S&P 500 SPX Update: Banks COIN it, COIN waits to bank it!
Update: Equity markets are again relatively calm as most traders are glued to screens to see where Coinbase opens (COIN). The Nasdaq has decided that yesterday's record high push was too tiring and is lagging today, COIN may wake it up! Financials are boosted by JPMorgan, Wells Fargo and Goldman smashing it. Oil is where it is all happening as it nears $63 as IEA revises up demand forecasts just as US crude stocks drop sharply. Nice timing!
Sectors: Energy obviosuly! +3%, Financials +1%. Consumer staples -0.3% and Tech -0.2%.
Selected stocks: COIN??, PLTR -1%, RBLX -5%, AMC +5%, NFLX -2%, WFC +3%, GS +4%, XPEV -45, Chewy -2%.
Here is what you need to know on Wednesday, April 14:
Bank stocks continue to smash analysts' expectations as Goldman, Wells Fargo and JPMorgan all hammer Wall Street expectations. What are these Wall Street analysts so highly paid for if they cannot even get close. Goldman did what it always does, make money and lots of it as investment banking outperformed expectations.
Stay up to speed with hot stocks' news!
Equity markets look set then to resume where they left off on Tuesday and push more record highs. It is all getting a bit boring now, this relentless march upwards. The VIX seems to agree and remains bored below 17, the lowest level in over a year. The dollar continues to weaken, heading closer to 1.20 versus the euro. Oil is at $61.13, and Gold is steady at $1,744. Oh, wait Bitcoin, how can we forget, another record high here too at $64,311.
COIN launches on the Nasdaq later on Wednesday via a direct listing, so that will liven things up. see more.
European markets remain positive, the Dax is flat, while EuroStoxx and FTSE are both up 0.2%.
US futures are positive, the Nasdaq is +0.3%, Dow +0.1%, and S&P +0.155.
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S&P 500 top news
US envoy John Kerry and the Russian Foreign Minister discuss the possibility of a Biden/Putin meeting.
The EU Commission is not renewing its contracts with JNJ or AZN for their covid vaccines, according to Italian newspaper La Stampa.
AZN: China to expand the use of its lung cancer treatment drug Tagrisso.
Coinbase: COIN is set to launch on Wednesday at a reference price of $250. see more.
Goldman GS: smashes EPS and revenue estimates, shares up 2% pre-market.
JPMorgan JPM also smashes earnings estimates, but shares down slightly in the pre-market.
Wells Fargo WFC beats estimates for revenue and EPS shares flat in pre-market.
BBBY shares down sharply as outlook disappoints.
US CDC to meet on Wednesday to discuss JNJ covid vaccine after blood clot reports.
Moderna says its covid vaccine is 95% protective against severe illness after six months.
American Airlines: says to fly more than 90% of US capacity this summer compared to 2019, 80% of international capacity. 150 new routes in summer 2021.
Jet Blue and Spirit Airlines: Upgraded by JPMorgan, following on heels of Susquehanna on Tuesday.
Credit Suisse was reportedly still selling blocks of shares in companies related to the Archegos failure on Tuesday. Reuters.
Proctor & Gamble raises dividend by 10%.
Ups and downs
Hilton: Jefferies raises price target.
Southwest Airlines: JPMorgan raises rating to neutral from underweight.
BOX: Morgan Stanley raises price target.
Disney: Bank of America reiterates as a buy.
SNAP: Wedbush upgrades.
Netflix: Morgan Stanley reiterates as overweight. (it is keeping most of us overweight after all!)
Facebook: Wedbush downgrades.
ExxonMobil: Raymond James upgrades.
Economic releases
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
