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Here is what you need to know on Friday, February 17:

Equity markets remained on the defensive after yet more hawkish data and central bank comments on Thursday. Bond yields continued to push higher and have now ticked up nearly 50 basis points in the past two weeks. Equity markets up here as a result look very rich. Little in the way of economic data appears on Friday, but a few Fed speakers will make an entrance. Hawkish rhetoric is likely to continue meaning risk assets are likely to fall and the US Dollar remain supported ahead of the long weekend. 

The US Dollar is up to 104.40 for the Dollar Index, Gold is lower to $1,827, and Oil down to $76.38.

See forex today

European markets are lower, CAC -0.2%, Dax -0.7%, FTSE -0.2% and Eurostoxx -0.7%.

US futures also lower, Nasdaq -0.7%, Dow and S&P both -0.4%.

Wall Street top news

Deere (DE) raises forecasts for 2023 as it sees strong demand.

DraftKings (DKNG) posts strong results.

DoorDash (DASH) up 5% on strong earnings.

Redfin (RDFN) down on revenue forecasts.

Texas Roadhouse (TXRH) misses earnings.

Applied Materials (AMAT) provides earnings beat and strong guidance.

Vale (VALE) profits drops 30% on weak iron-ore prices, still beats estimates.

Upgrades and downgrades

Upgrades

Friday, February 17, 2023

Coinbase Global

COIN

Compass Point

Neutral>>Buy

$100

DraftKings

DKNG

BTIG Research

Neutral>>Buy

$24

TechnipFMC

FTI

Citigroup

Neutral>>Buy

$18

Cisco

CSCO

DZ Bank

Hold>>Buy

$58

Healthcare Services Group

HCSG

RBC Capital Mkts

Sector Perform>>Outperform

$14>>$17

Roku

ROKU

BofA Securities

Underperform>>Buy

$45>>$85

Virgin Galactic

SPCE

Wolfe Research

Underperform>>Peer Perform

 

ZIM Integrated Shipping

ZIM

JP Morgan

Neutral>>Overweight

$17.6>>$30.4

Kuehne & Nagel International

KHNGY

JP Morgan

Neutral>>Overweight

 

Downgrades

Friday, February 17, 2023

COMPANY

TICKER

BROKERAGE FIRM

RATINGS CHANGE

PRICE TARGET

Cohu

COHU

Craig Hallum

Buy>>Hold

 

PennyMac Mortgage

PMT

BTIG Research

Buy>>Neutral

 

C.H. Robinson

CHRW

JP Morgan

Neutral>>Underweight

$87

EPAM Systems

EPAM

Cowen

Outperform>>Market Perform

$390>>$370

Focus Financial

FOCS

Oppenheimer

Outperform>>Perform

 

Focus Financial

FOCS

Raymond James

Outperform>>Mkt Perform

 

Generac

GNRC

Wells Fargo

Overweight>>Equal Weight

$135

Canada Goose

GOOS

Evercore ISI

Outperform>>In-line

$25>>$20

InMode

INMD

Needham

Buy>>Hold

 

Toast

TOST

SMBC Nikko

Outperform>>Neutral

$26>>$23

TuSimple Holdings

TSP

HSBC Securities

Buy>>Hold

$15.9>>$2.2

Source: WSJ.com

Economic releases

Source: https://www.fxstreet.com/news/wake-up-wall-street-spdr-sp-500-spy-risk-comes-off-but-long-weekend-to-see-some-position-closing-202302171445