Amazon Earnings

Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Thursday, Feb. 6..

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State of Play

Stocks closed higher yesterday after a kind of blah session. There was more bad news for semiconductors after the close, as Qualcomm (QCOM 0.00%↑) and Arm Holdings (ARM 0.00%↑) reported earnings that disappointed investors. As we eye our board of indicators for signs of direction at 0645, things are pretty quiet:

• Stock index futures are flat, with no major US index moving more than 0.2% from the break-even point;

• Commodities are moving a bit higher, with WTI crude oil up 0.8% to trade around $71.50/barrel and copper up 0.5%;

• Cryptos aren’t doing anything, with Bitcoin trading around $98,500;

• Bonds are unchanged. The 10-year yields 4.44%.

Today’s Known Events

Earnings are where we’ll start again:

• Honeywell (HON 0.00%↑) just beat top- and bottom-line estimates, and confirmed plans to split into three companies, but the stock is down 4% in the pre-market;

• Hilton Worldwide (HLT 0.00%↑), a good gauge of consumer travel, reported mixed results, but is moving a bit higher in pre-market trading;

• Roblox (RBLX 0.00%↑), Peloton Interactive (PTON 0.00%↑), Eli Lilly (LLY 0.00%↑) ConocoPhillips (COP 0.00%↑), Hershey (HSY 0.00%↑), Tapestry (TPR 0.00%↑), Under Armour (UAA 0.00%↑), and Philip Morris International (PM 0.00%↑) are among companies reporting before the open at 0930;

• Amazon (AMZN 0.00%↑) is the main report to watch after the close;

• e.l.f. Beauty (ELF 0.00%↑), Cloudflare (NET 0.00%↑), and Affirm (AFRM 0.00%↑) also report after 1600.

Amazon earnings on deck by author via Grok AI