as panic cuts. Think times like after the 1987 crash, the fall of 1998 during the Russian ruble and Long-term Capital Management crises, and of course March 2020.

Breaking it down by these three types of cuts shows very interesting results. When the Fed cut during a recession, the S&P 500 has been down an average of more than 14% only three months later and down nearly 12% a year later! Compare that with a cut to normalize and stocks are up nicely across the board and higher 13.2% on average a year later. Panic cuts see the best performance, up 17.4% a year later. That makes sense, as times of panic and pure fear are historically great buying opportunities. As Sonu Varghese, our VP, Global Macro Strategist, has noted time and time again, we simply aren’t seeing any signs of a recession on the horizon and believe any cuts now would be to normalize.



Another way to look at this is the Fed hiked rates more than 5%, from virtually 0% after the pandemic to 5.50% in order to slow down the generational inflation we were seeing. Well, now that inflation is no longer an issue, the door is wide open for a few cuts this year. We think four total cuts (0.25% each) starting in May makes a lot of sense.

But will the Fed really cut with the stock market at an all-time high? Let’s remember their dual mandate, which is full employment and stable prices. Nowhere does it say how stocks are doing should matter, but the world isn’t so black and white. Still, I looked back and found 20 other times they cut when the S&P 500 was within 2% of an all-time high (based on the day before the cut) and wouldn’t you know it, stocks were higher a year later EVERY. SINGLE. TIME.



2019 was the last time we saw this. You have to go back to the mid-‘90s before that. We’ve said many times we see many similarities between the mid-‘90s and now. Both periods saw an aggressive Fed amid an economy that avoided a recession, inflation tame, strong wages, and high productivity. We think we are going to see additional productivity strength, which is the key to all of it. High productivity allows the Fed to cut rates and not worry about higher inflation, while wages stay strong. Bottom line, the Fed has cut near all-time highs before and usually it has been a bullish development.

For fun, did you know that Jerome Powell took over at the Fed six years ago? That’s right, on February 5, 2018 he was sworn into office. Turned out the Dow fell 4.6% that day for the worst first day ever out of 16 total Fed chairs. Was it due to him? Not at all, as this was the first day of the trade war with China.

How have stocks done under his leadership? The Dow is up 51% since he took charge, right in the middle of the pack, so after a rough start it clearly came back nicely. The best return ever? Alan Greenspan, with Volcker coming in second. Only once did stocks fall over any Fed Chairman’s tenure and that was Eugene Meyer during the Great Depression, highlighting that the path for stocks is usually higher.



Of course, Greenspan was in charge a very long time, second only to Martin and his 19 years, so they should have higher returns all things considered. Below I annualized things. Janet Yellen might go down as the shortest leader at the Fed ever, but she was quite mighty in terms of market performance. I was rather surprised to see the annualized return for Volcker coming in so high, as when you think of his leadership, you also think of higher inflation and higher rates. Guess it isn’t that simple. Then poor Meyer checks in with an annualized loss of more than 30%. Ouch.



AI Craze Closing In On Crypto Craze
Mon, Feb 5, 2024

Last Friday's Bespoke Report was our quarterly Equity Market Pros and Cons edition. In it, we noted the boom of artificial intelligence both in terms of search interest (measured by Google Trends data) and mentions of the term in the earnings calls of mega caps. Google Trends data measures how much a given term(s) is being searched for on Google's search engine. That interest is indexed with 100 being the peak in searches. Thus a reading of 75 would be when search interest is 75% of said peak, 50 would be 50% of the peak, and so on. Google Trends also allows for comparisons across multiple terms to evaluate relative search interest.

Given the topic of AI is extremely in vogue, we wanted to compare how search interest stands up to bitcoin, which before AI was the last tech craze among investors and the general public. Bitcoin, and crypto more broadly, came into the mainstream as the next big thing in tech in late 2017. As shown below, December 2017 would mark the height of Google searches for "Bitcoin". A few years later in early 2021 when meme stocks were all the rage, search interest for Bitcoin again spiked, but that has been the closest it has come since to returning to 2017 levels of interest. Meanwhile, AI has come to the forefront.

As shown below, searches for "artificial intelligence" or the abbreviation "AI" began to explode higher a little over a year ago with the launch of ChatGPT. Search interest for each of those terms has not ceased rising, and all three just hit record highs last week. As for the actual index values versus Bitcoin, the Trends score for "artificial intelligence" has climbed to 56 and the index for "AI" has gone even higher to 65. That means that search volumes for "AI" are currently around two-thirds as high as search volumes for "Bitcoin" were at the peak in late 2017. That is to say that (as if it wasn't obvious) AI is the buzzword of the time, but it's not quite as buzzy (yet) as Bitcoin was several years ago.



