Daily Report | 30 April 2024

The S&P 500 closed 0.3% higher on Monday (29/04/24), supported by rising Tesla and Apple shares in the first quarter earnings season, a day ahead of the US Federal Reserve’s FOMC Meeting.

Weekly Report | 29 April 2024

THREAT OF US STAGFLATION OFFSET BY STRONG S&P500 CORPORATE EARNINGS. The S&P 500 added 2.7% last week, supported by strong earnings reports from tech giants Microsoft and Alphabet (although Meta Platforms saw a sharp drop of over 10% in its share price following higher capex estimates), as well as the PCE PRICE INDEX report for March.

Daily Report | 29 April 2024

US stocks closed higher on Friday, the S&P 500 and Nasdaq recorded their biggest weekly percentage gains since early November 2023 on the back of a rally in giant stocks following strong quarterly earnings results from major Tech companies Alphabet, Microsoft, Amazon, and Nvidia; alongside moderate Inflation data.

A Slower-Than-Expected US Economic Growth

A slower-than-expected US economic growth data amid persistently smoldering inflation. GDP for QUARTER 1 this year grew at the slowest pace in almost 2 years at 1.6% qoq, missing forecasts of 2.5% and also down from 3.4% in the previous quarter; while the benchmark Core PCE Prices Inflation surprisingly rose in the first quarter, increasing by 3.7% (above forecasts of 3.4% which had also firmed from 2.0% in the previous quarter).

Daily Report | 26 April 2024

Wall Street stocks closed lower on Thursday’s trading (04/25/24) with the DJIA leading the way down by nearly 1%/375points, as markets were surprised by slower-than-expected US economic growth data amid persistently smoldering inflation, coupled with a sell-off in large-cap stocks triggered by Meta Platforms’ disappointing performance.

The USD 70 Billion 5-Year US TREASURY Auction

The USD 70 billion 5-year US TREASURY auction pushed bond yields higher and weighed on the stock market. The 10-year US Treasury also rose 5 bps to a yield of 4.646%.

Daily Report | 25 April 2024

Wall Street closed variably flat within a thin range of movement, where S&P500 and NASDAQ still posted gains of 0.02% and 0.1% respectively; while DJIA eroded 0.1%/dropped 42 pts as US Treasury yields rose and the Industrial sector plunged after Boeing’s STOCK shed 2% as their credit rating was downgraded by Moody’s to near “junk” level.