CNBC Pro: Goldman Sachs Asset Management picks corner of US market with ‘great opportunity’
Analyst Goldman Sachs Asset Management has identified a sector of the market that could be poised for a comeback this year.
James Ashley, head of global equity strategy at Goldman Sachs Asset Management, also pointed to research that showed these types of companies tend to do better when prices go up but when prices go down.
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– Ganesh Rao
Zion’s shares fall after the acquisition
Sections a Opinions of the company Zions Bancorp fell more than 2% despite the regional bank beating fourth-quarter earnings estimates. Zion reported $1.84 in earnings per share, above the $1.65 expected by analysts, according to StreetAccount. The overall interest rate also exceeded expectations.
Non-performing loans were lower than expected, however, and deposits fell 13% year over year to $71.7 billion.
Shares of Zion gained 2.27% in regular trading on Monday before its earnings release.
—Jesse Ponda
Stocks need to set this standard to be seen as a group, says Dawson
Stocks rose on Monday, but not high enough to be seen as a real market, according to Cameron Dawson of NewEdge Wealth.
“We’ve got to get through the tough 4,100 level,” Dawson said on CNBC’s “Closing Bell: Overtime” on Monday. That’s because 4,100 is the S&P 500’s 65-day high.
The S&P 500 didn’t make much of a dent in 2022 because it was in trouble, Dawson said. If the stock breaks through this level, it may indicate that the rally may enter a new bull market.
Technology and positions can only get stocks so far, he added, before the changes necessary for stocks to move forward.
“We need to see the necessary changes to think that the conference will go ahead,” he said.
He also warned that stocks on the brink may not be enough until the Federal Reserve stabilizes and revives the US economy.
“It’s unlikely that we’ll be able to get back into the recession without the Fed’s help,” he said.
If stocks can rally and break the 65-day mark, it could also reduce the chances of the S&P 500 repeating its October lows, Dawson said.
—Carmen Reinicke
Stock futures open a little bit
Futures started to change slightly on Monday evening after the stocks gained strength during the trading session. There were no reports of high earnings after the bell to trigger big moves in the futures market.
– Jesse Pondo
Nasdaq, chip stocks led on Monday
Stocks enjoyed a big rally on Monday. Here’s a look at some of the key numbers from the trading section.
- The Dow gained 254 points, or 0.76%, to close at 33,629.56.
- The S&P 500 gained 47 points, or 1.19%, to close at 4,019.81.
- The Nasdaq Composite gained 224 points, or 2.01%, to close at 11,364.41.
- Nvidia had the biggest impact on the Nasdaq, adding 36 points.
- VanEck Semiconductor ETF (SMH) rose 4.72% for its best day since Nov. 30.
– Jesse Pound, Christopher Hayes
