Home   Logon   Mobile Site   Research and Commentary   About Us   Call 1.800.621.1675 or Email Us       Follow Us: 

Search by Ticker, Keyword or CUSIP       
 
 
 
Blog Home
Bob Carey
Chief Market Strategist
Click for Bio

Follow Bob on Twitter Follow Bob on LinkedIn View Videos on YouTube
 

  US Stock Markets Ended Jan. 6, 2023
Posted Under: Weekly Market Commentary
Supporting Image for Blog Post

 

Equites rallied during the first trading week of 2023. Buyers flooded the market as a risk on posture overtook equity markets as technology heavy Nasdaq 100 index returned 0.95% and the S&P 500 index returned 1.47%. The 10-year yield fell over 30bps after the ISM Prices Paid index and weaker wage growth fueled bets that inflation is abating faster than previously believed. In corporate news, Blackstone Inc. shares rallied after they announced a 4-billion-dollar investment from the University of California into their BREIT fund, which had been fielding withdrawal requests above their monthly maximum for some time. The inflow can potentially help to ease some doubts of the stability of the fund which helped to boost shares. Carnival Corp. rallied 14.14% last week after announcing they will be raising prices starting in April, supporting the idea that demand is recovering in the cruise line space as COVID headwinds abate. Salesforce.com Inc. announced a restructuring plan which highlights a 10% reduction in their workforce and a strategic plan to improve operating margins, the business software developer saw its shares rally 5.97% last week. Idaho located french fry maker Lamb Weston started off earnings season with a bang last week after announcing quarterly sales and earnings beat their previous estimates and they raised their fiscal year EPS estimates to $4 per share from $2.85 previously. They credited their ability to pass on price hikes to customers as well as their joint venture into Europe for their outstanding results. Looking ahead to next week all eyes will be on the CPI data expected to be released Thursday morning, other economic releases include import prices, consumer confidence and wholesale inventories. On Friday next week, most mega cap banks are expected to release quarterly results. We expect quarterly reports from CitiGroup Inc., Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp. among others. 

Posted on Monday, January 9, 2023 @ 9:40 AM • Post Link Share: 
Print this post Printer Friendly

These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
Search Posts
MARKET ANALYSIS
Market Commentary and Analysis
Market Commentary Video
Weekly Market Commentary
Weekly Market Watch
Monthly Talking Points
Quarterly Newsletter
Market Observations
Subscribe To Receive Email
 


 PREVIOUS POSTS
US Economy and Credit Markets Ended Jan. 6, 2023
A Snapshot Of How Stocks Have Performed So Far This Millennium
The Only Constant Is Change
US Stock Markets Ended Dec. 30, 2022
US Economy and Credit Markets Ended Dec. 30, 2022
US Stock Markets Ended Dec. 23, 2022
US Economy and Credit Markets Ended Dec. 23, 2022
US Stock Markets Ended Dec. 16, 2022
US Economy and Credit Markets Ended Dec. 16, 2022
This Covered Call Index Tends To Outperform The S&P 500 When Returns Are Modest Or Down
Archive
Skip Navigation Links.
Search by Topic
Skip Navigation Links.

 
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
Home |  Important Legal Information |  Privacy Policy |  California Privacy Policy |  Business Continuity Plan |  FINRA BrokerCheck
Copyright © 2023 All rights reserved.