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Charles Schwab (SCHW 49.95, +1.01, +2.1%): upgraded to Outperform from Market Perform at Raymond James
Meta Platforms (META 236.39, +2.58, +1.1%): upgraded to Buy from Hold at Loop Capital
CVS Health (CVS) is reportedly closing down its clinical trials unit.
According to Endpoints News, the move is meant to allow the drug store chain to focus on its core business. The company plans a phased wind down that will lead to a full exit by the end of 2024.
Energy complex futures trade up.
WTI crude oil futures are up 0.6% to $70.47/bbl and natural gas futures are up 1.4% to $2.47/mmbtu.
Treasury yields are mostly moving higher.
The 2-yr note yield is up three basis points to 4.01% and the 10-yr note yield is up two basis points to 3.48%.
The U.S. Dollar Index is down 0.2% to 102.46.
The Empire State Manufacturing Index fell sharply to -31.8 in May (consensus -1.8) from 10.8 in April.
The dividing line between expansion and contraction for this survey is 0.0.
The key takeaway from the survey is that the new orders index sank 53 points to -28.0, underscoring a sharp drop off in demand in May.
Treasury yields turned higher in response to the data.
The 2-yr note yield, at 3.95% shortly before the release, is up three basis points to 4.01%.
The 10-yr note yield, at 3.47% earlier, is up four basis points to 3.50%.Open: Dow -83.51 at 33217.02, Nasdaq +4.23 at 12289.15, S&P -6.58 at 4118.77
Many mega cap stocks are trading down, weighing on the broader market. At the same time, Meta Platforms (META 236.10, +2.30, +1.0%), which was upgraded to Buy from Hold at Loop Capital, has offered some support. The Vanguard Mega Cap Growth ETF (MGK) shows a 0.2% decline while the Invesco S&P 500 Equal Weight ETF (RSP) trades flat.
S&P 500 sector performance suggests some risk-on activity in the market.
The defensive-oriented utilities (-1.5%) and consumer staples (-0.6%) sectors sport the largest declines while the countercyclical materials sector (+0.2%) leads the outperformers.
The financials sector (+0.3%) is another top performer as regional banks rebound. The SPDR S&P Regional Bank ETF (KRE) is up 2.0% and the SPDR S&P Bank ETF (KBE) is up 1.9%.
^^^^ +1s for some excellent market insight in all POSTs above
Basically, as this G.O.A.T. song notes the markets, USA, and all of us need to HOLD ON 🙂Dow 33,348.60 47.98 0.14%
S&P 500 4,136.28 12.20 0.30%
Nasdaq 12,365.21 80.47 0.66%
VIX 17.12 0.09 0.53%
Gold 2,021.00 1.20 0.06%
Oil 71.33 1.29 1.84%Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note.
—Equity Markets—
Japan’s Nikkei: +0.7%
Hong Kong’s Hang Seng: UNCH
China’s Shanghai Composite: -0.6%
India’s Sensex: -0.7%
South Korea’s Kospi: UNCH
Australia’s ASX All Ordinaries: -0.3%China’s National Development Reform Commission vowed to implement more policies to increase private investment.
The People’s Bank of China noted that implementation of monetary policy will be precise and forceful, and that inflation may rebound gradually in the second half of the year.China’s April Retail Sales 18.4% yr/yr (expected 21.0%; last 10.6%), April Fixed Asset Investment 4.7% yr/yr (expected 5.5%; last 5.1%), and April Industrial Production 5.6% yr/yr (expected 10.9%; last 3.9%). April Unemployment Rate 5.2% (expected 5.3%; last 5.3%)
The latest policy minutes from the Reserve Bank of Australia showed a determination to bring inflation down to target.
Australia’s May Westpac Consumer Sentiment -7.9% (expected -1.7%; last 9.4%)
South Korea’s April Import Price Index -5.8% yr/yr (expected 10.5%; last -6.9%) and Export Price Index -7.5% yr/yr (expected -9.0%; last -6.2%)
Major European indices trade near their flat lines.
—Equity Markets—
STOXX Europe 600: -0.1%
Germany’s DAX: +0.1%
U.K.’s FTSE 100: UNCH
France’s CAC 40: UNCH
Italy’s FTSE MIB: +0.2%
Spain’s IBEX 35: +0.1%Germany’s ZEW Economic Sentiment Survey missed expectations with economists noting that Germany could still slip into a recession. Germany’s Finance Minister Lindner said that the deficit will be reduced significantly in the 2024 budget.
Germany’s May ZEW Economic Sentiment -10.7 (expected -5.3; last 4.1) and ZEW Current Conditions -34.8 (expected -37.0; last -32.5)
Bank of England Chief Economist Pill said that last week’s rate hike was made due to a concern about excessive momentum in the economy.
U.K.’s March three-month employment change 182,000 (expected 160,000; last 169,000) and March Unemployment Rate 3.9% (expected 3.8%; last 3.8%). March Average Earnings Index + Bonus 5.8% yr/yr, as expected (last 5.8%)
Eurozone’s Q1 GDP 0.1% qtr/qtr, as expected (last 0.3%); 1.3% yr/yr, as expected (last 1.3%).
Q1 employment change 0.6% qtr/qtr (expected 0.3%; last 0.3%); 1.7% yr/yr (expected 0.4%; last 1.5%).
March trade surplus EUR25.6 bln (last surplus of EUR3.7 bln).
May ZEW Economic Sentiment -9.4 (expected -1.0; last 6.4)Italy’s April CPI 0.4% m/m (expected 0.5%; last -0.4%); 8.2% yr/yr (expected 8.3%; last 7.6%)
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