Stock futures have changed little as Wall Street tries to build on back-to-back earnings

Stock futures have changed little as Wall Street tries to build on back-to-back earnings
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European markets remain flat as investors digest key PMIs

European markets were mixed on Tuesday as investors digested the latest flash purchasing managers index data from the eurozone from January.

Pan-European Stoxx 600 index Retail stocks rose 0.7%, while oil and gas stocks fell 0.6%.

S&P Global eurozone composite PMI rose to 50.2 in January from 49.3 in December, ahead of the consensus forecast of 49.8.

CNBC Pro: Goldman Sachs Asset Management dedicates a corner of the US market with ‘big deals’

A Goldman Sachs Asset Management strategist has identified a market segment that may be ready to make a comeback this year.

James Ashley, head of international market strategy at Goldman Sachs Asset Management, also pointed to research showing that such companies outperform when inflation is high but falling.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Zions shares tumble after gains

shares Zions Bancorp It fell more than 2% even though it beat the regional bank’s earnings estimates for the fourth quarter. According to StreetAccount, Zions reported earnings of $1.84 per share, above the $1.65 analysts had expected. Net interest income also beat estimates.

However, noninterest income was lower than expected and deposits fell 13% year-over-year to $71.7 billion.

Zion shares were up 2.27% in regular trading on Monday before earnings were announced.

—Jesse Pound

Dawson says stocks must break through this key level to potentially be considered a recovery.

Stocks rose on Monday, but not high enough to be considered a real market rally, according to Cameron Dawson of NewEdge Wealth.

“We have to pass the most critical level of 4,100,” Dawson said on CNBC.Closing Bell: Overtime” Monday. That’s because 4,100 is the S&P 500’s 65-day high.

Dawson said the S&P 500 never reached the key action level in 2022 because it was in a downtrend. If stocks break this level, it could indicate that the rally has the potential to enter a new bull market cycle.

Before a fundamental change is needed to really give the stock momentum, techniques and positioning can only get stocks so far, he added.

“We need to see a change in fundamentals to really think this rally will continue,” he said.

He warned that upside stocks would likely be limited until the Federal Reserve fully rebounds and revives the U.S. economy.

“Without the Fed’s help, it’s unlikely we’ll ever get back to pre-pandemic floors,” he said.

Dawson said that if stocks can rebound and break the 65-day high, it will likely reduce the likelihood of the S&P 500 retesting its October lows.

—Carmen Reinicke

Stock futures have changed a bit

Futures opened with little change Monday evening after strong gains for equities during normal trading hours. After the bell rang, there were no reports of big gains in the futures market that would lead to big moves.

-Jesse Pounds

Nasdaq chip stocks take the lead on Monday

Stocks rallied broadly on Monday. Here is a look at some key numbers from the trading session.

  • The Dow closed at 33,629.56, up 254 points, or 0.76%.
  • The S&P 500 closed at 4,019.81, up 47 points, or 1.19%.
  • The Nasdaq Composite closed at 11,364.41, up 224 points, or 2.01%.
  • Nvidia had the biggest impact on the Nasdaq, adding 36 points.
  • The VanEck Semiconductor ETF (SMH) rose 4.72% to its best day since November 1st. 30.

– Jesse Pound, Christopher Hayes

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