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Geopolitical Tensions Continue to Keep Markets Volatile
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Pre-market activity looks to be filling in potholes early, bringing indexes up across the board even as the Russian invasion of Ukraine motors through its second day. With the Dow and Nasdaq down four straight regular trading sessions and the S&P 500 down the past three, some bargain-basement buying is apparently in order: the Dow is +230 points at this hour, the Nasdaq +160 and the S&P +30 points.
Odds are, however, that we’re looking at a dead-cat bounce. This is because we have plenty of unknowns clouding our vision toward the future — not only in terms of the Russia-Ukraine conflict, but three weeks ahead of the Fed meeting that’s expected to bring in a half-point interest rate hike. Until there is some clarity on these important news items, we’ll likely stay murky.
Oil prices are the highest they’ve been in right years, with prices per barrel looking destined to reach triple-digits based on the energy sanctions being levied on Russia for its aggression on its neighboring country. The Nord Stream 2 natural gas pipeline remains shuttered, with more hits to Russia’s energy revenues in the works. With a near-term shortage of oil, there is little for its price to do than go up.
We’ll likely see whether the U.S., Canada and other oil and gas-producing countries not aligned with Russia will be able to pump the difference. If so, this may alleviate pricing pressures on energy costs. In any case, if you’ve been waiting fore a good excuse to finally pull the trigger and buy an electric vehicle, you’ve never had a better hint dropped into your lap.
Zacks Rank #2 (Buy)-rated Lowe’s ((LOW - Free Report) outperformed expectations on both top and bottom lines this morning for the home improvement giant’s Q4: earnings of $1.78 per share beat estimates by 6 cents while revenues of $21.34 billion surpassed the Zacks consensus by +2.5%. Shares of LOW are +4% in early trading, setting the stock on a different trajectory than Home Depot (HD), which also reported earnings this week but set guidance lower. Lowe’s is still down -17% year to date, Home Depot is -22%.
Meanwhile, the Zacks Rank #4 (Sell)-rated TJX Companies ((TJX - Free Report) missed estimates in its fiscal Q1 ahead of the opening bell, with earnings of 78 cents per share missing the Zacks consensus 90 cents, on revenues of $13.85 billion which were lower than the $14.37 billion expected. This stops a three-quarter streak of positive earnings surprises. Shares are -7.5% in today’s pre-market.
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Geopolitical Tensions Continue to Keep Markets Volatile
Pre-market activity looks to be filling in potholes early, bringing indexes up across the board even as the Russian invasion of Ukraine motors through its second day. With the Dow and Nasdaq down four straight regular trading sessions and the S&P 500 down the past three, some bargain-basement buying is apparently in order: the Dow is +230 points at this hour, the Nasdaq +160 and the S&P +30 points.
Odds are, however, that we’re looking at a dead-cat bounce. This is because we have plenty of unknowns clouding our vision toward the future — not only in terms of the Russia-Ukraine conflict, but three weeks ahead of the Fed meeting that’s expected to bring in a half-point interest rate hike. Until there is some clarity on these important news items, we’ll likely stay murky.
Oil prices are the highest they’ve been in right years, with prices per barrel looking destined to reach triple-digits based on the energy sanctions being levied on Russia for its aggression on its neighboring country. The Nord Stream 2 natural gas pipeline remains shuttered, with more hits to Russia’s energy revenues in the works. With a near-term shortage of oil, there is little for its price to do than go up.
We’ll likely see whether the U.S., Canada and other oil and gas-producing countries not aligned with Russia will be able to pump the difference. If so, this may alleviate pricing pressures on energy costs. In any case, if you’ve been waiting fore a good excuse to finally pull the trigger and buy an electric vehicle, you’ve never had a better hint dropped into your lap.
Zacks Rank #2 (Buy)-rated Lowe’s ((LOW - Free Report) outperformed expectations on both top and bottom lines this morning for the home improvement giant’s Q4: earnings of $1.78 per share beat estimates by 6 cents while revenues of $21.34 billion surpassed the Zacks consensus by +2.5%. Shares of LOW are +4% in early trading, setting the stock on a different trajectory than Home Depot (HD), which also reported earnings this week but set guidance lower. Lowe’s is still down -17% year to date, Home Depot is -22%.
Meanwhile, the Zacks Rank #4 (Sell)-rated TJX Companies ((TJX - Free Report) missed estimates in its fiscal Q1 ahead of the opening bell, with earnings of 78 cents per share missing the Zacks consensus 90 cents, on revenues of $13.85 billion which were lower than the $14.37 billion expected. This stops a three-quarter streak of positive earnings surprises. Shares are -7.5% in today’s pre-market.