S&P 500 (SPX), Nasdaq (QQQ) Update: VIX is the only thing going up!


Update: It just got ugly on Tuesday as the inevitable sell-off finally filters through. Not really that surprising, nothing can go up forever not even the Powell push! The VIX makes a big move higher on Tuesday, breaching 20 as the index is up 13%. 

Sectors: Tech -2%, Communications -1.4%, Energy +0.4% and Real Estate +0.2%.

Selected stocks: GME -2%, CCIV -3%, AMC -4%, AAPL -3%, FB -2%, TSLA -1.7%, NIO -4%, BNTX -12%, PFE +0.2%, UAA -1.4%, NIO -4%, CVS +2.6%.

Here is what you need to know on Tuesday, May 4:

The earnings season continues to outperform with notable releases from Pfizer (PFE) and Under Armour (UAA), but the market feels tired and just shrugs at the positive news. Nothing to excite bears just yet, as they have been well and truly put into hibernation, but bulls are clearly running out of steam and endeavoring to push higher for now. Consolidation at highs is a bullish sign, and that is exactly what the major indices are doing. No surprise given this week revolves around Friday's employment report. Price action could be slack until then. 

The dollar steadies from recent loses and targets a break of 1.20 against the euro, currently at 1.2018. Yields are calm at 1.6% for the US 10-year, gold is at $1,784, and Bitcoin is lower at $55,500.

The S&P 500 below shows how well the 9-day moving average is holding the trend for now. Remember, there was a Moving Average Convergence Divergence (MACD) sell signal last week.

SPX

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European markets are lower with the Dax down 1.2%, FTSE down 0.3%, and the EuroStoxx down 1%.

US futures are also lower with the Nasdaq down 0.9%, S&P 500 down 0.5%, and Dow down 0.4%.

Wall Street top news

Australian Central Bank pledges long-term, super easy monetary policy.

UK Manufacturing PMI 60.9 versus forecast 60.7. UK Mortgage lending rises sharply to 11.8 billion versus a forecast $5.8 billion.

NY Governor Cuomo lifts most capacity restrictions as Florida's Governor DeSantis suspends remaining health restrictions.

Sinovac (SVA) EU Medicines regulator to begin rolling review of its covid vaccine.

Pfizer (PFE) beats earnings, shares up 1% premarket.

DuPont (DD) beats earnings, shares up premarket.

Bunge (BG) beats earnings, shares up premarket.

Under Armour (UAA) beats earnings, shares down in premarket, possibly due to margin worries.

CVS Health beats earnings, shares up in premarket.

Cummins (CMI) beats earnings.

LYFT reports after the close, EPS expected $-0.53, revenue $558.7 million.

Repligen (RGEN) beats earnings, shares up 7% premarket.

Mosaic (MOS) beats earnings estimates after the close on Monday, shares down 6% premarket.

Ferrari (RACE): Now that is a ticker! Shares are 5% lower in premarket after revenue misses expectations.

Gartner (IT) shares up 11% premarket after strong results and increasing buyback program.

Avis (CAR) posted a smaller loss than expected. Shares down in premarket.

Taiwan Semiconductor (TSMC) to build several more chipmaking plants in Arizona, according to Reuters.

Ups and downs

Dollar General (DG): Keybanc downgrades.

Boeing (BA): Bernstein upgrades.

McDonald's (MCD): Telsey raises price target.

Estee Lauder (EL): DA Davidson raises price target.

Bank of America (BAC): Baird downgrades.

Kroger (KR): Goldman Sachs downgrades.

TEVA Pharma: UBS downgrades.

Economic releases due

At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author is short SPY. The author has not received compensation for writing this article, other than from FXStreet.

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