Trading on Wall Street opened with gains in the leading indices. The Nasdaq is up 0.5%, so is the Dow Jones and the S&P 500 is up 0.3%.
15:30
The trading week in the US is expected to open with slight price increases in the leading indexes, and this is against the background of waiting for the consumer price index that will be published tomorrow about an hour before the opening of trading.
Indices bounce back after first negative week in two weeks with the S&P 500 losing about 1% over the past week, the Nasdaq 100 losing about 2%. Friday closed with a mixed trend in the indices as technology stocks pulled the market down with a 0.6% drop In the Nasdaq index, the Dow actually rose 0.5% on the last trading day of the past week.
The pace has indeed decreased, but the report season will still remain in the background this week, today is expected to be crowded mainly after trading with reports from Cadence (CDNS), Arista Networks (ANET), First Energy (FE), Solar Edge (SEDG), Palantir (PLTR) and more. The record of the week in terms of reports, tomorrow before trading Coca-Cola (KO), on Wednesday after trading reports (CSCO).
Bond yields continue to remain at the high levels of 2023, the yield on the 10-year bond is trading unchanged at around 3.74%. The chance of an interest rate increase of 25 basis points at the beginning of March strengthened to 100%.
In Europe, the markets have a positive headwind against the background of the central bank’s expectation that inflation will decrease to a rate of 5.6% in 2023 instead of the previous expectation of 6.1%, mainly thanks to the drop in energy prices and the strengthening of the euro against the dollar. The DEX index rises 0.4%, the French CAC adds 0.8% and the British FTSE rises another 0.4%.
A barrel of oil is trading unchanged at around $79.8 per barrel of light crude.
Shares in titles
Caterpillar (CAT) receives a recommendation downgrade from “Baird” to neutral from excess yield and a target price of $230 per share.
Zillow Group (ZG) rises about 5% in early trading after raising an outperform recommendation by Abercor ISI with a target price of $61 per share.
Polo Ralph Lauren (RL) receives an increase in recommendation by Bank of America Securities to Buy from the holding and a target price of $145 per share.
Mandy (MNDY) is up 10% in early trading after the release of reports that beat the revenue forecast. The company provides an above-expected forecast for the first quarter of the year.
Check Point (CHKP) is trading flat in early trading after the reports. Revenues in the 4th quarter increased by 6% compared to the corresponding period last year. The company announced that it will continue to buy back shares for $2 billion.