S&P 500 SPX Update: Steady she goes as Carnival cruises, Fed minutes and Biden plan awaited


Update: Markets remain relatively subdued with a flat opening now turning into a small gain for most indices. The Nasdaq is leading, up 0.3% while S&P and Dow are both up 0.15%. Later we get the minutes of the last Fed meeting and look for anything around inflation worries. Also on Wednesday, we get more details from President Biden on his infrastructure plan but for now, industrial stocks are lagging. The dollar continues to weaken trading at 1.1910 versus Euro. 

Sectors: Tech XLK +0.4% and Financials XLF +0.3% lead, while Industrials XLI -0.2% and Real Estate XLRE -0.3% lag.

Selected stocks: AAPL +0.7%, FB +1.5% TSLA -0.4%, GOOGL +0.8%, GME -2%, AMC -1.3%, LiAuto -8%, SNAP +6%, Carnival +6% RIOT -5% Abercrombie & Fitch +6%.

Here is what you need to know on Wednesday, April 7:

Stock markets are calm on Wednesday, poised at record highs and awaiting fresh stimulus. Jamie Dimon does his best, as he forsees strong economic growth but does caution on valuations. Either way it looks like markets are waiting for some more information before proceeding inevitably higher. President Biden is due to give more detail on his infrastructure plan this evening and a host of Fed officials will also take to the wires to give us something to digest. European PMIs earlier were all pretty positive, and optimism is growing that Europe will get its vaccine program back on track to allow a somewhat normal summer.

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All this optimism has seen the dollar stutter and Oil flutter. EUR/USD is nearing a 1.19 handle after just getting used to 1.17 last week. Oil is hovering just below $60 at $59.87, up 1%. 

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European markets are mixed apart from a strong FTSE up 0.6%, DAX -0.2% and EuroStoxx -0.1%.

US futures are all slightly lower, with Nasdaq -0.1%, Dow -0.1% and S&P 500 -0.1%.

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S&P 500 top news

US International Trade balance was worse than expected: $71.1 billion versus $70.5 billion.

JPM CEO Jamie Dimon says US is poised for strong economic growth, says stock market valuations are high, but high economic growth may justify this.

President Biden to outline further details on infrastructure plan on Wednesday.

Jeff Bezos says he supports higher corporate taxation to help pay for infrastrucurtre plan.

G20 to increase IMF resources by $650 billion.

Moderna: UK launches use of companys COVID-19 vaccine.

AZN: UK medicine regulator to hold press conference on Wednesday on AZN vaccine, according to Sky News. AZN vaccine also suspeneded in one region of Spain.

Tesla says on its Chinese social media page that its vehicle cameras are not in use outside of the US.

Beyond Meat opens new facility in China.

Nokia settles dispute with Lenovo.

Samsung Electronics says profits look like matching analyst expectations.

Moderna says its on track to meet delivery target to EU.

Pfizer: Canada launches probe into arthritis drug.

Ryanair says slow EU vaccination is hurting prospects and that passenger numbers will be at the low end of guidance.

LiAuto announces $750 million note offering.

RIOT Blockchain to purchase 42,000 antminers from Bitmain for $138.5 million.

Ups and downs

ViacomCBS: upgraded at Wolfe research.

Applied Materials: Cowen & Co raises price target.

Bank of America: Barclays raises price target.

Waste Management: Goldman initiated as a buy.

AMC: Loop reiterates as a sell.

Kontoor Brands, Abercrombie & Fitch, and L Brands: UBS upgrades all.

Economic releases due

At the time of writing, the author is long VIAC and DISCA. The author has no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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