From Nasdaq:

Stock indexes this morning are little changed as they consolidate just below Monday’s record highs. Airline stocks are moving higher after strong Q4 results from United Airlines Holdings and RTX Corp is up more than +7% after reporting strong Q4 earnings. 3M Co is down more than -10% after forecasting weaker-than-expected 2024 EPS.

The U.S. Jan Richmond Fed manufacturing survey current conditions unexpectedly fell -4 to a 3-1/2 year low of -15. The markets are discounting the chances for a -25 bp rate cut at 3% at the next FOMC meeting on Jan 30-31 and 42% for that same -25 bp rate cut for the following meeting on March 19-20. Overseas stock markets are mixed, with the Euro Stoxx 50 is down -1.03%, China’s Shanghai Composite Index closed up +0.53%, and Japan’s Nikkei Stock Index closed down -0.08%.

Stock movers include RTX Corp, up more than +7%, United Airlines Holdings, up +6%, and Verizon Communications, up more than +5%. On the other hand, 3M Co, DR Horton, Invesco, and Johnson & Johnson are all down by more than -2%.

In the markets, the dollar index (DXY00) today is up +0.35%, EUR/USD (^EURUSD) is down by -0.46%, and swaps are pricing in the chances for a -25 bp rate cut by the ECB at 2% for its next meeting on January 25 and 18% for the following meeting on March 7. USD/JPY (^USDJPY) is up by +0.24%. The BOJ raised its 2024 GDP forecast to +1.2% from +1.0% previously and cut its 2024 core CPI estimate to 2.4% from 3.8%. Swaps are pricing in the chances for a +10 bp rate increase by the BOJ at 23% for its next meeting on March 19 and at 50% for the following meeting on April 26.

February gold (GCG24) today is up +0.17% and Mar silver (SIH24) is up +1.09%. Gold and silver prices this morning are moderately higher due to increased demand as a store of value after the BOJ kept its negative interest rate policy.



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