Nasdaq Off To Its Best Start Since 1991

Good Morning Everyone!

Except orange juice prices which hit a new record high.

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Prices as of 4 pm EST, 2/8/23; % YTD

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MARKET UPDATE

Nasdaq off to its best start since 1991

8:30 a.m. jobless claims

• Up 13,000 to 196,000 in week of Feb 4, street 190,000

• Relatively low jobless claims continue to point to tight labor market conditions within the US economy.

Crude 78 -1%

• Azeri exports via Turkey may not start up again until late next week. 

Disney DIS +5%

• Plans $5.5 billion in cost savings, 7,000 job cuts

• Cut costs and your stock goes up

• 2023 is the year of efficiencies

Google GOOGL

• -7% yesterday, has given back the gains from the expense cuts

• Google Search market share 93%

• Bing market share 3%

• Yesterday, MSTF CEO: “From now on, the gross margin of Search is going to drop forever”

• AI concern for search is evolutionary not revolutionary but the impact is potentially on Google’s margins

Earnings

• AbbVie ABBV +1% rev below, EPS above

• Pepsi PEP +2% Q4 beat, guides inline

• AstraZeneca AZN +3% Q2 guide lower

• Philip Morris PM +3% revenue beat

• S&P Global SPGI +2% Q4 beat, guidance better than feared

• Duke Energy DUK +1% inline, reaffirmed 2023 guide

• Affirm AFRM -15% missed, 19% job cuts

CRYPTO UPDATE

SEC rumors

• Coinbase COIN CEO says heard rumors SEC will ban retail investors from crypto staking

• Marks reversal from SEC

• Gensler previously stated cryptos allowing staking could be classified as securities

• Value of staked assets roughly $42 billion (Q4)

1/ We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that's not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.

— Brian Armstrong (@brian_armstrong) February 8, 2023

Fear & Greed