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
a little H&S-ish
10 yr backed off some
DXY back above the channel
https://www.briefing.com/stock-market-update 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%)
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)
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.