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Dow 32,910.90 -269.24 -0.81%
S&P 500 4,115.77 -44.91 -1.08%
Nasdaq 12,086.27 -88.96 -0.73%
GlobalDow 3,882.00 -27.26 -0.70%
Gold 1,854.60 2.50 0.13%
Oil 122.56 3.15 2.64%One of greatest songs 🙂
The S&P 500 futures are 0.1% above fair value; the Nasdaq 100 futures are 0.1% below fair value; and the DJIA futures are 0.1% above fair value
Key factors driving futures:
Tesla (TSLA) up 3.0% after UBS upgrades to Buy from Neutral and sets $1100 price target
ECB leaves rates unchanged today, but says it intends to raise by 25 basis points at July meeting and to end its net asset purchase program on July 1; also raised its inflation projections
Report that southwest neighborhood in Shanghai has been locked down for COVID testing
Indecision ahead of Friday’s CPI report
Chinese regulators deny report that they are considering moving forward with Ant Group IPO
Biden Administration proposes new standards for 500,000 EV charging stations across the country by 2030
EU votes to ban sale of new gas and diesel-powered cars and vans from 2035
Five Below (FIVE) sinks 7.7% after beating Q1 EPS estimate but issuing EPS and revenue warnings for Q2 and FY23
Signet Jewelers (SIG) jumps 8.2% after easily topping Q1 estimates and issuing FY23 guidance above current consensus estimate
Target (TGT) announces 20% increase in quarterly dividend to $1.08 per share; TGT up 0.7%Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note.
—Equity Markets—
Japan’s Nikkei: UNCH
Hong Kong’s Hang Seng: -0.7%
China’s Shanghai Composite: -0.8%
India’s Sensex: +0.8%
South Korea’s Kospi: UNCH
Australia’s ASX All Ordinaries: -1.5%China reported better than expected trade figures for May. South Korea’s Finance Minister Choo said that the new government’s economic policies will be announced next week and that all efforts will be made to stabilize prices. The Commonwealth Bank of Australia expects the Reserve Bank of Australia to begin cutting rates in 2023.
China’s May trade surplus $78.76 bln (expected surplus of $58.00 bln; last surplus of $51.12 bln). May Imports 4.1% yr/yr (expected 2.0%; last 0.0%) and Exports 16.9% yr/yr (expected 8.0%; last 3.9%)
Japan’s May Machine Tool Orders 23.7% yr/yr (expected 27.0%; last 25.0%)Major European indices trade in the red.
—Equity Markets—
STOXX Europe 600: -1.3%
Germany’s DAX: -1.7%
U.K.’s FTSE 100: -1.1%
France’s CAC 40: -1.5%
Italy’s FTSE MIB: -1.8%
Spain’s IBEX 35: -1.3%British Chambers of Commerce lowered the U.K.’s growth forecast for 2022 to 3.5% from 3.6%, expecting inflation to reach 10.0% in Q4. Italy’s Prime Minister Draghi called for a joint EU mechanism to help member states deal with energy costs. The European Central Bank will release its latest statement in a few minutes, but the market does not expect any changes to the interest rate corridor just yet. However, ECB President Lagarde is expected to set the stage for a rate hike in July.
France’s Q1 nonfarm payrolls 0.3% qtr/qtr (last 0.3%)
Tesla (TSLA 748.79, +23.29, +3.2%): UBS upgraded to Buy from Neutral; $1100 price target
Target (TGT 157.89, +1.19, +0.8%): raised quarterly dividend by 20% to $1.08 per share
Five Below (FIVE 124.55, -10.82, -8.0%): beats by $0.01, misses on revs, misses on comps; guides Q2 EPS and revs below consensus; guides FY23 EPS and revs below consensus
Signet Jewelers (SIG 67.09, +4.89, +7.9%): beats by $0.48, beats on revs; guides Q2 revs in-line; guides FY23 EPS above consensus, revs in-line
Nio (NIO 19.25, -1.13, -5.5%): beats by RMB0.24, reports revs in-line; guides Q2 revs below consensus
Novavax (NVAX 47.00, -3.11, -6.2%): FDA approval of COVID-19 vaccine could be delayed amid manufacturing review, according to CNBC
Meta Platforms (META 196.65, +0.01, +0.01%): starts trading today with new ticker symbol METADow 32,272.79 -638.11 -1.94%
S&P 500 4,017.82 -97.95 -2.38%
Nasdaq 11,754.23 -332.05 -2.75%
GlobalDow 3,812.52 -73.11 -1.88%
Gold 1,849.50 -3.30 -0.18%
Oil 121.40 -0.11 -0.09%Technology (131.34 -4.99)
Top-weighted technology (-3.7%) is battling with consumer discretionary (-4.0%) for the bottom slot on today’s lackluster session.
