The American stock markets could not be fired ahead last week. The results were limited and as you can see on the graph below, the S&P 500 continued to stabilize at around 3900 points. On Friday, the broad-based index closed 0.19% lower at 3,906 points and the Nasdaq was up 0.07% the day at 13,874 points.
Investors are clearly waiting for new impulses but are also awaiting developments in the bond markets. Inflation expectations are increasing rapidly, and interest rates are also rising. The market now seems somewhat concerned that central banks will have to reduce the support measures or even raise interest rates sooner than expected. Finance minister Janet Yellen, however, said on Friday that governments must come up with a large package of support to revive economic growth.
Currently, futures in New York are up to 1 percent lower. The European stock markets are also following the red figures. The decline again appears to be a direct result of rising interest rates. Furthermore, China yesterday asked the US to lift tariffs and other trade sanctions. China’s Foreign Minister continues to push for better US-China partnerships on technological progress. It remains to be seen how Joe Biden will react to the proposal, after his predecessor Trump just imposed strict measures.
Meanwhile, Gold prices have been under pressure for several weeks, but on Friday even the support seemed to break at $ 1,764 (bottom November 30). However, the fear of rising interest rates is positive for gold and the price recovered. But watch out; higher interest rates are not good for gold, but the turmoil in the markets is. This morning, the gold price is at least 0.51% higher at $ 1792, but the danger is not over yet. The gold price is in a downward trend channel. A break above the last market stop at around $ 1,860 is necessary for technical improvement.
Today Top Movers
Xcel Brands Inc. (XELB), an apparel manufacturing company, rose about 44.91% at $2.92 in pre-market trading Monday.
China SXT Pharmaceuticals Inc. (SXTC) stock soared 280.89% to $2.99 in the pre-market trading. The company recently declared that a 1 for 4 reverse split of its ordinary shares was approved by the Company’s board of directors on January 23, 2021 and is expected to become effective on February 19, 2021.
ReTo Eco-Solutions Inc. (NASDAQ: RETO) shares are trading up 116.1% at $2.55 at the time of writing.
RealNetworks Inc. (RNWK) grew over 12.68% at $4.0 in pre-market trading today.
Top Upgrades & Downgrades
KeyBanc turned bullish on AvalonBay Communities Inc. (AVB), upgrading the stock to “Overweight” and assigning a $200.0 price target, representing a potential downside of 12.25% from Friday’s close.
Marathon Petroleum Corporation (MPC) has won the favor of JPMorgan’s equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $67.
JetBlue Airways Corporation (JBLU) received an upgrade from analysts at Deutsche Bank, who also set their one-year price target on the stock to $21. They changed their rating on JBLU to Buy from Hold in a recently issued research note.
Earlier Monday KeyBanc reduced its rating on Camden Property Trust (CPT) stock to Sector Weight from Overweight.
Kansas City Capital analysts reduced their investment ratings, saying in research reports covered by the media that it’s rating for Valmont Industries Inc. (VMI) has been changed to Perform from Outperform.
Analysts at RBC Capital downgraded AngloGold Ashanti Limited (AU)’s stock to Sector Perform from Outperform Monday.
Latest Insider Activity
Palantir Technologies Inc. (PLTR) Director THIEL PETER announced the sale of shares taking place on Feb 18 at $25.23 for some 20,003,915 shares. The total came to more than $504.78 million.
Tesla Inc. (TSLA) Chief Financial Officer Kirkhorn Zachary sold on Feb 17 a total of 55,007 shares at $778.17 on average. The insider’s sale generated proceeds of almost $0.97 million.
Onconova Therapeutics Inc. (ONTX) SVP Corp Dev & Gen Counsel OLER ABRAHAM N. declared the purchase of shares taking place on Feb 16 at $1.00 for some 12,000 shares. The transaction amount was around $12000.0.
JMP Group LLC (JMP) Possible Member of 10% Group WEDBUSH SECURITIES INC bought on Feb 11 a total of 2,019,000 shares at $4.74 on average. The purchase cost the insider an estimated $920.
Top US earnings releases scheduled for today include Marathon Oil Corporation (NYSE: MRO). It will announce its Dec 2020 financial results. The company is expected to report earnings of -$0.2 per share from revenues of $838.05M in the three-month period.
Analysts expect Occidental Petroleum Corporation (NYSE: OXY) to report a net income (adjusted) of -$0.59 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $4.37B.
Invesco Mortgage Capital Inc. (IVR), due to announce earnings after the market closes today, is expected to report earnings of $0.06 per share from revenues of $29.16M recently concluded three-month period.