US stocks set for record before China’s envious eyes | MarketTalk: What’s up today? | Swissquote

Show notes

Netflix jumped 8% in the afterhours trading as its revenue and new subscriptions topped estimates.
Strong Netflix results will likely give a positive spin to the major US indices which were slow to move yesterday after the Richmond manufacturing index came in much lower than expected.
Robust US economic growth, strong earnings and prospects of lower Fed rates remain supportive of equity valuations, although the ATH levels and near-overbought market conditions in the S&P500 call for – at least – a minor correction in the short run. Today, Tesla will be reporting its latest Q4 results after the bell.
In China, though, sentiment is the exact opposite. Chinese stocks saw a little bump yesterday on the announcement of a $278bn rescue package to lift the Chinese stocks up. But skepticism reigns.
In the FX, the US dollar index is testing the 200-DMA to the upside and the EURUSD is testing its 200-DMA support to the downside ahead of today’s PMI data and tomorrow’s European Central Bank (ECB) decision. The Bank of Canada (BoC) meets today and is expected to maintain rates unchanged.
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