Lack Of Data May Lead To Choppy Trading On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 22 April 2022 09:08:54 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [Dominate the Markets with A.I.]( Artificial intelligence is the #1 tool used by traders. Our A.I. predicts major trend reversals... 1 - 3 days in advance. Grab your seat at our FREE, LIVE online class. [Save your spot now!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a roughly flat open on Friday, with stocks likely to show a lack of direction after coming under pressure over the course of the previous session. A lack of major U.S. economic data may keep some traders on the sidelines, as the markets digest the latest batch of earnings news. Shares of American Express (AXP) may move to the upside after the credit card giant reported first quarter results that beat analyst estimates on both the top and bottom lines. On the other hand, shares of Verizon (VZ) are seeing pre-market weakness after the telecom giant reported first quarter earnings in line with estimates but provided disappointing guidance. Traders are also likely to keep an eye on activity in the bond market, as a jump in treasury yields contributed to the sharp pullback in the previous session. After surging to its highest levels since December 2018 on Thursday, the yield on the benchmark ten-year note is nearly unchanged. Stocks showed a substantial downturn over the course of the trading session on Thursday, with the major averages pulling back sharply after showing a strong move to the upside in early trading. With the steep drop on the day, the Nasdaq fell to its lowest closing level in over a month. After jumping by more than 330 points to a two-month intraday high, the Dow slumped 368.03 points or 1.1 percent to 34,792.76. The Nasdaq also plunged 278.41 points or 2.1 percent to 13,174.65, and the S&P 500 tumbled 65.79 points or 1.5 percent at 4,393.66. The sharp pullback on Wall Street came as Treasury yields showed a notable move back to the upside after giving back ground on Wednesday. The yield on the benchmark ten-year note more than offset yesterday's drop, reaching its highest closing level since December 2018. Concerns about the outlook for interest rates contributed to the rebound by Treasury yields, with traders keeping an eye on comments by Federal Reserve Chair Jerome Powell. Participating in an International Monetary Fund panel, Powell said he believes it would be appropriate to raise rates "a little more quickly" and predicted a 50 basis point rate hike would be on the table at the Fed's May meeting. "Our goal is to use our tools to get demand and supply back in synch, so that inflation moves down and does so without a slowdown that amounts to a recession," Powell said. "I don't think you'll hear anyone at the Fed say that that's going to be straightforward or easy," he added. "It's going to be very challenging. We're going to do our best to accomplish that." CME Group's FedWatch Tool currently indicates that a 50 basis point rate hike at the May meeting is a near certainty. Early in the session, stocks benefited from some upbeat earnings news, with shares of Tesla (TSLA) notably sharply higher after the electric car maker reported first quarter results that beat analyst estimates on both the top and bottom lines. American Airlines (AAL) and United Airlines (UAL) also held on to strong gains after reporting first quarter losses but forecasting a return to profitability in the current quarter. On the U.S. economic front, the Labor Department released a report showing a slight decrease in first-time claims for U.S. unemployment benefits in the week ended April 16th. The report showed initial jobless claims edged down to 184,000, a decrease of 2,000 from the previous week's revised level of 186,000. Economists had expected jobless claims to dip to 180,000 from the 185,000 originally reported for the previous week. Meanwhile, a separate from the Federal Reserve Bank of Philadelphia showed growth in Philadelphia-area manufacturing activity slowed more than expected in the month of April. The Philly Fed said its diffusion index for current activity slumped to 17.6 in April from 27.4 in March. While a positive reading still indicates growth, economists had expected the index to show a more modest drop to 21.0. The Conference Board also released a report showing its reading on leading U.S. economic indicators increased in line with economist estimates in the month of March. Gold stocks moved sharply lower over the course of the session, dragging the NYSE Arca Gold Bugs Index down by 4.8 percent. The sell-off by gold stocks came amid a decrease by the price of the precious metal, with gold for June delivery falling $7.40 to $1,948.20 an ounce. Substantial weakness also emerged among energy stocks, which came under pressure even though the price of crude oil for June delivery jumped $1.60 to $103.79 a barrel. Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index and the NYSE Arca Oil Index plunged by 3.8 percent and 3.2 percent, respectively. Steel, brokerage, semiconductor and networking stocks also moved sharply lower as the day progressed, while significant strength remained visible among airline stocks. --------------------------------------------------------------- [Expand Your Portfolio with Roofstock One]( With Roofstock One, accredited investors can explore investing in the single-family rental (SFR) asset class across multiple markets and properties. Add the SFR real estate sector to your portfolio?without any of the traditional responsibilities of being a landlord. [Learn more about investing through Roofstock One.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( No major U.S. economic data is scheduled to be released today. --------------------------------------------------------------- [Looking to spice up your portfolio?]