Market Sentiment at the Open:

Fed chair Jerome Powell spooked the markets enough for it to stay low for now. Low volume is not helping either.

Bulls may like this

• Well……………Nothing….. But remember- market is not rational

Bears may like this

• Russia warns U.S. of ‘unpredictable consequences’ if it sends Patriot missile systems to Ukraine
• China’s retail sales shrink far more than expected, while industrial production disappoints
• Omicron subvariants are serious threat to boosters and antibody treatments
• The Federal Reserve will hike interest rates to as high as 5.1% in 2023 which is equivalent to a target range of 5%-5.25%. The forecast is higher than the 4.6% projected by the Fed in September.

Stock Specific

• Delta Airlines DAL expects earnings to keep climbing and roughly double in 2023
• Amgen agreed to buy Horizon Therapeutics for $27.8 B
• Elon Musk sells $3.58 Bn of Tesla TSLA shares
• Europe’s efforts to open up the iPhone won’t hurt Apple AAPL too much
• Google execs say that their chatbot has similar capabilities as ChatGPT but will not move tooo fast to avoid reputational risk in case something goes wrong,

In other news, DOJ and SEC charge social media influencers in alleged $100 million stock pump-and-dump scheme

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Significant Events Calendar:

Time >>>>> Event >>>>>>> Interpreting the report (Oversimplified)

• 08:30 ET >>> Retail Sales >>> If retail sales go up, it indicates continuation of consumer spending and retail stocks coudl see upward movement
• 08:30 ET >>> Unemployment Claims >>> Unemployment claims are important indicator and were refrenced by Jerome Powell on Wednesday.Lower than expected claims may move the market up.
• 08:30 ET >>> Philadelphia Fed Index >>> Not much impact on market
• 08:30 ET >>> Empire State Manufacturing >>> Not much impact on market
• 09:15 ET >>> Industrial Production >>> It measures levels of production and capacity in the manufacturing, mining, electric, and gas industries.
• 10:30 ET >>> EIA Natural Gas Inventories >>> Not much impact on market

Anticipated Earnings:

Before the Bell

• Jabil Inc. JBL

After the bell

• Scholastic Corporation SCHL
• Adobe Inc. ADBE

Futures Data:

• Dow Jones Mini -1.1%
• S&P 500 Mini -1.4%
• Nasdaq 100 Mini -1.6%

Upgrades/Downgrades From the Best Analysts:

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Premarket Mid & Large Cap Movers:

• Allison Transmission Holdings Inc. ALSN 12.23%
• Paramount Global Cl A PARAA 6.46%
• Valmont Industries Inc. VMI 5.00%
• Advanced Drainage Systems Inc. WMS 4.99%
• Entegris Inc. ENTG 4.99%
• Royal Gold Inc. RGLD 4.90%
• Charter Communications Inc. Cl A CHTR -10.48%
• Liberty Broadband Corp. Cl C LBRDK -8.66%
• Liberty Broadband Corp. Cl A LBRDA -7.22%
• QuantumScape Corp. Cl A QS -6.35%
• Thor Industries Inc. THO -5.00%
• CBRE Group Inc. Cl A CBRE -5.00%