S&P 500 (SPX) Nasdaq (QQQ) Update: Nasdaq leads the way as Dow slides
Update: The S&P and Dow slide into negative territory on Thursday as the Nasdaq just hangs on to the positive tone due to big tech. Netflix is the only big name in the red as small gains are the order of the day as equity markets mostly trade around flat.
Sectors: Energy -1% and Financials -0.6% are the losers after Credit Suisse disappoints. Industrials +0.2% and Tech +0.1% are the strongest sectors.
Selected stocks: PLTR +3%, GME -1%, TSLA -0.1%, COIN -1%, AT&T +5%, ZM +5%, RIO -2%.
Here is what you need to know on Thursday, April 22:
The equity market continues to remain robust despite the Netflix nightmare. Equities racked up further gains on Wednesday with all major indices closing in the green. Technically, the S&P 500 flagged some worrying developments earlier in the week, as the Relative Strength Index (RSI) approached overbought levels. But this has now abated as the RSI has retreated to more acceptable levels. Earnings season continues to bring strong numbers with strong results from nearly all companies reporting on Thursday, barring of course the airlines.
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The dollar loses some ground, retreating to 1.2050 as the US 10-year yield steadies at 1.55%. Gold is lower at $1,783, and Bitcoin rallies to near $55,000.
European markets are mostly positive, but the FTSE -0.1% is lagging. The Dax is +0.5%, and EuroStoxx is +0.4%.
US futures are all lower with Nasdaq -0.2%, Dow -0.1%, and S&P 500 -0.1%.
S&P 500 Nasdaq top news
US Jobless Claims: 547k versus 610k expected.
Chicago National Activity Index: 1.71 versus 1.25 expected.
President Biden pledges to sharply reduce greenhouse gas emissions by 2030, aims to reduce by 50%.
Japan proposes a 46% reduction in carbon emissions from a 2013 base year.
ECB keeps stimulus pumps going and says it expects “purchases under the PEPP over the current quarter to continue to be conducted at a significantly higher pace than during the first months of the year.” Before we forget, they obviously left rates unchanged.
The EU is preparing legal action against AZN over covid vaccine delivery shortfalls, reported by Politico.
The EU also says it will not exercise an option for an additional 100 million doses of the AZN covid vaccine.
India reports a dismal world record of new daily covid cases.
Apple (AAPL) to expand advertising slots to two in the App store, according to the FT. see more on Apple.
American Airlines (AAL) misses EPS but loss declines YoY. Shares rise in premarket. see more.
SouthWest Airlines (LUV) beats EPS, revenue slight miss. see more.
Credit Suisse (CS) reported a quarterly loss after the Archegos liquidation. Had it not been for Archegos, Credit Suisse CEO Thomas Gottstein told CNBC that Q1 was “one of our best quarters in the history” of the bank. “Definitely the best quarter in the last ten years.” Shares down 5% in premarket.
AT&T (T) beats on EPS and revenue, shares up 3% premarket. see more.
Chipotle (CMG) reported strong results after the close on Wednesday.
Valero (VLO) reports a loss for Q1 as winter storms hurt. see more.
Ups and downs
Alphabet (GOOGL): Jefferies raises price target.
Facebook (FB): Jefferies raises price target.
Lordstown Motors (RIDE): Goldman Sachs downgrades.
Fisker (FSR): Goldman Sachs downgrades.
Microsoft (MSFT): Goldman Sachs reiterates buy rating.
Amazon (AMZN): JP Morgan names as a top idea.
Tesla (TSLA): Citi reiterates sell rating.
Chipotle (CMG): Credit Suisse, Morgan Stanley and Keybanc raise price target.
Economic data
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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.