While AI-related searches have quickly risen in popularity, the pace hasn't been as rapid as it was for Bitcoin. In the chart below we show Google Trends scores for the same terms as above, but for each one, we show the two years before their respective peaks. While the bulk of the increase to peak searches for Bitcoin in 2017 occurred in just a few months, the more recent growth in AI searches appears to have been much more steady. That offers at least one counterpoint to assuage concerns over AI being a fad.

Taylor Swift Isn’t the Only One Feeling Good, More Americans Are Too


Consumer confidence has been rising recently. Maybe it’s Taylor Swift, and her weekly Sunday appearances. Or maybe it’s rising stock prices, rising home prices, and falling gas prices. Ultimately, perhaps the best signal to draw from rising confidence is that the labor market is strong. Keep in mind that the close to 70% of the US economy is made up of consumer spending, and since consumption is driven by incomes, a strong labor market holds the cards when it comes to the economy.

The Conference Board’s Consumer Confidence Index jumped by 6.8 points to 114.8 in January, taking it to the highest level since December 2021. Consumer confidence remains below levels we saw in 2018-2019, but the recent surge is welcome, after almost two years of depressed sentiment.



The big driver of the jump was how consumers feel about present conditions, specifically job availability and business conditions. The Present Situation Index jumped 14.1 points to 161.30, the highest level since the pandemic hit in March 2020. In contrast, Americans are still relatively concerned about the future, with the Expectations Index – measuring expectations of future household income, job availability, and business conditions – still hovering well below levels we saw before the pandemic. It has risen over the last three months, which is positive, but we have quite a ways to go. The good news is that consumers’ perceived likelihood of a recession over the next 12 months continued to fall, hitting the lowest level since August 2022 at 66%.



Consumers Are Telling Us the Labor Market Is Strong
Later this week, we’ll get the December payroll report, which is the most comprehensive early look into the status of the labor market. However, the fact that consumer’s appraisal of the present situation surged in January suggests that the labor market is in a very healthy place.

In fact, the number of survey respondents saying “jobs are plentiful” rose by 5.1%-points to 45.5%, the highest level since April 2023. At the same time, respondents saying “jobs are hard to get” fell 3.3%-points to 9.8%, the lowest since March 2022.

The difference between the two is called the “Labor Differential Index,” and as you can probably guess, that jumped as a result. It surged 8.4 points to 35.7, which puts it above the 2019 average of 33.3. Outside of the pandemic recovery in 2020-2021, the increase in January is the largest we’ve seen in the history of this index (since the late 1970s). Historically, it correlates strongly with the unemployment rate, a large value corresponding to a low unemployment rate and vice versa.



What consumers are telling us also corroborates with other “hard” data we got this week. Layoffs continue to run relatively low. In December, the level of layoffs was around 1.62 million, well below the 1.8 million we saw before the pandemic. Keep in mind that the workforce is also larger now. If we normalize for that, the “layoff rate,” or layoffs as a percent of the workforce, is running at a historically low 1.0%. For perspective, it was running around 1.2-1.3% in 2018-2019. (Note: I’ve truncated the y-axis in the chart below, to provide more clarity, since layoffs surged in March – April 2020 and overwhelms everything else.)



Big picture, the economy is in a good place, especially the all-important labor market, and consumers are starting to perceive it as such. Strong incomes are what pushes consumption higher, and that’s good for economic growth, as well as company revenues and profits.

Another huge benefit of a strong labor market and strong incomes, along with falling inflation, is that the economy is less dependent on credit as a driver of growth, for households, but also for businesses. It allows businesses to fund expansion with profits, as opposed to solely debt financing. This is a big reason why we saw economic growth run above trend in 2023, even as bank lending eased to 2% year over year, well below the historical run rate of around 5%. That’s another way in which we may be in a different sort of economic environment than what we’ve experienced since the 1980s – one that is fueled by incomes rather than credit.

That’s a big reason to feel good.

 

Here are the percentage changes for the major indices for WTD, MTD, QTD & YTD in 2024-



S&P sectors for the past week-

 

Here are the current major indices pullback/correction levels from 52WK highs as of week ending 2.9.24-


Here is also the pullback/correction levels from current prices


Here are the current major indices rally levels from 52WK lows as of week ending 2.9.24-

 

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Here are the upcoming IPO's for this week-

 

Stock Market Analysis Video for February 9th, 2024
Video from AlphaTrends Brian Shannon


ShadowTrader Video Weekly 2/11/24
Video from ShadowTrader Peter Reznicek
(VIDEO NOT YET POSTED.)

