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BEFORE THE BELL, 2/2/22

The S&P/TSX and American Futures remain on the upside after they rebounded for a third session yesterday. The Dow Jones Industrial Average rose 273.38 points (+0.78%) to 35,405, the S&P 500 gained 30.99 points (+0.69%) to 4,546, and the Nasdaq 100 was up 89.63 points (+0.60%) to 15,019. Later today, ADP private jobs are estimated to increase by 184,000 in January. In Canada, December Building permits will be expected. European equity indices are bullish. The eurozone's January consumer price index was up 5.1% on year, vs 4.4% expected. Asian indices closed on the upside. The Chinese and Hong Kong markets are closed for week for New Year holidays. This morning, official data showed that New Zealand's 4Q jobless rate fell to a record low of 3.2%, compared with 3.3% expected and in the prior quarter. Crude oil WTI price is on the upside. The American Petroleum Institute said U.S. crude oil stockpiles dropped 1.645 million barrels for the week ending January 28. The U.S. Energy Information Administration will report official crude inventories for the same period later in the day, with an increase of 1.525 million barrels expected.

US SNAPSHOT Alphabet (GOOGL), Google's holding company, jumped postmarket as quarterly earnings and sales smashed estimates. Also, the company announced a 20-for-1 stock split. Advanced Micro Devices (AMD), a designer and producer of microprocessors, rallied in extended trading after posting quarterly earnings that topped consensus. PayPal (PYPL), an online payment firm, plunged after the close after releasing 2022 first quarter earnings and full year outlook that disappointed investors. Starbucks (SBUX), the global specialty coffee chain, lost ground postmarket following first quarter earnings results that missed estimates. Gilead Sciences (GILD), a biopharmaceutical company focused on infectious diseases, fell after hours as it posted fourth quarter earnings results that missed estimates while also forecasting 2022 adjusted EPS figures below expectations. General Motors (GM), a global automobile manufacturer, reported mixed earnings as quarterly adjusted EPS beat estimates while sales missed expectations. Also, the company announced 2022 operating profit guidance in line with estimates. Electronic Arts (EA), a global developer and publisher of video games, lost ground after hours as quarterly sales were below forecasts. EARNINGS EXPECTED AbbVie (ABBV) 4Q Alphabet (GOOGL) 4Q Alphabet Class C (GOOG) 4Q Emerson Electric (EMR) 1Q Meta Platforms (FB) 4Q MetLife (MET) 4Q QUALCOMM (QCOM) 1Q Thermo Fisher Scientific (TMO) 4Q T-Mobile US (TMUS) 4Q



ADVANCE/DECLINE (US) 69% of S&P 500 constituents traded higher yesterday. 37% of the shares trade above their 20-day moving average compared to 29% Monday (a rate below the 20-day moving average). 55% of the shares trade above their 200-day moving average compared to 53% Monday (a rate below the 20-day moving average).

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