Wake Up Wall Street (SPY) (QQQ): Apple (AAPL) CFO bites bulls, Rivian (RIVN) crashes AMZN
Here is what you need to know on Friday, April 29:
It was all happening in the after-hours on Thursday as earnings from Apple (AAPL) and Amazon (AMZN) served to cancel each other out. Apple beat on top and bottom lines and looked strong until the CFO opened his mouth and smacked the bulls just as things were looking exciting. Apple (AAPL) stock immediately reversed 4%. Amazon (AMZN) by contrast was all one way, brutal. The stock is down 9% this morning as Rivian (RIVN) caused it to write down a bucket load of cash and revenue, sales etc all slowed. Only Amazon Web Services looked strong. The Nasdaq looked to have been bailed out by Facebook (FB) and Apple (AAPL) but this one one-two combination served to send that lower in the futures market and it has remained so this morning. Yields picked up again as Russian war fears and oil embargos fuel a flight to safety. The weak US GDP was ignored as consumption looks strong so the Fed is nailed on to raise aggressively for the remainder of the year.
The dollar remains in the ascendency but has given back some ground to trade at 1.0510 versus the euro and the dollar index slips slightly to 103.13. Month-end is traditionally bullish for the dollar. Oil is higher on news Germany is to go with a Russian oil embargo and is up to $106.20 now. Gold is also higher as yields popped back up and is at $1915 now as German CPI was also higher than expected. Bitcoin is $38,600.
European markets are mixed: Eurostoxx +0.4%, FTSE flat and Dax +0.7%.
US futures are lower: S&P -1%, Nasdaq -1.5% and Dow -0.5%.
Wall Street top news (SPY) (QQQ)
China vows to stick with zero covid policy.
China politburo to boost economic growth efforts.
Alibaba (BABA) up 10% on regulatory cooperation with US hopes.
Apple (AAPL) beat on top and bottom lines but conference call was bearish.
Amazon (AMZN) revenue in line EPS missed big, down 9%.
DWAC President Trump returns to Truth Social, DWAC stock soars.
Tesla (TSLA) Elon Musk dumps $4 billion worth of stock for Twitter (TWTR) takeover, pledges no more sales.
ExxonMobil (XOM) down 2% as Russia exit costs $3.4 billion. Triples buyback.
Victoria's Secret (VSO) sells beauty products via Amazon (AMZN).
Chevron (CVX) stock is flat as earnings, revenue beats but EPS inline.
ROKU revenue up but margins down. Stock up in the premarket.
Bristol Myers Squibb (BMY) down despite earnings beat. Outlook is poor.
Imperial Oil (IMO) announces CAD$0.34 dividend as it beats on revenue.
WP Carey (WPC) beats on earnings.
Sono Group (SEV) stock offering.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
The author is long Facebook and Alibaba and is short Tesla.
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.
