Tag Archives: Higher

Health

UK scientists say COVID-19 variant likely linked to higher death risk

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United Kingdom scientists have found the U.K. coronavirus variant is likely linked to a higher death risk than other coronavirus variants. 

A new document shows that there is evidence that the U.K. variant leads to more deaths and hospitalizations, but it is not clear why, The New York Times reported. 

It is not clear if the virus is more deadly because it has more of a viral load or if it is due to external factors like it being more prevalent in those who are more at risk for death with the virus. 

The coronavirus vaccines that are on the market are able to defend against the U.K. variant, but it is a cause of concern for many as vaccination rollouts have hit snags in some places around the world. 

The U.K. strand also spreads quicker than other variants, as the United States already has over 800 cases in 37 states. There are a known 82 other countries that have also seen the U.K. variant. 

Despite the variant transmitting faster and likely contributing to more hospitalizations, it is still uncommon for those who are young or are in good health to get seriously ill from the virus. 

Along with the U.K. strand, South Africa and Brazil also have their own strands of the coronavirus that are coming out. Those strands are in the U.S. as well but as are not as prevalent. 



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Business

Tech Stocks Propel S&P 500 Higher

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Technology stocks led the S&P 500 higher Thursday, pushing the broad index toward its first gain in three trading sessions.

Shares of chip companies, IT services providers, electronic equipment and software companies all rallied, pulling tech stocks in the S&P 500 up about 1%. Those gains, while most other sectors were either marginally higher or trading in the red, led the S&P 500 up 0.2% in midday trading following two straight days of losses.

That also helped pull the Nasdaq Composite up 0.4%, while the Dow Jones Industrial Average, which has less exposure to tech compared with the S&P 500, was mostly flat after notching a record a day earlier.

Some solid earnings supported the gains, along with ongoing expectations of additional relief measures by Congress to support the economy, analysts and investors said. The latter got a boost after fresh data showed that 793,000 Americans applied for first-time unemployment benefits in the week ended Feb. 6, while new applications for the prior week were revised higher to 812,000.

“There is still obviously a significant number of jobs that have been lost, and there is clearly a need for more fiscal support,” said Shoqat Bunglawala, head of multiasset solutions, international, at Goldman Sachs Asset Management.

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Business

USDA’s ending stocks not as tight, corn market ends lower, soybeans higher

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The U.S. corn and soybean ending stocks are not tightening as much as expected, according to the USDA Tuesday.

In its February Supply/Demand and WASDE Reports, the USDA printed bigger corn and soybean carryout estimates than trade estimates, resulting in a mild market reaction.

At the close, the March corn futures finished 7¢ lower at $5.56 3/4. May corn futures settled 7 1/4¢ lower at $5.54 1/2. New crop December corn futures closed 2 1/2¢ lower at $4.55 3/4. 
 
March soybean futures finished 14 1/4¢ higher at $14.01 3/4. May soybean futures ended 12 3/4¢ higher at $13.98 3/4. New crop November futures are 11¢ higher at $11.90 3/4.

March wheat futures settled 6 3/4¢ lower at $6.49 1/2. 

March soymeal futures finished $2.10 short term higher at $438.70.

March soy oil futures closed 0.89 higher at 46.52¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.46 per barrel higher (+0.79%) at $58.43. The U.S. dollar is lower, and the Dow Jones Industrials are 44 points higher (+0.14%) at 31,430 points.

U.S. Carryout

On Tuesday, the USDA pegged the U.S. 2020/2021 soybean carryout at 120 million bushels vs. the trade’s expectation of 123 million bushels and the USDA’s January estimate of 140 million bushels.

For corn, the USDA sees the 2020/2021 ending stocks at 1.50 billion bushels vs. the trade’s expectation of 1.39 billion bushels and the January estimate of 1.55 billion bushels.

The U.S. wheat ending stocks are pegged at 836 million bushels vs. trade’s expectation of 834 million and the USDA’s January estimate of 836 million.

World Ending Stocks
 

In its report, the USDA pegged the world’s 2020/21 corn ending stocks at 286.5 million metric tons vs. trade’s expectation of 279.79 million metric tons and the USDA’s January estimate of 283 mmt.

For soybeans, the world ending stocks are pegged at 83.4 mmt. vs. the trade’s expectation of 83.30 mmt. and the USDA’s January estimate of 84.31 mmt.

For wheat, the world ending stocks are pegged at 304.2 mmt. vs. the trade’s expectation of 312 mmt. and the USDA’s January estimate of 313 mmt.

South America’s Crop Production

The USDA pegged the 2020/2021 Brazil soybean output at 133.0 mmt. vs. the trade’s expectation of 133.0 mmt. and the USDA’s January estimate of 132 mmt.

For Brazil’s corn production, it was pegged at 109 mmt. vs. the trade’s expectation of 108 mmt. and the USDA’s January estimate of 102.0 mmt.

