Stock Market Analysis for WE January 26, 2024

Source: https://economics.bmo.com/en/publications/detail/34535ad0-5898-489f-bcdf-422028e43709/

Summary:

The stock market weakened in the final hour of trading on Friday, with major indexes posting mixed results after some wavering afternoon action.

Stocks on the Dow Jones Industrial Average ended trading 0.2% higher on Friday. The 30-stock blue chip index finished Friday's session solidly above the 38,000 level after tapping a fresh high intraday.

The S&P 500 also touched another all-time high, but retreated to close the day down 0.1%. Meanwhile, the Nasdaq dipped 0.4% on the stock market today. Small caps on the Russell 2000 edged 0.1% higher.

Elsewhere, the Invesco QQQ Trust (QQQ) fell 0.1%, while the Innovator IBD 50 ETF (FFTY) crept up 0.1%.

Volume fell on the New York Stock Exchange and the Nasdaq vs. the same time on Thursday. The 10-year Treasury yield added 1 basis point to 4.14%.

KLA (KLAC) sank 6.6% after the semiconductor equipment maker topped analyst views for its fiscal second quarter but guided well below forecasts for the current period. The sell-off came after shares reached an all-time Thursday.

科天

Fair Isaac (FICO) tumbled 6.9% after the financial services software company reported lower-than-expected fiscal first-quarter earnings and sales late Thursday. It also gave a fiscal 2024 outlook below analysts' forecasts. The undercut its 21-day exponential moving average. Shares are coming off an all-time high reached on Wednesday.

IBD 50 stock The Bancorp (TBBK), stylized as The Bancorp Bank, soared 7.8% and was extended from the buy zone of a 40.46 buy point of a cup-with-handle base. Shares popped following the financial services company's fourth-quarter earnings that were in line, and higher-than-expected sales numbers. Management also reiterated its 2024 earnings forecast of $4.25 per share.

Earnings Tsunami Looms; 7 Stocks To Watch

Dow Payment Stocks See Mixed Results

Among Dow Jones stocks, Intel (INTC) gapped down 11.9% in heavy volume. The chip giant reported higher-than-expected fourth-quarter earnings and sales, but offered a first-quarter outlook that missed Wall Street forecasts. Intel stock fell below its 50-day moving average, and was the worst performer on the Dow and the S&P 500 Friday.

In other blue chip action, Visa (V) sank 1.7% from Thursday's all-time high. The payment processor reported fiscal first-quarter earnings that beat views but saw payment volume slowing. Visa is extended from a mid-November breakout from a 250.06 buy point out of a cup base. The stock found support at its 21-day line.

Source: https://www.investors.com/market-trend/stock-market-today/stock-market-fades-from-highs-american-express-jumps-to-new-level/

1. Oil Production - https://oilprice.com/Latest-Energy-News/World-News/OPEC-Plans-to-Keep-Oil-Production-Cuts-Unchanged.html
2. Natural gas - https://www.theguardian.com/us-news/2024/jan/26/biden-delays-cp2-louisiana-lng-export-project
3. Manufacturing - https://ca.finance.yahoo.com/news/us-economy-likely-headed-another-201908758.html
4. Consumer prices - https://www.reuters.com/world/us/us-prices-rise-moderately-december-inflation-trending-lower-2024-01-26/
5. Canada competitiveness - https://thebusinesscouncil.ca/publication/improving-canadas-competitiveness/
6. Forestry - https://castlegarsource.com/2024/01/24/government-reports-on-the-state-of-our-forests-are-misleading/
7. Mining - https://www.mining-journal.com/investor-sentiment-report-2024/news/4167231/investors-bolster-mining-positions-2024-rebound
8. Food security - https://everythinggp.com/2024/01/24/city-wide-food-insecurity-survey-finds-nearly-one-in-five-households-cannot-afford-groceries/
9. AG - https://www.dtnpf.com/agriculture/web/ag/news/article/2024/01/23/canadas-first-government-crop-2024
10. Commodities and housing - https://financialpost.com/news/canada-recession-about-housing-versus-commodities

Paul Young CPA CGA is a former IBM Customer Success Manager that has deployed over 300 data and AI solutions across geographies and industries for the past 8 years.

[email protected]

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