Good morning. US equity futures are broadly lower, SPX -37pts, we’re set to open at 4250. USD is -0.6% at DXY 102.99. The precious metals are significantly higher, Gold +$17 (printing $1919), with Silver +1.0% (printing $23.65). WTIC is +0.9% in the $106s.
sp’60min
Summary
Yesterday saw opening shaky gains, but a powerful secondary wave upward. The closing hour saw a little cooling, as s/t momentum settled on the very high side.
Overnight futures have been leaning on the weaker side, we’re set to open broadly lower in the 4240s, around first support of the hourly 10MA.
So, early weakness, although I expect 4162 to hold for a few weeks. Regardless of today’s exact close, its been a month for the equity bears, with the SPX net lower by around -5%.
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Early movers
AAPL -2.7%, post earnings depression
AG +2.3%, higher silver
AMD -1.5%
AMZN -9.6%, post earnings upset
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BABA +11.2%
BIDU +7.8%, Chinese stocks bouncing into end month
CFVI +3.0%
CHWY -2.7%
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COIN -2.3%
Bitcoin is -2.4% in the $38000s
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CVX -1.4%, EPS $3.36 vs 3.44est. Rev’ y/y +70% to $54.4bn vs 55est. Broadly fine.
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DKNG -1.4%, m/t horror, as betting is not the foundation for a new US economy.
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DWAC +9.2%
Trump joins TRUTH Social: 'I'M BACK! #COVFEFE' https://t.co/pEYAx2LxfY
— Fox News (@FoxNews) April 28, 2022
It remains truly bizarre Trump is only just registering on his own platform.
Its still difficult to see him resisting returning to Twitter, assuming he is eventually given his account back.
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FB -0.9%
FCX +1.2%, with copper +4cents to $4.47
GDX +1.3%
GOLD +1.5%
HON +2.1%, post earnings jump
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HOOD -10.8%, post earnings horror. The company has no path to profitability.
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INTC -3.5%, post earnings depression
LAC -2.2%
MU -1.3%
NEM +1.3%
NFLX -0.9%
NVDA -2.2%
PYPL -1.5%
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RIG +1.2%
RIVN -1.9%, m/t horror
ROKU +4.4%, post earnings gains, but still m/t horror
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SHOP -4.8%, in sympathy with AMZN
SQ -2.1%
TDOC -3.5%, the horror continues
TLT -0.3%, as yields climb
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TSLA +1.5%
No further TSLA sales planned after today
— Elon Musk (@elonmusk) April 29, 2022
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UAL -0.8%
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VIX -1% in the 29s
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X +1.9%, post earnings gains
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XOM -1.1%, EPS $2.07 vs 2.23est. Rev’ y/y +53% to $90.5bn vs 83.6est. Buyback raised to $30bn. $3.3bn hit on Russian operations
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Overnight markets
Asian markets ended the month on a significantly positive note, whilst European markets are leaning positive…
Japan: CLOSED
China: +2.4% at 3047
South Korea: +1.0% at 2695
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Germany: currently +0.6% at 14062
UK: currently +0.03% at 7511
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Have a good Friday