For Argentina, the USDA pegged its soybean output at 48.0 mmt. vs. the trade’s expectation of 47.6 mmt. and the USDA’s January estimate of 48.0 mmt.

Argentina’s corn output is pegged at 47.5 mmt. vs. trade’s expectation of 47.0 mmt and the USDA’s January estimate of 47.5 mmt.

Trade Reaction

Peter J. Meyer, S&P Global Platts, head of grain and oilseed analytics, says that the corn market was disappointed with just a 50-million-bushel increase in corn exports. 

“Many, including S&P Global Platts, were expecting a 150-million-bushel increase on the heels of the record Chinese purchases at the end of January, but the USDA’s World Board continues to be reactive rather than proactive,” Meyer says.  

Meyer added, “The structural imbalance, demand minus production, in China now stands at 28.3 million mt. against our 29 million mt. forecast.  We believe that number can stretch to 32 million mt. next year, pushing Chinese corn imports as high as 30 million MT in 2021-22 vs. the current USDA estimate of 24 million MT for the current marketing year. The imbalance is up over 10 million MT year-over-year, something that we believe will continue to grow. No changes to South American corn production was expected.”
 
Soybeans were much less of a story. The USDA increased U.S. soybean exports by 20 million bushels, as expected. Soybean production in Brazil and Argentina were left unchanged, Meyer says.

Sal Gilbertie, Teucrium Trading, agrees that the markets were disappointed with the USDA corn use numbers, which were largely below expectations in all categories.

“Soybeans remain tight, with the USDA raising U.S. soybean export numbers to the higher end of trade expectations. Soybeans may buy some acres from corn if the estimates in this report hold steady through the March WASDE release,” Gilbertie says.

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Business

‘We Are Forgotten’: Grocery Workers Hope for Higher Pay and Vaccinations

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HAC, the Oklahoma company that owns Cash Saver and Homeland, is employee-owned. Its chief executive, Marc Jones, said the initial hero pay last year was “a reflection of the surge of people in our stores, and when that surge died down it seemed like the appropriate time to end it.” It was a huge expense for the company, he said, which has about 80 stores and 3,400 employees, and competes with Walmart.

Even with a better year than usual, groceries are a “peculiarly low-profit” business, Mr. Jones said. Until March, he said, “it was a big question of whether the local grocery store would even survive and if everybody was going to go online.”

Ms. Sockwell said she was more concerned about the vaccine delay for grocery workers, particularly given that her colleagues tended to work every hour they could, at minimum wage.

“Most of my employees up front, they barely have high school diplomas,” said Ms. Sockwell, whose local unit of the U.F.C.W. has been trying to get Oklahoma officials to get grocery staff on the priority list for vaccinations. “They want to do anything they can to keep food and electricity on at their home.”

She added, “We are menial labor people that don’t require bachelor’s and master’s degrees, but we’re still people.”

At least 13 states have made some grocery store workers eligible for the Covid-19 vaccine in at least some counties. They are Alabama, Arizona, California, Delaware, Illinois, Kansas, Kentucky, Maryland, Nebraska, New York, Pennsylvania, Virginia and Wyoming.

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Business

Dow Jones Today Leads Stocks Higher After Jobs, GDP Data; Apple, Tesla Earnings; New Stocks Join GameStop Flash Rally

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Stocks rallied into Thursday’s open after a volatile premarket session, as markets aimed to claw back some of Wednesday’s losses. An improved reading on weekly jobless claims countered a mild miss in fourth-quarter GDP data. Earnings news stirred early action, with Tesla, Apple, Facebook and American Airlines all active. Trade was halted in GameStop and Koss stock, which tripped circuit breakers as recent flash-investing action widened to new stocks. Meanwhile, Walt Disney and Visa sprung to the top of the Dow Jones today.




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The Dow industrials surged 265 points at the starting bell, up 0.8%. The S&P 500 also soared 0.8%, while the Nasdaq opened to a 0.6% gain on the stock market today.

American Airlines (AAL)  dominted the S&P 500, up 28% but after reporting a narrower-than-projected loss, and becoming another apparent entry to the Reddit investing collective. United Airlines (UAL) and Delta Airlines (DAL) each rose 7%. United topped the Nasdaq 100.

Earnings News: American Airlines, Comcast, ServiceNow Rally

Late-Wednesday/early-Thursday earnings news was all over the map: Apple (AAPL), Facebook (FB), ServiceNow and Lam Research (LRCX) earnings all topped views. Tesla (TSLA) stock stumbled 4.4% lower after earnings fell short.

ServiceNow (NOW) rebounded 2.6% after blowing past analyst expectations with a 22% earnings gain and a 31% rise in revenue for its fourth quarter. The stock is looking to snap a four-day decline, and is trading in a six-week flat base with a 566.84 buy point.

