Negative Reaction To Amazon Results May Weigh On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 28 April 2023 09:54:47 [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 lower open on Friday, with stocks likely to give back ground following the rally seen in the previous session. A negative reaction to quarterly results from Amazon (AMZN) may weigh on Wall Street, as the online retail giant is slumping by 2.2 percent in pre-market trading. The drop by Amazon comes as the company?s better than expected first quarter earnings and revenue are being overshadowed by concerns about slowing growth for its Amazon Web Services cloud computing platform. Shares of Capital One (COF) are also seeing significant pre-market weakness after the company reported first quarter earnings well below analyst estimates. On the other hand, shares of Intel (INTC) are likely to see initial strength after the semiconductor giant reported a narrower than expected adjusted first quarter loss. Early trading may also be impacted by reaction to the Commerce Department?s report on personal income and spending in the month of March, which includes readings on consumer price inflation that are said to be preferred by the Federal Reserve. The report said the annual rate of consumer price growth slowed to 4.2 percent in March from a revised 5.1 percent in February. Economists had expected the rate of growth to slow to 4.6 percent from the 5.0 percent originally reported for the previous month. The annual rate of growth by core consumer prices, which exclude food and energy prices, also slipped to 4.6 percent in March from a revised 4.7 percent in February. Economists had expected the rate of growth to slow to 4.5 percent from the 4.6 percent originally reported for the previous month. Stocks moved sharply higher over the course of the trading session on Thursday, with the major averages all showing significant moves to the upside after ending Wednesday's trading mixed. The tech-heavy Nasdaq led the advance, adding to Wednesday?s gain. The major averages pulled back off their highs of the session going into the close but held on to strong gains. The Nasdaq soared 287.89 points or 2.4 percent to 12,142.24, the S&P 500 surged 79.36 points or 2.0 percent to 4,135.35 and the Dow jumped 524.29 points or 1.6 percent to 33,826.16. The rally on Wall Street partly reflected a positive reaction to upbeat earnings news from Facebook parent Meta Platforms (META). Shares of Meta spiked by 13.9 percent after the company reported better than expected first quarter results and provided upbeat guidance for the current quarter. Media conglomerate Comcast (CMCSA) also moved sharply higher after reporting first quarter earnings that exceeded analyst estimates. Big-name companies like eBay (EBAY), Honeywell (HON) and Eli Lilly (LLY) also posted strong gains after reporting their quarterly results. Meanwhile, traders largely shrugged off a Commerce Department report showing U.S. economic growth slowed by much more than expected in the first three months of 2023. The report said real gross domestic product increased by 1.1 percent in the first quarter after jumping by 2.6 percent in the fourth quarter of 2022. Economists had expected the pace of GDP growth to slow to 2.0 percent. The Commerce Department said the slowdown in GDP growth primarily reflected a downturn in private inventory investment and a slowdown in non-residential fixed investment. The data may have added to optimism that the Federal Reserve is close to ending its tightening cycle ahead of next week's monetary policy meeting. A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits unexpectedly declined in the week ended April 22nd. The report said initial jobless claims dipped to 230,000, a decrease of 16,000 from the previous week's revised level of 246,000. Economists had expected jobless claims to inch up to 248,000 from the 245,000 originally reported for the previous week. Housing stocks turned in some of the market's best performances on the day, driving the Philadelphia Housing Sector Index up by 3.1 percent to its best closing level in well over two months. The strength in the sector came despite the release of a report from the National Association of Realtors unexpectedly showing a steep drop in pending home sales in March. Substantial strength was also visible among transportation stocks, as reflected by the 2.6 percent surge by the Dow Jones Transportation Average. The average bounced off its lowest closing level in well over three months. Software stocks also moved sharply higher over the course of the session, with the Dow Jones U.S. Software Index jumping by 2.6 percent to an eight-month closing high Retail, steel and commercial real estate stocks also saw considerable strength on the day, moving higher along with most of other major sectors. --------------------------------------------------------------- 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]( Personal income in the U.S climbed by slightly more than anticipated in the month of March, according to a report released by the Commerce Department on Friday. The report said personal income rose by 0.3 percent in March, matching the increase seen in February. Economists had expected personal income to edge up by 0.2 percent. Meanwhile, the Commerce Department said personal spending was unchanged in March after inching up by a revised 0.1 percent in February. Economists had expected personal spending to dip by 0.1 percent compared to the 0.2 percent uptick originally reported for the previous month. The personal income and spending report also includes readings on consumer price inflation that are said to be preferred by the Federal Reserve. The report said the annual rate of consumer price growth slowed to 4.2 percent in March from a revised 5.1 percent in February. Economists had expected the rate of growth to slow to 4.6 percent from the 5.0 percent originally reported for the previous month. The annual rate of growth by core consumer prices, which exclude food and energy prices, also slipped to 4.6 percent in March from a revised 4.7 percent in February. Economists had expected the rate of growth to slow to 4.5 percent from the 4.6 percent originally reported for the previous month. At 9:45 am ET, MNI Indicators is due to release