( You?re invited to our Free Class on artificial intelligence for traders. But spots are filling up fast, so register now for this live event. [Register Here, Capacity is Limited.]( --------------------------------------------------------------- Stocks in Focus Shares of Gap (GPS) are moving sharply lower in pre-market trading after the apparel retailer lowered its first quarter sales guidance and announced the departure of Old Navy President and CEO Nancy Green. Hospital operator HCA Healthcare (HCA) may also come under pressure after reporting first quarter earnings that missed analyst estimates. On the other hand, shares of Kimberly-Clark (KMB) are likely to see initial strength after reporting better than expected first quarter results and raising its full-year sales forecast. Mining company Cleveland-Cliffs (CLF) may also move to the upside after reporting first quarter results that exceeded expectations on both the top and bottom lines. --------------------------------------------------------------- [Watch A.I. Forecast Your Stocks in Less than a Minute]( Artificial intelligence makes trading simple. See what stocks are on the rise this week, and what trades you should probably exit?before it?s too late. Save your seat at our LIVE online demonstration and see your stock forecasted today. [Join LIVE online demonstration]( --------------------------------------------------------------- Europe European stocks have moved sharply lower on Friday after U.S. Federal Reserve Chairman Jerome Powell toughened his stance on inflation and Shanghai extended Covid-19 lockdown to April 26. Powell said he saw merit in "front-end loading" policy moves, including a 50 basis point rate hike at the May FOMC meeting to cool inflation. While the U.K.?s FTSE 100 Index has slid by 0.7 percent, the French CAC 40 Index and the German DAX Index are down by 1.5 percent and 1.6 percent, respectively. Belgian brewer Anheuser Busch Inbev has declined percent after it warned of an over $1 billion hit over the sale of its joint venture in Russia. Mining giant Anglo American has also shown a notable move to the downside a day after lowering its output guidance. EssilorLuxottica shares have dropped despite the eyewear group reporting a sharp increase in first quarter revenue. Automaker Renault has also dipped after reporting lower first quarter sales. Luxury group Kering has also plunged after reporting slowing growth at the star label Gucci. SAP has also come under pressure after the German business software group flagged a 300 million euros ($325.26 million) revenue hit due to its exit from Russia. TeamViewer, a provider of remote connectivity and workplace digitalization solutions, has also tumbled after announcing the appointment of Michael Wilkens as Chief Financial Officer and Board member, effective September 1. On the other hand, shares of Ukraine-focused miner Ferrexpo have rallied after the company reported a higher annual pretax profit. Metro AG has also jumped. The retailer has increased its outlook for sales and EBITDA for the financial year 2021/22. In economic news, U.K. retail sales dropped 1.4 percent on a monthly basis in March, largely due to the 7.9 percent decrease in non-store retailing, data showed. Sales were forecast to fall 0.3 percent after a revised 0.5 percent decrease posted in February. Another survey revealed a measure of U.K. consumer confidence dropped to a near historic low in April due to concerns over rising inflation and interest rates dampened household finances. The corresponding index declined to -38 in April from -31 in March. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks slumped on Friday, pressured by strength in U.S. Treasury yields amid hawkish Federal Reserve bets. The dollar stood tall after Fed Chairman Jerome Powell toughened his stance on inflation, saying, ?There?s something in the idea of front-loading? rate hikes. Money markets now fully price in a half-point Fed move in May and two 75 basis point hikes at the June and July FOMC meetings. Chinese shares ended slightly higher as authorities vowed to provide more support to hard-hit firms amid crippling COVID outbreaks. The China Securities Regulatory Commission said in a statement that it urged institutional investors, including the National Social Security Fund, banks, and insurers, to invest more in equities. The benchmark Shanghai Composite Index edged up 0.2 percent to 3,086.92, while Hong Kong's Hang Seng Index settled 0.2 percent lower at 20,638.52. Japan's Nikkei 225 Index tumbled 1.6 percent to 27,105.26, retreating for the first time in four sessions following Wall Street's overnight weakness. Tokyo Electron, Fast Retailing and SoftBank Group lost 2-3 percent, while Toshiba jumped 4.7 percent after saying it would solicit deal offers. Japan's key consumer prices advanced at the fastest pace in more than two years in March, while manufacturing activity grew at a slower rate in April, separate reports showed. Australian markets lost ground to snap a five-day winning streak. The benchmark S&P/ASX 200 Index slumped 1.6 percent to 7,473.30, with miners underperforming on concerns over demand weakness from top steel producer China. Tech stocks and gold miners also saw broad-based declines. South Korea's Kospi ended down 0.9 percent at 2,704.71, with tech heavyweights Samsung Electronics and SK Hynix losing 1-2 percent. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It?s a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are slumping $1.30 to $102.49 a barrel after jumping $1.60 to $103.79 a barrel on Thursday. Meanwhile, after falling $7.40 to $1,948.20 an ounce an ounce in the previous session, gold futures are sliding $10.10 to $1,938.10 an ounce. On the currency front, the U.S. dollar is trading at 128.36 yen versus the 128.38 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0822 compared to yesterday?s $1.0834. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49