Global stocks follow Wall St higher with China closed. Asian stocks follow Wall St higher with China, Korea closed. 3 No-Brainer Buy the Dip Stocks.
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Wednesday, February 2nd |
| Good Morning Equities continued their rebound on Tuesday with the S&P 500 up about three-quarters of one percent by the end of the day. The rebound may be losing steam, however, because the move was small relative to the prior two sessions and faces stiff resistance at the short-term moving average. If the S&P 500 index can not get back above the 30-day moving average within the next few days to a week the market could be in for a retest of the recent lows. That retest may be caused by earnings, this week more than 20% of the index reports for the Q4 period, and so far the reports have not been inspiring. At best, consensus estimates are being beaten but the outlook for Q1 and Q2 2022 earnings growth is dimming. The economic data is not helping with the earnings picture. The data is expansionary but the bulk of Tuesday's report revealed ongoing labor shortages and rising labor costs which are underpinning inflation. The non-farm jobs report is due out on Friday and is expected to show more of the same. The consensus estimate is a mere 166,000 net new jobs and a dramatic slow down from the previous few months. Featured: NFTs to Grow 1000% (ad)  |
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