Reply To: Traders Market Weekly: Expect the Unexpected


Dow 29432.11 +190.89 (0.65%)
Nasdaq 10437.45 +11.41 (0.11%)
SP 500 3601.10 +12.19 (0.34%)
10-yr Note +1/32 3.93
NYSE Adv 1119 Dec 1786 Vol 251 mln
Nasdaq Adv 1771 Dec 2402 Vol 1.6 bln

Strong: Consumer Staples, Health Care, Information Technology, Communication Services
Weak: Energy, Real Estate, Materials, Utilities

Moving the Market
— PepsiCo (PEP) reporting better-than-expected earnings and guidance, setting a hopeful tone for the Q3 earnings reporting period
— S&P 500 testing, and finding support at, yesterday’s low (3568.45)
— Speculation that the Bank of England will provide more liquidity to the UK gilt market after Friday’s deadline
— Strong mega cap stocks

Pharmaceutical companies are outperforming the broader market today.

Pfizer (PFE 42.51, +0.59, +1.4%)
BioTech SE (BNTX 138.78, +9.29, +7.2%) trade up after confirming the FDA approved their COVID booster vaccine for children five to 11 years of age.
Moderna (MRNA 134.05, +13.35, +11.0%) is trading up on the FDA news but also news that Merck (MRK 91.91, +0.11, +0.1%) exercised an option for joint development and commercialization of investigational personalized cancer vaccine.

Semiconductors lag following INTC news

The U.S. Dollar Index took a sharp turn lower recently from 113.57 to 113.24.

Semiconductors are having another weak session following reports that Intel (INTC 25.19, +0.18, +0.7%) plans to cut thousands of jobs because of PC market weakness, according to Bloomberg. Notably, the company trades up today in spite of the news. The PHLX Semiconductor Index is down 1.0%.