Upbeat Tech Earnings May Lead To Rebound On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Wednesday, 26 April 2023 09:07:31 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [Try AI Investing, Get 10 Free Shares]( Have you tried Magnifi Personal yet? With the world's first AI investing assistant, it's like having a co-pilot for your investing. You can get 24/7 personalized guidance, on-demand analysis, plus a commission-free investment marketplace. [Get started]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Wednesday, with tech stocks likely to help lead a rebound on Wall Street following the sell-off seen in the previous session. The upward momentum partly reflects a positive reaction to earnings news from Microsoft (MSFT), as the software giant is surging by 8.1 percent in pre-market trading. The jump by Microsoft comes after the company reported fiscal third quarter results that beat expectations on both the top and bottom lines and provided upbeat revenue guidance for the current quarter. Google parent Alphabet (GOOGL) may also move to the upside after reporting better than expected first quarter results and announcing a $70 billion stock buyback. Outside the tech sector, shares of Boeing (BA) are likely to see initial strength after the aerospace giant reported a wider than expected first quarter loss but announced plans to boost production of its 737 Max planes. Positive sentiment may also be generated in reaction to a Commerce Department report showing new orders for U.S. manufactured durable goods surged by much more than expected in March amid a substantial rebound in orders for transportation equipment. After showing a lack of direction for two straight sessions, stocks moved sharply lower over the course of the trading day on Tuesday. The major averages all showed significant moves to the downside after ending Monday's trading narrowly mixed. The major averages finished the day just off their lows of the session. The Dow slumped 344.57 points or 1.0 percent to 33,530.83, the Nasdaq plunged 238.05 points or 2.0 percent to 11,799.16 and the S&P 500 tumbled 65.41 points or 1.6 percent to 4,071.63. The sell-off on Wall Street partly reflected a negative reaction to quarterly results from First Republic (FRC), with the regional bank plunging by 49.4 percent. The steep drop by First Republic came after the company reported a loss of more than $100 billion in deposits in the first quarter, renewing concerns about turmoil in the banking sector. Shares of UPS Inc. (UPS) also moved sharply lower after the delivery giant reported weaker than expected first quarter results and forecast full-year revenue at the lower end of its prior forecast. Meanwhile, other big-name companies like General Motors (GM), PepsiCo (PEP), McDonald's (MCD) and 3M (MMM) reported better than expected quarterly earnings but turned in a mixed performance. On the U.S. economic front, the Conference Board released a report showing consumer confidence has deteriorated by much more than anticipated in the month of April. The Conference Board said its consumer confidence index slumped to 101.3 in April from a revised 104.0 in March. Economists had expected the index to edge down to 104.0 from the 104.2 originally reported for the previous month. A separate report released by the Commerce Department showed new home sales unexpectedly spiked to their highest level in a year in March. Oil service stocks pulled back sharply after rallying during Monday's session, dragging the Philadelphia Oil Service Index down by 3.8 percent. The sell-off by oil service stocks came amid a steep drop by the price of crude oil. Concerns about global demand also contributed to substantial weakness among steel stocks, as reflected by the 3.7 percent nosedive by the NYSE Arca Steel Index. Transportation stocks also saw considerable weakness following the disappointing results from UPS, resulting in a 3.6 percent slump by the Dow Jones Transportation Average. Banking, semiconductor and software stocks also moved sharply lower over the course of the session amid broad based weakness. --------------------------------------------------------------- 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]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Commerce Department released a report on Wednesday showing new orders for U.S. manufactured durable goods surged by much more than expected in March amid a substantial rebound in orders for transportation equipment. The report said durable goods orders spiked by 3.2 percent in March after tumbling by a revised 1.2 percent in February. Economists had expected durable goods orders to climb by 0.8 percent compared to the 1.0 percent slump that had been reported for the previous month. Excluding the jump in orders for transportation equipment, durable goods orders rose by 0.3 percent in March after falling by 0.3 percent in February. Ex-transportation orders were expected to dip by 0.2 percent. At 10:30 am ET, the Energy Information Administration is due to release its report on oil inventories in the week ended April 21st. Crude oil inventories are expected to decrease by 1.5 million barrels after tumbling by 4.6 million barrels in the previous week. At 1 pm ET, the Treasury Department is scheduled to announce the results of this month?s auction of $43 billion worth of five-year notes. