Traders Market Weekly: Stock and Bond Bear Markets Hover

Viewing 15 posts - 31 through 45 (of 57 total)
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  • #36305
    #36308

    RALLY TIME DOOMERS 😉 …. SUPER GREEN on WALL STREET — DOW +700
    While FED did 50 bps increase, there was no call for 75 bps
    and interpreted as FED is hitting hard now & will likely be more dovish in days ahead
    esp. given instabilities of war, covid, inflation, gas/oil, etc.

    on MAIN STREET we’ll take all the good news we can get 🙂

    #36309

    Dow 34,061.06 932.27 2.81%
    S&P 500 4,300.17 124.69 2.99%
    Nasdaq 12,964.86 401.10 3.19%
    GlobalDow 3,905.26 69.56 1.81%
    Gold 1,887.00 16.40 0.88%
    Oil 107.94 5.53 5.40

    SUPER GREEN finish on WALL STREET & may MAIN STREET improve in days ahead also
    class of 2022 hall of fame are celebrating 🙂

    #36339
    Truman
    Participant

    –Equity Markets—

    Japan’s Nikkei: CLOSED
    Hong Kong’s Hang Seng: -0.4%
    China’s Shanghai Composite: +0.7%
    India’s Sensex: +0.1%
    South Korea’s Kospi: CLOSED
    Australia’s ASX All Ordinaries: +1.0%

    #36340
    Truman
    Participant

    —Equity Markets—

    STOXX Europe 600: +1.1%
    Germany’s DAX: +1.4%
    U.K.’s FTSE 100: +1.6%
    France’s CAC 40: +1.8%
    Italy’s FTSE MIB: +1.3%
    Spain’s IBEX 35: +0.9%

    Major European indices trade in the green. European Central Bank policymaker Panetta said that a digital euro could be issued within 4-5 years. BMW reported better than expected profit for the quarter. BMW and Mercedes sold their car sharing business to Stellantis. The Bank of England increased its base rate by 25 bps to 1.00%, though three policymakers voted for a 50-bps hike.

    Germany’s March Factory Orders -4.7% m/m (expected -1.1%; last -0.8%). April IHS Markit Construction PMI 46.0 (last 50.9)
    U.K.’s April Services PMI 58.9 (expected 58.3; last 58.3)
    France’s March Industrial Production -0.5% m/m (expected 0.2%; last -1.2%)
    Swiss April CPI 0.4% m/m (expected 0.3%; last 0.6%); 2.5% yr/yr, as expected (last 2.4%)

    • This reply was modified 7 months, 1 week ago by Truman.
    #36342
    Truman
    Participant

    S&P futures vs fair value: -21.50. Nasdaq futures vs fair value: -99.50.
    The S&P 500 futures trade 22 points, or 0.5%, below fair value.

    #36343
    Truman
    Participant

    China’s April Caixin Services PMI 36.2 (last 42.0) o Hong Kong’s April Manufacturing PMI 51.7 (last 42.0). March Retail Sales -13.8% yr/yr (last -14.6%)
    India’s April Nikkei Services PMI 57.9 (expected 54.0; last 53.6)
    Australia’s March trade surplus AUD9.31 bln (expected surplus of AUD8.50 bln; last surplus of AUD7.46 bln). March Imports -5% m/m (last 13%) and Exports 0% m/m (last 0%). March Building Approvals -18.5% m/m (expected -12.5%; last 42.0%) and Private House Approvals -3.0% m/m (last 14.6%)
    Singapore’s March Retail Sales 7.5% m/m (last -1.5%); 8.7% yr/yr (last -3.5%)

    #36344
    Truman
    Participant

    Just in, the latest weekly initial jobless claims count totaled 200,000 (Briefing.com consensus 184,000), which was above the prior week’s revised count of 181,000 (from 180,000). As for continuing claims, they decreased to 1.384 million from a revised count of 1.403 million (from 1.408 million).

    Separately, preliminary unit labor costs rose 11.6% during the first quarter (Briefing.com consensus 7.3%), while the preliminary productivity reading fell 7.5% (Briefing.com consensus -2.8%).

    #36345
    Truman
    Participant

    Booking Holdings (BKNG 2315.31, +211.98): +10.1% after beating top and bottom-line estimates.
    eBay (EBAY 50.22, -4.20): -7.7% after guiding Q2 EPS and revenue below consensus and lowering its FY22 guidance below consensus. EBAY beat EPS estimates.
    Etsy (ETSY 95.50, -13.83): -12.7% after guiding Q2 revenue below consensus, overshadowing its Q1 EPS beat.
    Wayfair (W 84.94, -5.82): -6.4% after missing EPS estimates.
    Datadog (DDOG 113.76, -5.32): -4.5% despite beating top and bottom-line estimates and issuing upside guidance for Q2 and FY22.

    #36346
    Truman
    Participant

    S&P 500 futures 0.4% below fair value; Nasdaq 100 futures 0.7% below fair value; DJIA futures 0.2% below fair value

    Key factors driving the futures market:

    Underlying concern that market will be subjected once again to inclination to sell into strength
    Recognition that more rate hikes are coming with designs on slowing demand, which should adversely impact earnings growth
    Most mega-cap stocks trading lower
    Bank of England raises Bank Rate 25 bps to 1.00% in 6-3 vote (three dissenters wanted 50 bps increase)
    China’s April Caixin Services PMI sinks to 36.2 from 42.0 (50.0 is dividing line between expansion and contraction)
    Gallup poll shows just 30% of U.S. adults think now is good time to buy a home (lowest on record)
    Booking Holdings (BKNG) jumps 10% after blowing past EPS estimates on 128.7% yr/yr growth in gross bookings
    Etsy (ETSY) down 12.2%; eBay (EBAY) down 7.6%; Qorvo (QRVO) down 5.5%; and Wayfair (W) down 5.0% following disappointing results and/or guidance

    #36347
    Truman
    Participant

    Brokerage research calls of note:

    Upgrades: FTNT, NVRO, SBGI
    Downgrades: AMRN, TUP, EAT, IDXX, MUR, SFM, TGNA

    #36348
    Truman
    Participant

    WTI crude futures +1.5% to $109.42/bbl; wheat futures +2.2% to $11.00/bu; nat gas futures +0.2% to $8.49/mmbtu
    10-yr note yield +1 bp to 2.93%; 2-yr note yield +4 bps to 2.65%

    #36349

    Happy Cinco de Mayo — which means 5th day of MAY in Spanish 🙂
    https://en.wikipedia.org/wiki/Cinco_de_Mayo

    #36351

    PPPPPLLLLUUUUNNNGGGGGEEEEE — As it’s “SINK-OOO-DE-STOCK–OOO”
    minus 1000 on DOW at one point as all of yesterdays gains wiped out
    SELL ON THE NEWS DAY — as TREASURIES are surging

    #36353

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