Comcast (CMCSA) rallied more than 4% after topping fourth-quarter views and raising its dividend.

Apple, ServiceNow and Tesla stock are IBD Leaderboard names. ServiceNow stock is also an IBD Long-Term Leader. LRCX stock and Teradyne are IBD 50 stocks.

Chico’s, Tootsie Roll Join The GameStop Flash Rally

Small caps accelerated Thursday, with Russell 2000 futures up 1.1%. At the top of the Russell, apparel retail chain Chico’s (CHS) soared 19% in early trade, after rallying 34.8% on Wednesday.

Trade was halted for GameStop (GME) diving %, in a cooled-off version of the volatile trade that has driven shares up 434% so far this week. GameStop appears to be an early indicator of a new stock market wrinkle, one which pits social media investing collectives against institutional short sellers in technical valuation wars.

Other stocks involved include AMC Entertainment (AMC), Express (EXPR) and Koss (KOSS). AMC and Express shed early gains and dived early Thursday. Koss shares soared 134%.

Two other stocks appeared to have made their way onto the flash-mob radar early Thursday.  Candymaker Tootsie Roll Industries (TR) spiked almost 13%. Tootsie Roll spiked 55% in early trade Wednesday, then narrowed its advance to 11%.

Software developer Ebix (EBIX) rallied almost 12% in premarket trade. Shares ended almost 22% higher on Wednesday. Ligand Pharmaceuticals (LGND) jumped 8%.

Dow Jones Today: Apple, McDonald’s, Dow Earnings

At the top of the Dow, Visa (V) popped 1%, Boeing (BA) bounced back 1.5% from its steep drop on Wednesday.

Apple stock dropped 1.6%, to the bottom of the Dow Jones today, after halving its early decline. The company reported late Wednesday that strong sales of iPhones, wearables and services drove fiscal first-quarter sales and earnings well beyond Wall Street targets.

On Friday, Apple stock broke out of a cup-with-handle base at a buy point of 138.89, according to IBD Leaderboard analysis. Shares continue to trade within the 5% chase zone, which extends to 145.83.

McDonald’s (MCD) traded flat after reporting mixed fourth-quarter results, with earnings below expectations and revenue just meeting analyst targets. McDonald’s shares are basing, but must win a long-term struggle to regain support at their 10-week moving average before they can form the right side of the pattern.

Specialty chemicals maker Dow (DOW) scored a strong fiscal first-quarter win, reporting its first quarterly sales gain and announcing it had reduced debt by $2.6 billion for the year. Dow went public as a restructured entity in April 2019.

Visa (V) bats cleanup on the Dow Jones today, with its fiscal first-quarter report due out after the close.

GDP Misses Target, Weekly Jobless Claims Dip

Fourth-quarter GDP rose 4%, the Commerce Department reported Thursday. That was slightly below the 4.1% pace forecast by economists, on the heels of the pandemic-distorted 33.4% rebound in the third quarter. Personal Consumption Expenditures also increased less than expected, up 2.5% vs. the Econoday consensus of 3%, following the 41% bounce in the third quarter.

First-time unemployment claims took a welcome downturn, with the Labor Department reporting a drop to 847,000 in the week ended Jan. 23. Economists had projected a decrease to 875,000, following two disappointing weeks in which first-time unemployment claims rebounded and held above 900,000.

International trade, retail inventories, new home sales and the Kansas City Federal Reserve’s manufacturing index are among the other reports due out on Thursday.

Dow Jones Today: Testing Support

The Dow Jones today opens in a test of support at its 50-day moving average. Wednesday’s powerful pullback deposited the Dow a fraction above that line, below which the index has not closed since the Nov. 4 start of the current stock market rally. The Nasdaq is also testing support, but at its 21-day exponential moving average. The 21-day line also has been a support level for the Nasdaq since the index’s follow-through day in early November.

The S&P 500 dived below its 21-day line, and may be headed for a test of support at its 50-day line. The index finished a bit more than 1% above that level on Wednesday.

For more detailed analysis of the current stock market and its status, study the Big Picture.

Friday marks the final trading day of January. After Wednesday’s pullback,  the Dow industrials were tracking toward a moderate loss for January, down 1% for the month through Thursday. That is identical to its January performance a year ago, which was just beginning to reflect the impact of the gathering coronavirus storm.

Over the past 21 years, the Dow has gained in 10, fallen in 11 Januarys. In those 11 years, it has averaged a January decline of just over 4%, so even though this year is starting on a down note, it is still above average. A down January doesn’t appear to bode either well or ill for the year, with the market up in five, down in six of the 11 years that opened with a soft January.

The Nasdaq, despite Monday’s sharp pullback, remains up 3% for January. The S&P 500 has a 0.1% loss, and the Russell 2000 is up 6.8% for the month.

Find Alan R. Elliott on Twitter @IBD_Aelliott

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