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Eurozone’s February trade surplus EUR4.6 bln (expected deficit of EUR22.3 bln; last deficit of EUR30.6 bln)
Spain’s February trade deficit EUR2.46 bln (expected deficit of EUR4.40 bln; last deficit of EUR3.96 bln)
Germany’s March PPI -2.6% m/m (expected -0.5%; last -0.3%); 7.5% yr/yr (expected 9.8%; last 15.8%)
France’s April Business Survey 101 (expected 103; last 104)
European Central Bank policymaker Schnabel said that underlying inflation remains sticky even though headline inflation has started to decline.
A British government review will recommend a reduction in semiconductor imports from Taiwan and long-term financial support for the industry.
Security officers at London’s Heathrow Airport will strike between May 4th and May 10th, followed by another strike between May 25th and 27th.
Tesla (TSLA 167.45, -13.14, -7.3%): reports EPS in-line, revs in-line; automotive gross margin of approximately 21.0%; for FY23, expects to remain ahead of long-term 50% CAGR with about 1.8 mln cars for year
AT&T (T 18.80, -0.90, -4.6%): beats by $0.01, reports revs in-line; reaffirms FY23 EPS guidance
IBM (IBM 127.89, +1.57, +1.2%): beats by $0.12, reports revs in-line, appears to slightly lower FY23 revenue outlook; reaffirms FY23 FCF outlook
F5 Networks (FFIV 127.43, -9.62, -7.0%): beats by $0.10, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; downgraded to Equal Weight from Overweight at Barclays
American Express (AXP 163.09, -1.86, -1.1%): misses by $0.27, beats on revs; reiterates FY23 EPS in-line, revs above consensus
Taiwan Semiconductor Manufacturing (TSM 87.60, +0.37, +0.4%): beats by $0.56, misses on revs; guides Q2 revs below consensus
D.R. Horton (DHI 106.65, +4.79, +4.7%): beats by $0.82, beats on revs; raises FY23 revs above consensus
Zions Bancorp (ZION 31.00, -1.72, -5.3%): misses by $0.21; Deposits were $69.2 billion, down 16%
Las Vegas Sands (LVS 62.50, +3.14, +5.3%): beats by $0.08, beats on revs
Weekly initial jobless claims came in at 245,000 (onsensus 242,000) following last week’s revised total of 240,000 (from 239,000). Continuing claims totaled 1.865 million after last week’s revised count of 1.804 million (from 1.810 million).
The Philadelphia Fed Index fell to -31.3 in April (consensus -20.0) from -23.2 in March.
Energy complex futures are moving lower this morning.
WTI crude oil futures are down 1.6% to $77.94/bbl
Natural gas futures are down 0.7% to $2.21/mmbtu.Concerns about an economic slowdown have driven buying interest in the Treasury market.
2-yr note yield is down five basis points to 4.21%
10-yr note yield is down three basis points to 3.57%.S&P 500 futures are down 28 points and are trading 0.8% below fair value.
Nasdaq 100 futures are down 115 points and are trading 1.0% below fair value.
Dow Jones Industrial Average futures are down 168 points and are trading 0.5% below fair value.Earnings results had been coming in better than expected recently BUT share of earnings misses, which is weighing on investor sentiment.
Tesla (TSLA) is among the most influential stocks reacting negatively after its earnings report and is dragging on the Nasdaq 100 futures. Dow component American Express (AXP) is also down after its earnings report while IBM (IBM) is showing some strength.
Dow 33,786.62 -110.39 -0.33%
S&P 500 4,129.79 -24.73 -0.60%
Nasdaq 12,059.56 -97.67 -0.80%
VIX 17.45 0.99 6.01%
Gold 2,014.40 7.10 0.35%
Oil 77.29 -1.87 -2.36%Ohhh the humanity — thankfully on “420 day — plan to keep family/deer/pugs safe from “devil weed”
and a few associated few songs are shared – lol 🙂PPG Industries (PPG) beats by $0.27, reports revs in-line; guides Q2 EPS above consensus; guides FY23 EPS in-line… PPG up 0.7%
Valmont (VMI) beats by $0.28, beats on revs; raises FY23 EPS in-line, reiterates revs in-line; also $400 mln share repurchase reauthorization and a 9% dividend increase… VMI up 3.4%
W.R. Berkley (WRB) misses by $0.24, misses on revs… WRB down 4.3%
Wish, favorite of the punters & dribblers soars 28% on announcing it has approved a share repurchase program for up to $50 mln of common stock
$WISH 9.20▲ 2.02 (+28.13%) After Hours
Railway CSX Q1-2023 Earnings beats by $0.05, beats on revs
EPS +12% $ 0.48 (vs 0.43)
Rev +4% $ 3.71B (vs 3.58b)
Volumes for #coal jumped 19%.
@chigrlVolumes rose for items related to autos, metals and equipment, as well as food and agricultural products.
$CSX up 2.3%Equity indices in the Asia-Pacific region ended the week on a lower note with China’s Shanghai Composite (-2.0%) lagging amid concerns about new curbs on U.S. investment in China.
–Equity Markets—
Japan’s Nikkei: -0.3% (+0.3% for the week)
Hong Kong’s Hang Seng: -1.6% (-1.8% for the week)
China’s Shanghai Composite: -2.0% (-1.1% week-to-date)
India’s Sensex: UNCH (-1.3% for the week)
South Korea’s Kospi: -0.7% (-1.1% week-to-date)
Australia’s ASX All Ordinaries: -0.4% (-0.5% for the week)The Bank of Japan is expected to maintain its ultra-loose policy and dovish guidance at next week’s meeting, according to Reuters.
The Bank of Japan’s semi-annual financial system report noted that Japan’s financial system has been maintaining stability.The Tokyo Stock Exchange will extend its trading hours by 30 minutes starting on November 5, 2024.
Japan’s March CPI 0.4% m/m (expected 0.1%; last -0.6%); 3.2% yr/yr, as expected (last 3.3%).
March National Core CPI 3.1% yr/yr, as expected (last 3.1%)
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