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Stocks in Focus Shares of PacWest Bancorp (PACW) are seeing significant pre-market strength after the regional bank reported better than expected first quarter results and said deposits have stabilized. Restaurant chain Chipotle Mexican Grill (CMG) is also likely to move to the upside after reporting first quarter results that beat analyst estimates on both the top and bottom lines. On the other hand, shares of Activision Blizzard (ATVI) are moving sharply lower in pre-market trading after Britain?s top competition regulator moved to block Microsoft?s acquisition of the video game publisher. Energy technology company Enphase Energy (ENPH) may also come under pressure after reporting better than expected first quarter results but providing disappointing second quarter revenue guindace. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Europe European stocks have moved mostly lower during trading on Wednesday, as weak U.S. data has stoked recession fears. Upbeat German consumer confidence data as well as encouraging earnings updates from both Microsoft and Alphabet have helped limit regional losses to some extent. Survey results showed that German consumer sentiment is likely to pick up in May on the back of cooling energy prices and expected wage increases. The forward-looking GfK institute's consumer sentiment index improved to -25.7 from the revised prior reading of -29.3. While the French CAC 40 Index has slumped by 1.0 percent, the German DAX Index is down by 0.7 percent and the U.K.?s FTSE 100 Index is down by 0.3 percent. Drug maker GSK has moved to the downside despite posting better-than-expected first-quarter revenue and earnings. PUMA has also fallen after the German sportswear maker said it expects second-quarter sales to grow at a low- to mid-single-digit percentage rate. Materials company CRH has also tumbled after a warning that it expects a more challenging backdrop in Europe, driven by continued inflationary pressures and some slowdown in the new-build residential sector. French software maker Dassault Systèmes SE has also plunged despite reporting first-quarter results broadly in line with estimates. Meanwhile, telecom giant Orange has moved to the upside after reporting higher first quarter revenue and confirming its full-year outlook. Food group Danone has also advanced after raising its 2023 sales outlook. Vonovia has also jumped after the housing giant agreed to sell a minority stake in its Suedewo residential portfolio to U.S. investor Apollo for 1 billion euros ($1.10 billion). Homebuilder Persimmon has also surged after saying trading over recent weeks has offered some signs of encouragement. Lender Standard Chartered has edged higher in London after reporting a 21 percent rise in pre-tax profit, ahead of expectations. --------------------------------------------------------------- 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 fell on Wednesday, although regional losses remained capped by consensus-beating earnings results from tech giants Microsoft and Alphabet. Economic jitters weighed on sentiment after the release of weak U.S. economic data. Interest-rate worries persisted, with investors focusing on upcoming U.S. GDP data and PCE inflation for additional clues on the Fed's policy path. Chinese shares fluctuated before ending little changed on doubts about the strength of the economy recovery in the country. Sino-U.S. tensions also weighed after a group of nine Republican senators called on the Biden administration to impose sanctions against Chinese cloud companies, citing national security concerns. The benchmark Shanghai Composite Index finished marginally lower at 3,264.10 ahead of industrial profits data, due out Thursday, and the upcoming May Day 'Golden Week' holiday. Hong Kong's Hang Seng Index climbed 0.7 percent to 19,757.27, reversing an early slide. Japanese shares ended notably lower and the yen inched up slightly as the BOJ policy meeting loomed. The Nikkei 225 Index slid 0.7 percent to 28,416.47, retreating from an eight-month high as weak results from First Republic Bank revived concerns about the health of the U.S. banking sector. The broader Topix closed 0.9 percent lower at 2,023.90. Banks led losses, with Mitsubishi UFJ Financial and Sumitomo Mitsui Financial falling around 2 percent each. Mitsubishi Motors fell 2.6 percent after the automaker announced a one-time charge of about $78 million related to slowing sales at its China unit. Seoul stocks gave up early gains to finish lower, with the Kospi slipping 0.2 percent to 2,484.83. Chipmaker SK Hynix rallied 2.2 percent after the company said it expects market circumstances to improve in the second half of this year. Australian markets ended flat with a negative bias as data showed inflation in the country eased from 33-year highs in the first quarter of the year. Miners retreated, outweighing gains in the energy sector after an uptick in oil prices. Gold miners surged, with Newcrest gaining 1.7 percent. Diversified miner Mineral Resources plunged 9.7 percent after reporting weaker than expected production volumes in mining services. --------------------------------------------------------------- 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 falling $0.61 to $76.46 a barrel after plunging $1.69 to $77.07 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $2,006.50, up $2 compared to the previous session?s close of $2,004.50. On Tuesday, gold rose $4.70. On the currency front, the U.S. dollar is trading at 133.67 yen compared to the 133.76 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.1046 compared to yesterday?s $1.0973. --------------------------------------------------------------- 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