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·         S&P 500 PRICE OUTLOOK: CAN STOCKS CONTINUE TO RALLY?

The S&P 500 shot to new records Monday as it looked to extend the bullish price action enjoyed in the first week of February. With fiscal support in the works and earnings from the largest technology companies completed for the quarter, the fundamental foundation of US equities remains sturdy headed into the second half of the month. Single-stock volatility may persist as earnings from other corporations trickle in, but the broader market trend remains higher at this time.

S&P 500 PRICE CHART: WEEKLY TIME FRAME (JANUARY 2018 – FEBRUARY 2021)

In the shorter term, a nearby trendline narrowly overhead might offer some semblance of resistance. That said, the S&P 500 enjoys a bounty of support beneath that will look to ward off a deeper pullback.

·         AstraZeneca forecasts 2021 growth, reports Q4 sales beat

·         Asia stocks hold at highs, sustained by bottomless stimulus

Asian shares rested at record highs on Thursday as investors digested recent meaty gains, while bulls were sustained by the promise of endless free money after a benign reading on U.S. inflation and a dovish Federal Reserve outlook.

Adding to the torpor was a lack of liquidity as markets in China, Japan, South Korea and Taiwan were all on holiday.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1%, having already climbed for four sessions to be up over 10% so far this year.

·         European markets flat as Wall Street rally pauses

European stocks were muted on Thursday morning amid a pause in Wall Street rally and more muted trade in Asia-Pacific due to the Lunar New Year holiday.

The pan-European Stoxx 600 hovered around the flatline in early trade, with tech stocks adding 0.5% while the insurance sector slipped 0.6%.

Investors in Europe are reacting to a host of earnings reports Thursday. Drugmaker AstraZeneca, banks Credit Agricole, Commerzbank and Unicredit and cosmetics company L’Oreal were among the biggest names reporting before the bell, as well as Arcelormittal, Schneider Electric and Zurich Insurance.

Reference: CNBC, Reuters, Nippon