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Volkswagen and BMW beat Q1 expectations and affirmed their guidance.
Chipmaker Infineon beat quarterly expectations and raised its revenue guidance for the year.
The Bank of England’s Decision Maker Panel survey showed that businesses expect 5.5% inflation over the next 12 months.
U.K.’s March Mortgage Approvals 52,010 (expected 46,250; last 44,130), March BoE Consumer Credit GBP1.574 bln (expected GBP1.200 bln; last GBP1.485 bln). Final April Services PMI 55.9 (expected 54.9; last 52.9)
Eurozone’s March PPI -1.6% m/m (expected -1.7%; last -0.4%); 5.9% yr/yr, as expected (last 13.3%). Final April Services PMI 56.2 (expected 56.6; last 55.0)
Germany’s March trade surplus EUR16.70 bln (expected surplus of EUR16.10 bln; last surplus of EUR16.10 bln). March Imports -6.4% m/m (expected -1.7%; last 4.4%) and Exports -5.2% m/m (expected -2.4%; last 4.0%). Final April Services PMI 56.0 (expected 55.7; last 53.7)
France’s April Services PMI 54.6 (expected 56.3; last 53.9)
Italy’s April Services PMI 57.6 (expected 56.5; last 55.7)
Spain’s April Services PMI 57.9 (expected 59.9; last 59.4) and April Unemployment Change -73,900 (expected -23,100; last -48,800)Peloton (PTON 8.79, -0.04, -0.5%): misses by $0.31, beats on revs; guides Q4 revs above consensus
Wayfair (W 34.63, +3.34, +10.7%): beats by $0.58, beats on revs; expects to have positive adjusted EBITDA in Q2
Qualcomm (QCOM 104.18, -8.65, -7.7%): misses by $0.01, beats on revs; guides Q3 EPS below consensus, revs below consensus
Moderna (MRNA 131.49, +1.35, +1.0%): beats by $1.93, beats on revs
Paramount Global (PARA 19.74, -3.15, -13.8%): misses by $0.09, misses on revs
SolarEdge Technologies (SEDG 292.50, +28.68, +10.9%): beats by $0.95, beats on revs; guides Q2 revs in-linePacWest (PACW 4.200, -2.2200, -34.6%): mulling strategic options including sale, according to Bloomberg
First Horizon (FHN 8.65, -6.40, -42.5%): Toronto-Dominion Bank and First Horizon (FHN) agree to terminate their previously announced merger; TD to make a $200 mln payment to FHN
Option Care Health (OPCH 26.98, -5.81, -17.7%): to acquire Amedisys (AMED) in all-stock deal worth $3.6 bln
Marvell (MRVL 39.01, -0.51, -1.3%): appoints CEO Matt Murphy as Chair of the Board, effective June 16; succeeds Rick Hill who is retiring
The S&P 500 futures are down 14 points and are trading 0.3% below fair value.
The Nasdaq 100 futures are down 10 points and are trading slightly below fair value.
The Dow Jones Industrial Average futures are down 118 points and are trading 0.3% below fair value.Stock futures weak on heels of yesterday’s FOMC decision and with concerns over the regional bank industry back at the fore. PacWest (PACW) shares plunged on a Bloomberg report that the bank is mulling strategic options including sale.
Relative strength in some mega cap stocks is offering some support to the Nasdaq 100 futures, presumably driven by some flight to safety buying interest. Amazon.com (AMZN), Microsoft (MSFT), Tesla (TSLA), and Alphabet (GOOG) are all standouts in that regard.
Treasury yields are sharply lower.
The 2-yr note yield is down 15 basis points to 3.80% and the 10-yr note yield is down four basis points to 3.35%.
Q1 productivity fell 2.7% in the preliminary reading (consensus -0.1%) following a revised 1.6% increase in the prior reading (from 1.7%).
Q1 unit labor costs rose 6.3% in the preliminary reading (consensus 3.9%) following a revised 3.3% increase in the prior reading (from 3.2%).Weekly initial jobless claims totaled 242,000 (consensus 245,000) from a revised count of 229,000 (from 230,000). Continuing claims totaled 1.805 million from a prior revised 1..843 million (from 1.858 million).
The trade deficit narrowed to $64.2 billion (consensus $68.7 billion) from a revised deficit of $70.6 billion (from $70.5 billion).
Dow 33,127.74 -286.50 -0.86%
S&P 500 4,061.22 -29.53 -0.72%
Nasdaq 11,966.40 -58.93 -0.49%
VIX 20.07 1.73 9.43%
Gold 2,057.80 20.80 1.02%
Oil 68.53 -0.07 -0.10%And run to your nearest bank & take the $$$ and run – lol 🙂
Equity indices in the Asia-Pacific region ended the week on a mixed note while markets in Japan and South Korea were closed for holidays.
Japan’s Nikkei: CLOSED (+1.0% for the week),
Hong Kong’s Hang Seng: +0.4% (+0.8% for the week),
China’s Shanghai Composite: -0.5% (+0.3% for the week),
India’s Sensex: -1.1% (-0.1% for the week),
South Korea’s Kospi: CLOSED (UNCH for the week),
Australia’s ASX All Ordinaries: +0.3% (-1.5% for the week).
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