Wake Up Wall Street (SPY) (QQQ): Facebook (FB) stock flies now Apple (AAPL) and Amazon (AMZN) to keep it going
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UNLOCK OFFERHere is what you need to know on Thursday, April 28:
A relatively sedate session on Wednesday until Facebook Meta (FB) lit things up after the close. Mediocre earnings to be sure but an outsized reaction showed just how bearish positioning had been. Facebook (FB) stock rallied 15 to 20% quickly and equity futures also marked higher on the release. Most of those gains have been held for Thursday with Facebook up 17% at the time of writing and most futures markets strongly ahead. Shortly though we get the US GDP first look for Q1 so that could shake things up somewhat. We are still forecasting a US recession in 2023 and are relatively alone in doing so. With equity markets generally forward-looking to the tune of about 6 months that makes the back end of 2022 sticky for stock market performance.
Geopolitical developments stole the limelight on Wednesday with gas prices rocketing in Europe but the fall in yields did help US equities to stabilize after a tanking on Tuesday. Already up this morning, McDonald's (MCD) is powering higher and Twitter too is up 1% after its earnings. Qualcomm (QCOM) also released solid earnings to help the Nasdaq power ahead overnight.
The dollar meanwhile is set on embarrassing the euro further with an ascent to a 1.04 handle now, at 1.0487. Parity now will be the draw. Dollar index then is higher at 103.82. Oil is still conflicted by talk of a German embargo on Russian oil but lockdowns in China are offsetting this bullishness. So oil is unchanged at $101. Gold is $1186 and Bitcoin is $39,600.
European markets are higher: Eurostoxx +1.3%, FTSE +0.6% and Dax +1.6%.
US futures are also higher: Nasdaq +2%, S&P +1.5% and Dow Jones futures are +0.8%.
Wall Street (SPY) (QQQ) top news
Twitter (TWTR) misses on revenue.
McDonalds (MCD) beats earnings.
Facebook Meta (FB) rallies 16% after average earnings release - relief rally.
Qualcomm (QCOM) up 6% after earnings and strong guidance.
Mastercard (MA) beats on EPS and revenue.
Apple (AAPL) earnings out after the close. FT reports more antitrust charges on the way from the EU.
Barclays (BCS) postpones buyback as it sells too many structured notes, being investigated by US regulators.
Abbvie (ABBV) enters into collaboration with Plexiumfor targetted protein degradation therapies for neurological conditions.
Pinterest (PINS) up on strong earnings.
Stanley Black and Decker (SWK) down 7% on earnings. Cut guidance.
Dominos Pizza (DPZ) down 6% on earnings, high costs.
SNAP up 4% on Facebook read across.
Amazon (AMZN) earnings after the close.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
The author is short Tesla and long Facebook
Here is what you need to know on Thursday, April 28:
A relatively sedate session on Wednesday until Facebook Meta (FB) lit things up after the close. Mediocre earnings to be sure but an outsized reaction showed just how bearish positioning had been. Facebook (FB) stock rallied 15 to 20% quickly and equity futures also marked higher on the release. Most of those gains have been held for Thursday with Facebook up 17% at the time of writing and most futures markets strongly ahead. Shortly though we get the US GDP first look for Q1 so that could shake things up somewhat. We are still forecasting a US recession in 2023 and are relatively alone in doing so. With equity markets generally forward-looking to the tune of about 6 months that makes the back end of 2022 sticky for stock market performance.
Geopolitical developments stole the limelight on Wednesday with gas prices rocketing in Europe but the fall in yields did help US equities to stabilize after a tanking on Tuesday. Already up this morning, McDonald's (MCD) is powering higher and Twitter too is up 1% after its earnings. Qualcomm (QCOM) also released solid earnings to help the Nasdaq power ahead overnight.
The dollar meanwhile is set on embarrassing the euro further with an ascent to a 1.04 handle now, at 1.0487. Parity now will be the draw. Dollar index then is higher at 103.82. Oil is still conflicted by talk of a German embargo on Russian oil but lockdowns in China are offsetting this bullishness. So oil is unchanged at $101. Gold is $1186 and Bitcoin is $39,600.
European markets are higher: Eurostoxx +1.3%, FTSE +0.6% and Dax +1.6%.
US futures are also higher: Nasdaq +2%, S&P +1.5% and Dow Jones futures are +0.8%.
Wall Street (SPY) (QQQ) top news
Twitter (TWTR) misses on revenue.
McDonalds (MCD) beats earnings.
Facebook Meta (FB) rallies 16% after average earnings release - relief rally.
Qualcomm (QCOM) up 6% after earnings and strong guidance.
Mastercard (MA) beats on EPS and revenue.
Apple (AAPL) earnings out after the close. FT reports more antitrust charges on the way from the EU.
Barclays (BCS) postpones buyback as it sells too many structured notes, being investigated by US regulators.
Abbvie (ABBV) enters into collaboration with Plexiumfor targetted protein degradation therapies for neurological conditions.
Pinterest (PINS) up on strong earnings.
Stanley Black and Decker (SWK) down 7% on earnings. Cut guidance.
Dominos Pizza (DPZ) down 6% on earnings, high costs.
SNAP up 4% on Facebook read across.
Amazon (AMZN) earnings after the close.
Upgrades and downgrades
Source: Benzinga Pro
Economic releases
The author is short Tesla and long Facebook
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