S&P 500 (SPX) Nasdaq (QQQ) Update: Equity markets take a well deserved breather, crypto stocks slide


Update: Equity markets took a much-needed break from setting record highs on Monday. Tesla suffered a steep 5% fall after reports of a crash with no one at the wheel. Have a Coke and a smile was up 1% as KO smashed earnings estimates. Bitcoin was causing trouble for crypto stocks with COIN down 3% and bitcoin miners also suffering. 

Sectors: No sectors were in the green on Monday. Real Estate and Healthcare sectors led the way while Consumer Discretionary and Tech were the biggest losers.

Selected stocks: Tesla -5%, COIN -3%, GME +9%, Peloton -8%, Moderna -6%, PLUG -7%, PLTR -4%, AAPL +0.2%.

 

Here is what you need to know on Monday, April 19:

Equity markets remain stable on Monday as continued optimism about the reopening trade bolstered equity markets despite fears over lofty valuations. Sentiment was further aided by continued strength in earnings, with Coca-Cola adding to the growing list of earnings beats. Bitcoin had a jumpy weekend, dropping from $59,000 to nearly $51,000 in the space of an hour. This means crypto-related stocks such as our new favourite COIN will need close inspection. The dollar finally gives up 1.20 as EUR/USD hits 1.2030. Oil is steady at $62 and gold similarly unmoved at $1,776. Yields remain steady at 1.58% for the 10-year.

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European markets are now just in the red with FTSE -0.1%, DAX also -0.1%, and the EuroStoxx -0.2%. 

US futures are also pointing lower with the Nasdaq -0.5%, Dow -0.2%, and the S&P 500 -0.3%.

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S&P 500 (SPX SPY) Nasdaq (NDX QQQ) top news

Bitcoin, COIN: Li Bo, deputy governor of the People’s Bank of China, says Bitcoin is an "investment alternative" during a panel hosted by CNBC in China.

US CDC says half of all US adults have received at least one dose of covid vaccine.

GameStop (GME) loses another senior executive as GME says CEO George Sherman will resign. Roaring Kitty, aka Keith Gill, also reportedly buys another 50,000 shares of GameStop by exercising options, Bloomberg. see more.

Coco-Cola (KO) beats on revenue and EPS. see more.

Peleton (PTON) Consumer Product Safety Commission says users with pets or young children should not use Peleton's treadmill. Peleton says the guidance is "inaccurate and misleading." Shares down 6% in pre-market.

Harley Davidson (HOG) beats EPS, revenue in line, raises guidance. The alpha male, US motorcycle manufacturer appealed an EU ruling that may mean large tarriffs on sales. Shares up 8% premarket.

M&T Bank (MTB) Q1 results beat on revenue and EPS.

Coinbase (COIN) CEO sold $292 million worth of shares in COIN during the first day of trading, according to SEC fillings.

Manchester United (MANU): Top European clubs to form breakaway Super League.

Pfizer/BioNTech: EU takes up an option to purchase another 100 million doses of covid vaccine.

Ups and downs

Abercrombie & Fitch: JPMorgan raises price target.

Zynga: BMO initiates as outperform.

Innoviz Technologies: Goldman Sachs initiates a neutral rating with a $11 price target.

Kansas City Southern: Raymond James downgrades to outperform, raises price target.

Netflix: Bank of America reiterates NFLX as a buy.

Peloton: Bank of America lowers price target.

Alphabet (GOOGL): JPMorgan raises price target.

SNAP: JPMorgan reiterates as overweight.

Economic releases

Quiet today with US 3 and 6-month governement bill auction due at 1130 EST / 1530 GMT. 

United Airlines releases Q1 2021 results after the market closes. 

 

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