Update: Bank stocks continue to be boosted by strong earnings as Bank of America and Citigroup beat the street. But in a case of buy the rumour sell the fact both stocks and the financial sector are actually down on Thursday. Tech rallies back having taken a breather on Wednesday. Strong retail sales data supports the Fed's promise of strong growth without inflation as the 10-year yield remains within target.
Sectors: Tech +1.2%, Real Estate +1%. Financials -0.6% and Energy -0.5%.
Selected stocks: GME -7%, COIN +2%, NIO -4%, TSLA +0.2%, RBLX +5%, AAPL +2%, AMZN +1%,
Here is what you need to know on Thursday, April 15:
Equity markets should be bulled up again after US retail sales data showed strongly and yields remain subdued. The Nasdaq paused on Wednesday, having previously made new highs on Tuesday, as Tesla took a hit from Cathie Wood's ARK Invest among others. Ferrari launching a fully electric car also weighed on EV stocks.
A busy earnings week continued on Thursday. Given the performance of the market over the last six months, why are analysts surprised when the investment banks boom? Citi adds to Goldman yesterday in smashing Street estimates. Citigroup (C) posted strong profits from its investment banking and trading activities. Citi also scaled back reserves it had in place for pandemic loan losses as the economy has apparently weathered the storm. Bank of America also posted strong numbers earlier. see details.
In other news, Coinbase rallied sharply during the pre-market as investor favourite Cathie Wood bought a hefty chunk. ARK Invest bought $240 million worth of the crypto exchange across various funds. see more.
The dollar remains steady just below 1.20 versus the euro. 10-year yields have fallen to 1.6%, and Oil is also down marginally at $62.72.
European markets are all higher with the FTSE leading the way up 0.7%. The Dax is +0.2% while the EuroStoxx is +0.6%.
US futures are also all green: Nasdaq +15, S&P +0.6%, and Dow +0.6%.
S&P (SPX), Nasdaq (NDX QQQ) top news
President Biden will increase restrictions on US banks trading Russian government debt.
Russia summoned the US ambassador to a meeting in Moscow.
US retail sales 8.4% versus 5% forecast.
NY Fed manufacturing 26.3 versus 20 forecast.
Philly Fed Index 50.2 versus 41.5 forecast.
Citigroup (C) beats earnings, see more.
Pepsi (PEP) beats earnings, see more
Delta (DAL) misses earnings see more
Bank of America (BAC) beats earnings, see more.
Dell to spin off its 81% stake in VMWare.
American Eagle (AEO) said first-quarter profit to top $1 billion.
Thermo Fisher to buy contract research company PPD.
Taiwan Semiconductor (TSM) says doing as much as it can to help with chip shortages and increase productivity.
United Health Group raises 2021 profit target.
Shopify is losing three top executives.
Tencent appoints new CEO.
Regeneron: Germany wants to use its antibody cocktail for covid treatment, according to German Health Minister.
Ups and downs
Alphabet (GOOGL): Cowen & Co raises price target.
Dell: JPMorgan raises price target.
Hershey: Goldman Sachs upgrades.
Coinbase (COIN): BTIG initiates as a buy.
NVIDIA: Raymond James upgrades.
Intel: Raymond James downgrades.
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