 

StonkForumers! Come join us on our stock market competitions for this upcoming trading week ahead!-

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StonkForums Weekly Stock Picking Contest & SPX Sentiment Poll (2/12-2/16) <-- click there to cast your weekly market direction vote and stock picks for this coming week ahead!

Daily SPX Sentiment Poll for Monday (2/12) <-- click there to cast your daily market direction vote for this coming Monday ahead!

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It would be pretty sweet to see some of you join us and participate on these!

I hope you all have a fantastic weekend ahead!

 

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Here are the most anticipated Earnings Releases for this upcoming trading week ahead.

***Check mark next to the stock symbols denotes confirmed earnings release date & time***

Monday 2.12.24 Before Market Open:

Spoiler: CLICK HERE TO VIEW MONDAY'S AM EARNINGS TIMES & ESTIMATES!

Monday 2.12.24 After Market Close:

Spoiler: CLICK HERE TO VIEW MONDAY'S PM EARNINGS TIMES & ESTIMATES!

(T.B.A.)

Tuesday 2.13.24 Before Market Open:

Spoiler: CLICK HERE TO VIEW TUESDAY'S AM EARNINGS TIMES & ESTIMATES!

(T.B.A.)

Tuesday 2.13.24 After Market Close:

Spoiler: CLICK HERE TO VIEW TUESDAY'S PM EARNINGS TIMES & ESTIMATES!

(T.B.A.)

Wednesday 2.14.24 Before Market Open:

Spoiler: CLICK HERE TO VIEW WEDNESDAY'S AM EARNINGS TIMES & ESTIMATES!

(T.B.A.)

Wednesday 2.14.24 After Market Close:

Spoiler: CLICK HERE TO VIEW WEDNESDAY'S PM EARNINGS TIMES & ESTIMATES!

(T.B.A.)

Thursday 2.15.24 Before Market Open:

Spoiler: CLICK HERE TO VIEW THURSDAY'S AM EARNINGS TIMES & ESTIMATES!

(T.B.A.)

Thursday 2.15.24 After Market Close:

Spoiler: CLICK HERE TO VIEW THURSDAY'S PM EARNINGS TIMES & ESTIMATES!

(T.B.A.)

Friday 2.16.24 Before Market Open:

Spoiler: CLICK HERE TO VIEW FRIDAY'S AM EARNINGS TIMES & ESTIMATES!

(T.B.A.)

Friday 2.16.24 After Market Close:

Spoiler: CLICK HERE TO VIEW FRIDAY'S PM EARNINGS TIMES & ESTIMATES!

(NONE.)

 

And finally here is the most anticipated earnings calendar for this upcoming trading week ahead-
($SHOP $DKNG $ANET $COIN $DDOG $ROKU $ABNB $UPST $TTD $KO $MNDY $ALB $HOOD $TWLO $WM $AMAT $OXY $LYFT $ET $CSCO $CROX $CDNS $DASH $GOLD $DE $ABR $MGM $APP $TRMB $ZI $AKAM $FSLY $AIG $CAR $BIIB $LSCC $MAR $HUBS $MEDP $UPWK $TOST $ZG $BHF $AEM $QS $HAS $KHC $ACGL $ALX $CME)


If you guys want to view the full earnings post please see this thread here-

• Most Anticipated Earnings Releases for the week beginning February 12th, 2024 <-- click there to view!

 

Top of the morning StonkForumers! Happy Monday to all of you and welcome to the new trading week and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are under an hour into the US cash market open.

GLTA on this Monday, February the 12th, 2024!




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Morning Lineup - 2/12/24 - Anybody Out There?
Mon, Feb 12, 2024

The days after Thanksgiving, July 4th, and Christmas are expected to be quiet, but “Super Bowl Monday” is starting to look like one of those days. US equity futures are little changed this morning, and outside of a merger announcement between Diamondback Energy (FANG) and Endeavor, there’s little in the way of corporate news flow. Economic data? It’s empty. International markets? It’s been quiet there too as several countries in Asia observe the lunar new year. European markets are open for trading, though, and the tone is generally positive.

Heading into the new week, after starting the year on a down note, the S&P 500 has risen for five straight weeks with gains of more than 1% each week. At the sector level, just six of eleven sectors are overbought while Utilities is oversold. The biggest gainers last week were Technology, with a gain of over 2.5%, followed by Consumer Discretionary, Health Care, and Industrials, which were all up over 1%. The S&P 500 is up 5.4% on the year. While Communication Services and Technology have been the largest outperformers, Health Care has also moved into the outperformer column while eight sectors are underperforming, including four sectors that are down on the year.

 

Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Monday, February 12th, 2024.