Market Insights

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Sizing Up the S&P 500

• S&P 500 sitting between 200-day and 50-day MAs
• MACD inching higher
• Weak U.S. dollar, lower yields are potentially positive for growth stocks
• VIX above/below 20 could be a potential signal for S&P 500

Key Economic News

• February existing home sales beat estimates, biggest gain since July 2020
• Crude oil inventories unexpectedly rise
• FOMC hikes 25bp as expected, forecasts one more hike this year.
  • Futures show 50-75bp of expected hikes have disappeared in the last month.

Company News

• Tesla (TSLA) upgraded to investment grade by Moody’s. Reports suggest strong sales in Europe and China.
  • Q1 deliveries due in early April.
• Nvidia (NVDA) gains as GTC conference highlights artificial intelligence (AI)
  • BofA raises price target from $275 to $310
  • Bernstein sees accelerated-computing power opportunity in data centers.
  • Barclays: NVDA is “king of generative AI,” which is the “biggest secular tailwind in Tech.”
• Meta Platforms (META): KeyBanc upgrades to overweight amid cost cuts, stable advertising.
• GameStop (GME) jumps after cost cuts drive surprise profit.
• FedEx (FDX) price target raises by Argus, Bernstein after cost cuts boost profits..
• Amazon.com (AMZN) tests $100 after cutting 9,000 jobs.
• Krispy Kreme (DNUT) gaining on streak of positive news:
  • Earnings beat on price hikes (2/15)
  • McDonald’s (MCD) widens donut collaboration (2/27)
  • Truist raises to Buy on volume growth potential (3/22)

Cost-cuts pay off: META, GME, FDX, AMZN

Leaders & Laggards

• Safe havens fall: REITs, utilities, consumer staples
• Gold miners rally as U.S. dollar weakens
• Growth continues to outperform: Software, semiconductors, Big Tech

Signals Scan

• Apple (AAPL): “Golden cross”
• Adobe (ADBE): “Golden cross”
• Exact Sciences (EXAS) holds 50-day MA
• Tesla (TSLA): nearing potential MACD crossover
• McDonald’s (MCD) in tight channel above 200-day MA
• Ford Motor (F): potential bearish triangle forming sine August

Mover of the Week: Carvana

Carvana (CVNA) rallies on debt restructuring offer.

• Would term out $1 billion of notes at a discount, replacing with more flexible securities.
• Potential beneficiary of Fed pausing rate hikes.
• Short interest around 70% of float may fuel buying.

Upcoming Events

• Friday (3/24): Durable goods orders, Bullard speech
• Tuesday (3/28): Consumer confidence
  • Micron Technology (MU) earnings in post market
• Friday (3/31): PCE inflation

Using the Platform

Platform tool of the week: Strategy back testing with multiple data inputs.

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