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Market Rap 04/22/22 by CTG

Earth Day

SPY / QQQ / Vix

Spy and QQQ both down/flat overnight to curling green right now.

SPY failed at the 200day, back below ATH AVWAP

Both still have a chance to save the IH&S but new lows could kill that

IH&S on the spy weekly in play with lower in lows

Vix flat/up a little SPY daily


QQQ daily

QQQ weekly

a little H&S-ish

10 yr backed off some

DXY back above the channel 22-Apr-22 08:25 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +1.90. Nasdaq futures vs fair value: +23.00.The S&P 500 futures trade roughly in-line with fair value. The benchmark index enters the session unchanged for the week. Reviewing the weekly sector standings shows real estate (+3.1%), consumer staples (+2.0%), and financials (+1.1%) atop the standings with decent gains, while the communication services (-4.6%) and energy (-2.2%) sectors show sharp declines. Separately, American Airlines (AAL 20.50, +0.29, +1.4%) is trading higher in pre-market action after JP Morgan double-upgraded the stock to Overweight from Underweight.

Futures muted as digestive phase continues

22-Apr-22 07:55 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: +13.00.The S&P 500 futures are limping into week's end, trading two points, or 0.1%, below fair value. The market continues to digest hawkish Fed expectations, higher interest rates, stubborn technical factors, and the latest earnings news. Dow components American Express (AXP 183.85, -1.89, -1.0%) and Verizon (VZ 54.15, -0.86, -1.6%) are both trading lower following their underwhelming earnings reports, while Snap (SNAP 29.53, +0.11, +0.4%) shares have been extremely volatile after the company missed EPS estimates and guided Q2 revenue below consensus. In the Treasury market, the 10-yr yield hit 2.97% last evening following Fed Chair Powell's hawkish-sounding commentary earlier on Thursday. The benchmark yield has backed off those highs and currently sits unchanged at 2.92%. The 2-yr yield is up four basis points to 2.73%. The U.S. Dollar Index, meanwhile, remains above the 100.00 level (100.85, +0.27, +0.3%) while WTI crude futures remain above $100.00/bbl ($102.66, -1.13, -1.1%). Today's economic data will be limited to the preliminary IHS Markit Manufacturing and Services PMIs for April at 9:45 a.m. ET. In U.S. Corporate news:

  • American Express (AXP 183.85, -1.89): -1.0% despite beating EPS estimates and reaffirming full-year guidance.

  • Verizon (VZ 54.15, -0.86): -1.6% after saying it expects FY22 EPS to be at the lower end of guidance range. Q1 results were in-line with expectations.

  • Snap (SNAP 29.53, +0.11): +0.4% after missing EPS estimates and guiding Q2 revenue below consensus. DAUs grew 18% year-over-year.

  • Gap (GPS 11.97, -2.32): -16.2% after lowering its fiscal Q1 revenue guidance due to macro-economic dynamics and execution challenges at the Old Navy brand. Old Navy CEO Nancy Green is stepping down.

  • Kimberly-Clark (KMB 133.30, +5.20): +4.1% after beating top and bottom-line estimates and reaffirming its FY22 EPS guidance.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan's Nikkei: -1.6% (UNCH for the week) Hong Kong's Hang Seng: -0.2% (-4.1% for the week) China's Shanghai Composite: +0.2% (-3.9% for the week) India's Sensex: -1.2% (-2.0% for the week) South Korea's Kospi: -0.9% (+0.3% for the week) Australia's ASX All Ordinaries: -1.5% (-0.7% for the week).

    • In economic data:

      • Japan's March National CPI 1.2% yr/yr (last 0.9%) and National Core CPI 0.8% yr/yr, as expected (last 0.6%). Flash April Manufacturing PMI 53.4 (last 54.1) and flash Services PMI 50.5 (last 49.4)

      • Australia's flash April Manufacturing PMI 57.9 (last 57.7) and flash Services PMI 56.6 (last 55.6)

      • Singapore's Q1 URA Property Index 0.7% qtr/qtr (last 0.4%)

      • Hong Kong's March CPI 1.7% yr/yr (expected 1.8%; last 1.6%)

  • In news:

    • Japan's Finance Minister Suzuki and Treasury Secretary Yellen reportedly discussed coordinated currency intervention during yesterday's meeting.

    • Japan's core CPI increased at its fastest yr/yr pace in two years. The Chinese government is reportedly encouraging large investors to buy domestic equities.

    • About 60% of large businesses in Shanghai have resumed production.

  • Major European indices trade in the red. STOXX Europe 600: -1.3% (-1.0% week-to-date) Germany's DAX: -1.8% (+0.6% week-to-date) U.K.'s FTSE 100: -0.8% (-0.6% week-to-date) France's CAC 40: -1.5% (+0.4% week-to-date) Italy's FTSE MIB: -1.6% (-1.8% week-to-date) Spain's IBEX 35: -0.9% (+0.4% week-to-date).

    • In economic data:

      • Eurozone's flash April Manufacturing PMI 55.3 (expected 54.7; last 56.5) and flash Services PMI 57.7 (expected 55.0; last 55.6). February Current Account surplus EUR20.80 bln (last surplus of EUR21.60 bln)

      • Germany's flash April Manufacturing PMI 55.4 (expected 53.0; last 54.7) and flash Services PMI 58.8 (expected 56.5; last 57.4)

      • U.K.'s flash April Manufacturing PMI 55.3 (expected 59.0; last 55.2) and flash Services PMI 58.3 (expected 60.0; last 62.6). March Retail Sales -1.4% m/m (expected -0.3%; last -0.5%); 0.9% yr/yr (expected 2.8%; last 7.2%). March Core Retail Sales -1.1% m/m (expected -0.4%; last -0.9%); -0.6% yr/yr (expected 0.7%; last 4.7%)

      • France's flash April Manufacturing PMI 55.4 (expected 53.0; last 54.7) and flash Services PMI 58.8 (expected 56.5; last 57.4)

  • In news:

    • Bank of England Governor Bailey warned that falling real incomes will pressure growth after retail sales missed March estimates.

    • French Finance Minister Le Maire said that inflation will remain high in 2022 and ease progressively in 2023.

    • The U.K. hopes to complete a free trade deal with India by October.

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