January 23, 2025
DOW: 44256.38
S&P: 6081.15
Nasdaq: 19936.56
10YR T-Note: 4.65%
Bitcoin: 104229.63
VIX: 14.85
Gold:2749.8
Crude Oil:75.89
Prices Current as of 10 :11 am
Source: CNBC


Don Selkin, the creator and innovator of the "Fair Value" numbers, as its Chief Market Strategist on the Newbridge platform has given CNBC and its Predecessor, these numbers every day for the over 40 years - never missing a single day, as well as given the fair value for the Nasdaq 100 futures since their introduction in 1996 and the Dow Jones stock index futures since 1997. Mr. Selkin has also been quoted in several publications including but not limited to Bloomberg News, New York Post, Reuters, and The New York Times. Mr. Selkin's Fair Value numbers are included in the U.S.
Futures Report broadcast on CNBC every day before the market
opens attributing "Newbridge Securities" as the source. In addition, NSC provides to its professionals, their clients and the public access to Don Selkin's more in depth financial market views.
The market did well again yesterday, but it was strictly all large technology stocks as the majority of S&P members finished lower while the big guys did great.
The Dow rose by 131 to 44,156 led by gains in AXP, AMZN, CRM for a change, MSFT and NVDA while SHW, HD and UNH fell.
The S&P ended higher by 37 to 6086 after having traded better than last month’s record close but could not sustain the bulk of the advances as it came off its best levels as the session came to a close. And even beaten-down AAPL got a one-day revenge against its recent detractors with a one-point advance, which is a real rarity in its latest collapse. And then you had ORCL and NFLX exploding to the upside after earnings, and then most of the other large technology issues did particularly well again, such as MSFT and NVDA.
The Nasdaq led the way higher with a 252-point gain to 20,00 as it was the tech stocks leading the way upward as previously mentioned. The Russell 2000 Index of small stocks declined by 14 to 2304 and the day was so typical of what we saw earlier in the year as the index gains were strictly a function of the large technology group while overall breadth numbers were negative, with particular weakness in the energy and financial stocks.
The VIX moved nominally higher to 15.10 as it seemed to be getting closer to the 13 support level as mentioned on Tuesday.
Higher bond yields apparently hurt the majority of stocks after their recent large move lower.
NFLX helped lead the way after it said live events like football games and a Mike Tyson-Jake Paul fight helped it to add nearly 19 million subscribers during the latest quarter. It also reported stronger profit than analysts expected and said it is raising subscription prices in the United States and other countries. It got as high as 999 on the opening but then fell by 45 points from that best level to end at 954, which was still a gain of 9.7%.
The streaming giant joined a lengthening list of companies that have topped analysts’ profit expectations for the end of 2024. Such results support their stock prices and counteract the downward push they have felt from rising Treasury yields.
The rise in yields, caused in part by worries about stubborn inflation and the U.S. government’s swelling debt, had knocked down stocks and halted the record-breaking run that had carried them through most of last year, at least briefly.
Dow component TRV rose after also topping analysts’ expectations for profit in the latest quarter. The insurer said that gains for its investments and growth in net written premiums helped it overcome losses created by Hurricane Milton, which plowed into Florida’s Gulf coast in October, and other catastrophes.
Dow component PG also rose after the company behind Charmin, Crest, and Pampers reported stronger profit and revenue for the latest quarter than expected. It also said it is sticking with its financial forecasts for the full fiscal year, even though rising commodity costs and the stronger value of the U.S. dollar against other currencies are hurting its results.
ORCL made a strong upward push, and this was typical of AI-related companies. It again added around 7% following a similar gain from the day before, ahead of the expected announcement that came late Tuesday about Stargate, which is a joint venture the White House said will start building out data centers and the electricity generation needed for the further development of AI in Texas.
The partnership formed by ORCL, OpenAI, and SoftBank will invest up to $500 billion. The latter’s stock in Tokyo rose by 10%.
Other AI-related stocks also climbed, furthering their already fantastic run. NVDA, the company whose chips are powering much of the move into AI, rose to $147 after sitting below $18 just two years ago.
They helped offset a drop for TXT. It reported a better profit for the latest quarter than analysts expected, but its revenue fell short of forecasts. The company behind Bell helicopters and Cessna airplanes also gave a forecast for profit for this upcoming year that fell short of some analysts’ expectations.
In the bond market, the 10-year Treasury yield rose to 4.60% from 4.57% late Tuesday. It had been coming lower since last week on softer economic reports but it is still well above where it was in September when it was below 3.65%.
In the cryptocurrency market, where prices have surged on hopes that the President will make Washington friendlier to the industry, bitcoin was sitting just above $104,000 after having set a record high of $109,000 on Monday.
This week the earnings for the 4Q pick up a bit with the following: yesterday - Dow components 3M, PG, TRV, and DHI, UAL, IBKR, and NFLX higher and COF lower and Dow component JNJ as well; today - DFS, NNX, ALK, UNP higher and AA, AAL, EA lower; Friday – Dow components AXP and VZ.
Economic reports will have: yesterday– December L.E.I. slipped by 0.1% and down by 1.5% for the year; today - weekly jobless claims rose to 223K; Friday – December existing home sales, first half of U. of Michigan Consumer Sentiment Index.