Money market graph1/30/2024 The First Trust NASDAQ Cybersecurity ETF is down 3% month to date, on pace for its first negative month in four months and its worst month since December. "The irony is that if, in fact, there was a real default, VIX would likely be significantly higher."įirst Trust NASDAQ Cybersecurity ETF (CIBR), Global X Cloud Computing ETF (CLOU) and the VanEck Semiconductor ETF (SMH) are on pace to end April in the red. ![]() debt default, yet the market is pricing the opposite," he said. "Our view is that downside in equities is a much more likely outcome over the next couple of months than a U.S. The VIX, a common measure of market volatility, is currently near the 15-months low it touched on Wednesday. "We think there are better odds of a late day fade than yesterday," the chief market technician wrote in a Thursday note, due in part to heavier volumes after the lightest of the year during Wednesday's trading.Įquities are also a day beyond the VIX's expiration and "anecdotally, it feels as though more participants have given up in thinking we can't sustain weakness throughout the day," he added. Thursday's market moves may be giving investors "deja vu" from Wednesday, but BTIG's Jonathan Krinsky says some key underlying fundamentals could shift the similarities. Lea la cobertura del mercado de hoy en español aquí. That included Cleveland Fed President Loretta Mester, who said that higher interest rates likely loom ahead. Thursday also marked an action-packed day for central bank speakers ahead of the Fed's May policy meeting. The Philadelphia Fed manufacturing index fell more than expected, to its lowest level since May 2020, while jobless claims rose over the previous week. "We haven't found something that's breaking the back in this market and we've given it plenty of chances," Hogan said.Įlsewhere, a raft of fresh of economic data seemed to signal a contracting economy and the potential for a much bigger slowdown than anticipated. He added that despite the incoming economic data, slowdown fears and a banking crisis that rattled the broader financial sector last month, markets have traded sideways in recent weeks. "But that just hasn't been the case yet." that might cause a multiple contraction and we might see some of the S&P 500 sell off," he said. "If we see a lot of degradation over the course of next week because of guidance. The real test may come next week as earnings season ramps up with a slate of results from big technology companies, said Art Hogan, chief market strategist at B. A general lack of profit forecasts, however, has begun to concern some investors. Many on Wall Street this season are bracing for an earnings decline. So far this earnings season, about 16% of companies in the S&P 500 have reported results, with about 76% beating EPS expectations, according to FactSet data as of Thursday. AT&T fell 10.4% on slowing subscriber growth fears. consumer, lost 1% as earnings per share fell short of estimates. The payments company, offering another look at the health of the U.S. ĭisappointing results from both AT&T and American Express did little to alleviate some of the market concern. Some laggards included APA, Marathon Oil and Phillips 66. Seagate Technology shares lost more than 9% after missing estimates and issuing disappointing guidance, citing weak demand.Įnergy marked another area of market weakness as oil prices declined more than 2%. Nvidia, Microsoft, Meta Platforms and Apple all finished lower. Other technology stocks showed signs of weakness. The company posted a more than 20% decline in net income from a year ago after the bell Wednesday. The mounting concern over downward pressure on profit margins hurt Tesla shares as the electric vehicle maker cut prices on some of its cars during the recent quarterly period. "Though, so far, it seems that equities have rallied, sentiment has been okay, and you're seeing equity volatility continue to grind lower, the story from corporates is that margins are under pressure and we continue to see that decline," said Anna Han, equity strategist at Wells Fargo Securities. The Dow is down about 0.3% and on pace to snap a four-week win streak. The S&P is down about 0.2%, while the Nasdaq has lost roughly 0.5%. ![]() The Dow Jones Industrial Average lost 110.39 points, or 0.33%, to close at 33,786.62, while the S&P 500 dropped 0.6% to finish at 4,129.79.Īll the major averages are on track for a week of losses, and the worst weekly performances for the Dow and the S&P 500 since March. The Nasdaq Composite slipped 0.8% to settle at 12,059.56. Investors also assessed fresh data that signaled a contracting economy. Stocks dropped Thursday as Wall Street reacted to a mixed bag of corporate earnings, including disappointing results from Tesla. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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