its report on Chicago-area business activity in the month of April. The Chicago business barometer is expected to edge down to 43.5 in April from 43.8 in March, with a reading below 50 indicating a contraction. The University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of April at 10 am ET. The consumer sentiment index for April is expected to be unrevised at 63.5, which was up from 62.0 in March. --------------------------------------------------------------- [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 Snap (SNAP) are moving sharply lower in pre-market trading after the Snapchat parent reported first quarter revenue that fell short of expectations. Image sharing platform Pinterest (PINS) may also come under pressure after reporting better than expected first quarter results but provided disappointing guidance for the current quarter. Meanwhile, shares of ImmunoGen (IMGN) are seeing significant pre-market strength after the biotechnology company reported a narrower than expected first quarter loss on revenues that exceeded estimates. --------------------------------------------------------------- [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 edged lower on Friday after Eurozone GDP data for the first quarter missed expectations. The euro zone economy grew by 0.1 percent in the first quarter of the year, preliminary figures showed, while analysts had forecast 0.2 percent growth. Elsewhere, data out of France showed consumer price inflation in the country climbed 5.9 percent year-over-year in April following a 5.7 percent increase in February. German unemployment rose more than expected in April, with the number of people out of work increasing by 24,000 in seasonally adjusted terms to 2.567 million. While the French CAC 40 Index has slid by 0.6 percent, the U.K.?s FTSE 100 Index is down by 0.1 percent and the German DAX Index is nearly unchanged. Miners Anglo American, Antofagasta and Glencore have fallen, tracking lower copper prices after the first estimate showed the U.S. economy grew at a much slower than expected pace in the first quarter of the year. Lender NatWest Group has moved sharply lower amid disappointment over the outlook for the year. Mercedes-Benz has also slid. After reporting a 12 percent increase in first quarter net profit, the car maker said recent turbulence in the banking sector in the U.S. and Europe would weigh on its outlook. German lender Deutsche Bank has edged down slightly after saying it would buy U.K. broker Numis Corp for about 410 million pounds. Meanwhile, Electrolux, Europe's biggest home appliances maker, has soared after reporting a smaller-than-expected operating loss for the first quarter. Insurer Prudential has also jumped after posting a 30 percent jump in new business profit. Education group Pearson has also surged after reporting better than expected annual earnings. Medical and safety technology group Dragerwerk has also moved higher after delivering strong net sales growth and positive earnings in the first quarter of 2023. Chemicals maker Covestro has also shown a strong move to the upside after announcing it would resume its current share buyback program. --------------------------------------------------------------- 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 advanced on Friday after solid earnings from Meta Platforms boosted sentiment on Wall Street overnight. Regional gains were capped by mixed earnings results released after the U.S. market close as well as caution ahead of key inflation data due out later in the day and next week's Fed meeting. The Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred gauge of inflation, will be featured in the New York session. Markets currently expect the Fed to raise interest rates by 25 basis points at its meeting next week. Chinese shares rallied after the country's central boosted short-term liquidity via reverse repos. The benchmark Shanghai Composite Index closed 1.1 percent higher at 3,323.27. Hong Kong's Hang Seng Index inched up 0.3 percent to 19,894.57. Japanese shares posted strong gains, the yen slumped and government bonds rallied after the Bank of Japan kept rates ultra-low and announced a broad review of its longstanding monetary easing measures. In its first meeting under new Governor Kazuo Ueda, the central bank scrapped its guidance on future interest rate levels, which previously said that rates would stay at "current or lower levels." Data earlier today showed consumer inflation in Japan's capital rose more than expected in April. The unemployment rate in the country rose to 2.8 percent in March versus 2.5 percent expected, while industrial output rose 0.8 percent from the previous month and retail sales jumped 7.2 percent from a year earlier, separate reports showed. The Nikkei 225 Index surged 1.4 percent to 28,856.44, while the broader Topix closed 1.2 percent higher at 2,057.48. Seoul stocks extended gains from the previous session as chipmakers rose on expectations for a better outlook. The Kospi edged up 0.2 percent to close at 2,501.53. South Korea's retail sales rose 0.4 percent in March from February and 0.5 percent from a year ago, official data published earlier in the day revealed. Australian markets snapped a five-day losing streak, with miners and banks leading the rebound. The benchmark S&P/ASX 200 Index rose 0.2 percent to 7,309.20, while the broader All Ordinaries Index gained 0.3 percent to end at 7,501. AGL Energy fell about 1 percent after the power producer said it has completed the partial refinancing of debt facilities worth A$1.6 billion ($1.06 billion). Tech firm Megaport jumped 41.5 percent after forecasting higher FY23 and FY24 earnings. --------------------------------------------------------------- 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 climbing $0.62 to $75.38 a barrel after rising $0.46 to $74.76 a barrel on Thursday. Meanwhile, after inching up $3 to $1,999 an ounce in the previous session, gold futures are slipping $7.20 to $1,991.80 an ounce. On the currency front, the U.S. dollar is trading at 136.12 yen versus the 133.97 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0972 compared to yesterday?s $1.1028. --------------------------------------------------------------- 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