S&P (SPX) Nasdaq (QQQ) Mid morning update: Stocks slide, airlines hit turbulence, Netflix awaited
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
-637545199312362003.png)
At the time of writing, the author is short SPY and has no position in any other stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
Premium
You have reached your limit of 3 free articles for this month.
Start your subscription and get access to all our original articles.
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.
