February 2, 2022

Markets:

Nasdaq futures jumped in early trading Wednesday, after the technology-focused average gained for a third straight day.

Google-parent Alphabet jumped about 10% in premarket trading after the company’s quarterly results beat on the top and bottom lines. Alphabet also announced a 20-for-1 stock split, indicating the company might soon be included on the Dow Jones Industrial Average as well.

Chip stock Advanced Micro Devices also gained 14.5% on strong earnings, while Starbucks dipped 2.7% following its results. PayPal tanked 17% after hours after issuing disappointing guidance. General Motors shares rose 2.6% premarket after the automaker reported earnings that beat estimates and raised its 2022 forecast, though revenue came up light.

Earnings season continues on Wednesday with key reporting from Meta Platforms, formerly Facebook, and Qualcomm. AbbVie, D.R. Horton and T-Mobile also report earnings on Wednesday.

So far this earnings season, more than 36% of the S&P 500 has reported and more than 78% have topped Wall Street’s expectations.

Portfolio:

We enter the new trading session holding positions in FUBO, PLTR, MRO, and continue to hold ITRM.  Outstanding day yesterday and great way to start the new month.  We might see an opportunity today to book further profits while moving into new opportunities.  This trading cycle is just beginning folks and we love to see it materialize.  Be ready today and let's have a great session!