The stock market is ‘vulnerable to good news’ and a 10% to 12% rally, says this strategist

By Barbara Kollmeyer

The buzz

Beijing has extended stay-home orders for workers and students , and ordered more mass testing as COVID cases jump.

On his Asia tour, President Joe Biden said a U.S. recession was not inevitable , he was mulling tariffs cuts on Chinese goods as he boosted calls for OPEC to raise oil production. He also said America would defend Taiwan in case of China aggression. Elsewhere, Russia has been pressing its offensive in eastern Ukraine.

Shares of VMware /zigman2/quotes/209864107/composite VMW +0.22% are surging after reports chip maker Broadcom /zigman2/quotes/200646538/composite AVGO -0.34% is in talks to buy the enterprise cloud-computing group .

U.S. officials are voicing caution over a monkeypox outbreak , with one U.S. case and several in Europe, with experts pointing to sex at two raves in Spain and Belgium,

After a two-year absence, the World Economic Forum in Davos, Switzerland is back, with plenty of urgent issues for the uber-rich to try to sort. Addressing the crowed (virtually of course), Ukraine President Vlodomir Zelenskyy was urging ‘maximum’ sanctions on Russia over the brutal invasion of his country.

Atlanta Fed President Raphael Bostic and Kansas City Fed President Esther George will both speak at events Monday. The U.S. data calendar is empty, but the week will bring us the minutes of the latest Fed meeting on Wednesday and its favorite inflation gauge on Friday.

The markets

Stock futures /zigman2/quotes/210407078/delayed YM00 +0.23% /zigman2/quotes/209948968/delayed ES00 +0.29% /zigman2/quotes/210219788/delayed NQ00 +0.29% are pushing higher, along with bond yields /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.13% /zigman2/quotes/211347045/realtime BX:TMUBMUSD02Y +0.31% , and oil prices /zigman2/quotes/209723049/delayed CL00 +0.83% are also up. And with risk appetite higher, the dollar /zigman2/quotes/210598269/delayed DXY +0.05% is down across the board. Cryptocurrencies are stabilizing, and stablecoin Luna has gotten a boost as investors have been burning their coins.

The tickers

Random reads

A lackluster opening for the new Downton Abbey movie may be proof older women are still wary post COVID .

How a couple and their 19 dogs escaped a war-torn Ukraine city .

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/zigman2/quotes/209864107/composite

Add to watchlist VMW

VMware Inc.

US : U.S.: NYSE

$ 122.61

+0.27 +0.22%

Volume: 845,419

March 28, 2023 4:00p

P/E Ratio

39.78

Dividend Yield

N/A

Market Cap

$52.05 billion

Rev. per Employee

$356,000

/zigman2/quotes/200646538/composite

Add to watchlist AVGO

Broadcom Inc.

US : U.S.: Nasdaq

$ 624.70

-2.14 -0.34%

Volume: 1.24M

March 28, 2023 4:00p

P/E Ratio

21.23

Dividend Yield

2.95%

Market Cap

$261.34 billion

Rev. per Employee

$1.72M

/zigman2/quotes/210407078/delayed

Add to watchlist YM00

E-Mini Dow Continuous Contract

US : U.S.: CBOT

$ 32,664.00

+76.00 +0.23%

Volume: 2,283

March 28, 2023 7:39p

/zigman2/quotes/209948968/delayed

Add to watchlist ES00

E-Mini S&P 500 Future Continuous Contract

US : U.S.: CME

$ 4,013.25

+11.75 +0.29%

Volume: 16,505

March 28, 2023 7:39p

/zigman2/quotes/210219788/delayed

Add to watchlist NQ00

E-Mini Nasdaq 100 Index Continuous Contract

US : U.S.: CME

$ 12,769.75

+37.25 +0.29%

Volume: 8,926

March 28, 2023 7:39p

/zigman2/quotes/211347051/realtime

Add to watchlist BX:TMUBMUSD10Y

U.S. 10 Year Treasury Note

BX : Tullett Prebon

3.57

+0.0047 +0.13%

Volume: 0.00

March 28, 2023 8:48p

/zigman2/quotes/211347045/realtime

Add to watchlist BX:TMUBMUSD02Y

U.S. 2 Year Treasury Note

BX : Tullett Prebon

4.08

+0.01 +0.31%

Volume: 0.00

March 28, 2023 8:49p

/zigman2/quotes/209723049/delayed

Add to watchlist CL00

Crude Oil Continuous Contract

US : U.S.: Nymex

$ 73.81

+0.61 +0.83%

Volume: 3,243

March 28, 2023 8:39p

/zigman2/quotes/210598269/delayed

Add to watchlist DXY

U.S. Dollar Index (DXY)

US : U.S.: ICE Futures U.S.

102.48

+0.05 +0.05%

Volume: 0.00

March 28, 2023 8:39p

/zigman2/quotes/203558040/lastsale

Add to watchlist TSLA

Tesla Inc.

US : U.S.: Nasdaq

$ 189.19

-2.62 -1.37%

Volume: 98.65M

March 28, 2023 4:00p

P/E Ratio

52.16

Dividend Yield

N/A

Market Cap

$606.91 billion

Rev. per Employee

$637,144

/zigman2/quotes/203755179/composite

Add to watchlist GME

GameStop Corp. Cl A

US : U.S.: NYSE

$ 23.15

+0.15 +0.65%

Volume: 5.71M

March 28, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$7.01 billion

Rev. per Employee

$493,933

/zigman2/quotes/200235402/composite

Add to watchlist AMC

AMC Entertainment Holdings Inc. Cl A

US : U.S.: NYSE

$ 5.15

+0.60 +13.19%

Volume: 89.81M

March 28, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$2.36 billion

Rev. per Employee

$116,086

/zigman2/quotes/204905836/composite

Add to watchlist NIO

NIO Inc. ADR

US : U.S.: NYSE

$ 9.20

+0.27 +3.02%

Volume: 31.34M

March 28, 2023 4:03p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$15.00 billion

Rev. per Employee

N/A

/zigman2/quotes/202934861/composite

Add to watchlist AAPL

Apple Inc.

US : U.S.: Nasdaq

$ 157.65

-0.63 -0.40%

Volume: 45.99M

March 28, 2023 4:00p

P/E Ratio

26.78

Dividend Yield

0.58%

Market Cap

$2504.30 billion

Rev. per Employee

$2.36M

/zigman2/quotes/210331248/composite

Add to watchlist AMZN

Amazon.com Inc.

US : U.S.: Nasdaq

$ 97.24

-0.80 -0.82%

Volume: 38.72M

March 28, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$1004.64 billion

Rev. per Employee

$333,539

/zigman2/quotes/201166334/composite

Add to watchlist SIGA

SIGA Technologies Inc.

US : U.S.: Nasdaq

$ 5.71

-0.04 -0.70%

Volume: 1.01M

March 28, 2023 4:00p

P/E Ratio

12.49

Dividend Yield

0.00%

Market Cap

$415.16 million

Rev. per Employee

$2.84M