February 8, 2023

Markets:

U.S. stock futures slid Wednesday morning as investors moved attention to the latest batch of corporate earnings.

Driving gains on Tuesday was Federal Reserve Chair Jerome Powell remarks that inflation is easing. His comments reiterated those given at his press conference last week, further bolstering investor hopes that the central bank will soon pause or pivot on interest rate hikes.

They will also watch for the latest reading on wholesale inventories due out at 10 a.m. ET. Economists are expecting a rise of 0.1% in December, according to Dow Jones.

Biden seemed to get Republicans to agree on not touching the Social Security and Medicare funds when they look to cut spending.

Republicans shouted back at the president when he said some House GOP members had proposed to reduce funding to the programs.

“Okay folks, as we all apparently agree, Social Security and Medicare is off the books now,” Biden shouted back.

Portfolio:

We enter the new trading session with a bit more feeling on the Fed stance and what we believe will be the road moving forward with rates. Trend lines remain vital and continue to drive this market. Certain sectors are now beginning to explode with opportunity, and we are here for it! We enter today's session holding on positions in VRAR. We will be looking to add a new opportunity today so please be ready! Let's continue to build on our outstanding start to 2023!