Update: Equity markets continue to trade slightly lower as catalysts are in short supply. The market will look to Netflix after the close and Intel on Thursday for direction. A slew of positive results and takeover deals has failed to push markets into the green on Tuesday. Technically the S&P is looking overbought and strong earnings are not enough for now. Macro data is also in short supply this week adding to sluggishness. Airline stocks are taking a hammering as United Airlines (UAL) missed earnings alst night. JETS ETF is down 5%.
Sectors: Real Estate and Health are up 1.1% and 0.3% respectively while Energy -3.1% and Financials -1.1% are the weakest.
Selected stocks: TSLA +1.5%, AAPL -0.8%, COIN -2%, AMC, -5%, GME -4%, Kansas City (KSU) +16%, UAL -9%, AAL -6%, BATS -5%, GM -4%, IBM +35, JNJ +2%.
Here is what you need to know on Tuesday, April 20:
Stocks remain subdued despite further positive earnings news from some bellwether names. Inflation cannot be blamed as yields remain steady under 1.6% and the German 6-month auction goes off at a -0.6% yield. Earnings from JNJ, Lockheed, Travelers, and Proctor & Gamble all beat but markets remain unmoved! Given where markets sit, just shy of record highs it is no surprise that sluggishness has set in. Something extraordinary from earnings would have been required to push the market higher.
Stay up to speed with hot stocks' news!
The dollar holds steady above 1.20 versus Euro trading just shy of 1.2050. Oil is steady at $63.80 and dare we say it but Bitcoin is also calm at $56,000. Gold, yes you guessed it, steady she goes captain, trading at $1,772.
European markets are all lower by about 1%. The Dax is -1%, FTSE -0.9% and EuroStoxx -1.1%.
US futures are slightly better but still all red. The Dow is -0.4%, S&P -0.3% and the Nasdaq is -0.2%.
S&P 500 (SPX) Nasdaq (QQQ) top news
Toyko is to declare a state of emergency as covid cases increase.
PayPal: Venmo supports the use of crypto currency.
IBM earnings beat, after the close on Monday.
Netflix (NFLX) set to release earnings after the close on Tuesday. see preview.
JNJ beats earnings, shares down in pre-market.
Proctor & Gamble (PG) beats earnings, shares down in pre-market.
Lockhead (LMT) beats earnings, shares down in pre-market.
Kansas City Southern (KSU): Canadian National Railway offers $325 per share in cash and stock to purchase KSU according to the WSJ.
United Airlines (UAL) reported after the close on Monday. a Loss of $7.50 per share was worse than expected.
Tesla (TSLA): Elon Musk says company checks showed autopilot was not engaged in a fatal car crash in Texas.
Apple (AAPL) is set to unveil new products today at a virtual event.
Boeing (BA): Dubai Aerospace Enterprise orders 15 737 Max 8 planes.
MANU: UK Prime minister says no action is off the table for stopping the proposed Super League.
Ups and Downs
Fisker: Bank of America initiates as a buy.
Morgan Stanley: Credit Suisse raises price target.
Tesla: Mizuho raises price target.
Nike: Citi downgrades.
Apple: UBS reiterates buy rating.
PLUG: Evercore initiates with an outperform rating. Wells Fargo initiates with an equal weight rating.
Economic releases due
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