Key factors driving today’s performance include:
Inflation data coming in higher than expected, leading to a higher probability that the Fed will remain on its aggressive rate-hike path.
The US 10-yr Treasury adding 11 bps today to 3.15%, bringing it to levels not seen since November 2018.
Broad-based weakness as every component trades below their flatlines.Top-weighted technology (-3.7%) is battling with consumer discretionary (-4.0%) for the bottom slot on today’s lackluster session.
Key factors driving today’s performance include:
Inflation data coming in higher than expected, leading to a higher probability that the Fed will remain on its aggressive rate-hike path.
The US 10-yr Treasury adding 11 bps today to 3.15%, bringing it to levels not seen since November 2018.
Broad-based weakness as every component trades below their flatlines.
Notable movers:Adobe (ADBE 391.83, -34.59, -8.1%): weakest performer in the sector, opened below 50-day moving average (417.35).
NVIDIA (NVDA 169.01, -11.47, -6.4%): opened below 20-day moving average (178.63).
PayPal (PYPL 78.81, -5.29, -6.3%): moving below 20-day moving average (82.47); Apple (AAPL) announced its BNPL service on June 6.
Micron Technology (MU 62.46, -3.56, -5.4%): setting a fresh 52-week low.
Intuit (INTU 379.86, -20.69, -5.2%): drifting below 20-day moving average (390.76).
Paycom Software (PAYC 287.52, -14.76, -4.9%): flirting with 20-day moving average (286.82).
Salesforce (CRM 177.99, -9.11, -4.9%): pulling below 50-day moving average (179.32).
Cadence Design Systems (CDNS 148.18, -7.63, -4.9%): after meeting some resistance at its 200-day moving average (160.82) earlier in the week, gapping below 50-day (151.99) and 20-day (150.33) moving averages.
Autodesk (ADSK 185.53, -9.53, -4.9%): gapping well below 50-day moving average (197.17).
Applied Materials (AMAT 102.16, -5.07, -4.7%): flirting with 52-week low of $101.33 reached on May 20.
ServiceNow (NOW 470.44, -21.59, -4.4%): pulling below 50-day moving average (481.13) as it begins to flirt with its 20-day moving average (461.61).
Citrix Systems (CTXS 98.21, -0.84, -0.9%): strongest performer in the sector, still trading lower on the day as it dips below 200-day moving average (98.58).The discretionary sector is the worst performer amid concerns about inflation weighing on consumer spending. Every component of the sector trades in the red with Etsy (ETSY 76.06, -7.01, -8.4%) and Booking Holdings (BKNG 2112.41, -165.43, -7.3%) sitting at the bottom of the barrel.
Amazon (AMZN 109.40, -6.75, -5.8%) is falling for the fourth consecutive day toward its May low (101.26) while the SPDR S&P Retail ETF (XRT 63.59, -2.26, -3.4%) has dropped to its lowest level in over two weeks.
Concerns about the strength of the consumer have also been reflected in underperformance among credit providers.
Discover Financial (DFS 99.16, -6.97, -6.6%) and Synchrony Financial (SYF 31.73, -2.13, -6.3%) are the biggest laggards among financials.
The top-weighted technology sector is also suffering from broad-based weakness and pressure from underperformance in some of its largest components like Adobe (ADBE 392.40, -34.02, -8.0%) and NVIDIA (NVDA 170.28, -10.20, -5.6%). Apple (AAPL 137.71, -4.93, -3.5%), meanwhile, trades a step ahead of the sector.
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