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Market Updates
S&P Futures vs Fair Value: +46.0
10 yr Note: 2.172%
USD/JPY: 118.32 +0.02
EUR/USD: 1.0994 +0.0037
Europe: FTSE: +1.2% DAX: +2.5% CAC: +2.6%
Asia: Hang Seng: +9.1% Shanghai: +3.5% Nikkei: +1.6%
Gold (1920.50 -9.20) Silver (24.98 -0.17) Crude (97.73 +1.29)The global equity markets are significantly stronger. Encouraging comments from Russia’s Foreign Minister Lavrov regarding hope for compromise with Ukraine seem to be fueling the rally. S&P Futures are up about 46 points to trade around the 4300 area. The market was range bound throughout the early portion of the Asian session but kicked into high gear about midway through. Since then, the S&P has charged higher and sitting just off the peak of 4306.00. The low was set early on at 4239.00.
In Asia, China, Hong Kong and Japan all climbed higher. Reports out of China from a senior official indicating the central government would provide additional support to the economy helped these markets rebound. The Shanghai finished 3.5% better while the Hang Seng posted a robust 9.1% gain. In Japan, the Nikkei seemed to follow the rising tide. Gains were paced by heavyweight, SoftBank, which closed the day up 6%.
In Europe, the major bourses are in solid positive territory. Financials are among the best sectors with lenders such as Lloyds, Barclays and BNP Paribas up 2-4%. Mining stocks are rebounding following China’s pledge to support the economy. Antofagasta and Glencore are representing leadership in the miners with gains of 3%.
S&P 500 futures 1.5% above fair value; Nasdaq 100 futures 1.9% above fair value; DJIA futures 1.5% above fair value
Key factors driving the futures market:Talks between Russia and Ukraine reportedly making progress toward compromises
Chinese stocks surge (U.S.-listed ones, too) after Chinese authorities reportedly express support for stable equity markets
Speculation that stock market has priced in rate hikes and will rally after Fed announces actual rate hike today (sell the rumor, buy the news mentality)
Strength in mega-cap stocksFOMC policy decision at 2:00 p.m. ET; Fed Chair Powell’s press conference at 2:30 p.m. ET
Hong Kong’s Hang Seng Index soars 9.1% as U.S. and China reportedly move closer to cooperation plan on Chinese listings; China signals crackdown on Internet platform companies could be ending soon
Starbucks (SBUX) CEO Kevin Johnson to retire April 4; Howard Schultz to step in as interim CEOSmartsheet (SMAR 40.98, -2.51): -5.8% after guiding EPS for Q1 and FY23 below consensus, overshadowing its better-than-expected quarterly results and upbeat revenue guidance for Q1 and FY23.
SentinelOne (S 29.50, -1.39): -4.5% despite beating top and bottom-line estimates and guiding Q1 revenue above consensus.Japan’s Nikkei: +1.6% Hong Kong’s Hang Seng: +9.1% China’s Shanghai Composite: +3.5% India’s Sensex: +1.9% South Korea’s Kospi: +1.4% Australia’s ASX All Ordinaries: +1.1%.
Hong Kong’s Hang Seng Index soared 9.1% and China’s Shanghai Composite surged 3.5%. Those power moves came on the heels of Wall Street’s positive showing on Tuesday and state media reports touting efforts to stabilize equity markets, including reports of progress with U.S. regulators on a cooperation plan for Chinese stocks listed in the U.S., a push to end the crackdown on Internet platform companies, and providing some stability for the real estate sector.
While we still need to do everything to avoid WWIII – hopeful for peace
sharing address to Congress — which was excellent & he is one of best world leaders
The civilian & infrastructure impacts are horrific & heartbreaking as USA can only go so farIt’s all the Fed’s Fault BUT The Market Waits for The Fed to Fix It All with Bated Breath
– The Delusion of Crowds plays out every month as desperate advertising shops such as CNBC push the event as much as they can …WALL STREET BULLS were DANCING IN THE STREETS 😉 🙂
Dow 34,063.10 518.76 1.55%
S&P 500 4,357.86 95.41 2.24%
Nasdaq 13,436.55 487.93 3.77%
GlobalDow 3,970.21 95.91 2.48%
Gold 1,923.60 -6.10 -0.32%
Oil 94.96 -1.48 -1.53%Overnight Summary — World markets settle in post Fed
The global equity markets are mixed. S&P Futures are down by about 10 points to trade around the 4340 area. The advance the market saw after the FOMC release stalled out overnight and settled into a trading range. Spoos peaked out at 4363.50 and are currently sitting closer to the low of 4334.50.
In Asia, the major markets closed higher. Beijing’s continued chatter promising support for financial markets kept sentiment in high spirits. The Shanghai posted a gain of 1.4% while Hong Kong surged 7.0%. In Japan, the Nikkei seemed to follow Wall Street’s move. Fast Retailing was among the standouts on Thursday with the retailer finishing nearly 7% better.
In Europe, the major bourses are off to muted starts. Economic data was light but new car registration data across the region seems to have disappointed investors. Automakers are among the worst groups with names like BMW, Renault and Stellantis shedding 1-3%.
Market Updates
S&P Futures vs Fair Value: -10.0
10 yr Note: 2.134%
USD/JPY: 118.71 -0.04
EUR/USD: 1.1045 +0.0010
Europe: FTSE: 0.0% DAX: -0.1% CAC: +0.2%
Asia: Hang Seng: +7.0% Shanghai: +1.4% Nikkei: +3.5%
Gold (1935.80 +26.60) Silver (25.44 +0.73) Crude (98.63 +3.59)S&P 500 futures 0.1% below fair value; Nasdaq 100 futures 0.4% below fair value; DJIA futures in-line with fair value
Key factors driving the futures market:
Russia says reports that peace talks have made major progress are wrong; bombs theater in Mariupol serving as bomb shelter for civilians
Oil prices on the rise again (WTI crude +5.4% to $100.12/bbl; Brent +5.5% to $103.42)
Mixed feelings about bullish response to hawkish-sounding Fed
COVID cases in China decline for second straight day, spurring optimism that adverse economic impact will be short-lived
Bank of England raises key lending rate by 25 bps, as expected, to 0.75%
Brazil’s central bank raises key lending rate by 100 bps to 11.75%
Hong Kong’s Hang Seng surges another 7.0% (up 16.8% in last two days) as investors cheer China’s overtures to support market and economy
IEA lowers forecast for world oil demand by 1.3 mb/d for 2Q22-4Q22
Williams-Sonoma (WSM) jumps 8% after better than expected earnings report, replete with dividend increase and $1.5 bln buyback authorizationAccenture (ACN 340.00, +15.09): +4.6% after beating top and bottom-line estimates, guiding revenue for Q3 and FY22 revenue above consensus, and raising its quarterly dividend by 10%.
Williams-Sonoma (WSM 164.00, +11.55): +7.6% after beating EPS estimates, authorizing $1.5 billion for share buybacks, and raising its quarterly dividend by 10%. WSM provided FY23 revenue growth guidance in-line with company expectations.
Dollar General (DG 220.00, +7.51): +3.5% after guiding FY23 EPS and revenue above consensus, outweighing its below-consensus Q1 EPS guidance.
Lennar (LEN 89.30, +0.79): +0.9% after beating EPS estimates and authorizing $2.0 billion for share repurchases.
Warby Parker (WRB Y20.29, -6.53): -22.4% after guiding FY22 revenue below consensus. WRBY beat EPS estimates.
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