US STOCKS: Late Equities Roundup: Nearing April 9 Tariff Pause Highs
Apr-24 18:54
- Stocks continue to gradually extend intraday highs in late Thursday trade, SPX eminis nearing the April 9 knee-jerk highs (5528.75) after Pres Trump granted 75 other countries get a 90 day pause and reduction in reciprocal tariffs. Currently, the DJIA trades up 485.58 points (1.23%) at 40093.37, S&P E-Minis up 110.25 points (2.04%) at 5511.5, Nasdaq up 443.9 points (2.7%) at 17151.77.
- Today's tariff-related headlines have underpinned risk on the day, first on second hand media comments that a the White House is "nearing an agreement in principle on trade with India" according to a Fox reporter, followed by Tsy Sec Bessent on a trade "understanding" with South Korea was near as well. A lot of front running stocks on little substance as negotiations continue.
- Information Technology and Communication Services sectors continued to lead gainers in the second half, ServiceNow surged 15.57% higher after reporting better than expected earnings. Other gainers included: Microchip Technology +11.97%, Super Micro Computer +9.48% and Monolithic Power Systems +8.11%.
- Interactive media and entertainment shares buoyed the Communication Services sector with Netflix +4.71% and Take-Two Interactive Software +4.19%. Other leaders included Interpublic Group +3.88%, Omnicom Group +3.48%, TKO Group Holdings +2.99% and Walt Disney +2.70%.
- Conversely, Consumer Staples and Utilities sectors continued to underperform in late trade, weighing on Consumer Staples: PepsiCo -5.19%, Procter & Gamble -3.81%, Dollar Tree -2.58%, Mondelez International -2.20% and Dollar General -2.11%. Meanwhile, alternative energy providers weighed on the Utility sector with NextEra Energy -2.13%, Xcel Energy -1.48%, Exelon -1.00%, Consolidated Edison -0.98% and PG&E -0.77%.
- Earnings expected after today's close include: T-Mobile, Encompass Health Corp, Weyerhaeuser Co, Skechers USA, SS&C Technologies, Republic Services, Digital Realty Trust, Intel Corp, Gilead Sciences and Alphabet.
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US STOCKS: Late Equities Roundup: Narrow Ranges, Media & Discretionary Leading
Mar-25 18:53
- Stocks continue to hold narrow ranges late Tuesday, trading near steady (SPX Eminis) to mildly mixed, the tech-heavy Nasdaq mildly higher. Currently, the DJIA trades down 92.54 points (-0.22%) at 42491.35, S&P E-Minis down 3 points (-0.05%) at 5812.5, Nasdaq up 27.8 points (0.2%) at 18216.44.
- Communication Services and Consumer Discretionary sectors outperformed in late trade, interactive media and entertainment names supporting the former with Netflix +2.21%, Fox Corp +1.87%, Take-Two Interactive Software +1.65% and Interpublic Group +1.45%
- Consumer Discretionary sector buoyed by Wynn Resorts +2.25%, Garmin +1.58%, General Motors +1.48% and Ulta Beauty +1.33%.
- On the flipside, Utilities and Health Care sectors underperformed in the second half, Vistra Corp -2.81%, Eversource Energy -2.68%, FirstEnergy -2.64%, Edison International and Dominion Energy both -2.34%.
- Meanwhile, pharmaceuticals weighed on the Health Care sector: Merck & Co -5.43%, AbbVie -3.86%, Regeneron Pharmaceuticals -3.36% and Amgen -3.11%.
GBPUSD TECHS: Monitoring Support At The 20-Day EMA
Mar-25 18:30
- RES 4: 1.3175 High Oct 4 2024
- RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 2: 1.3048 High Nov 6 ‘24
- RES 1: 1.3015 High MAr 20 and the bull trigger
- PRICE: 1.2954 @ 16:15 GMT Mar 25
- SUP 1: 1.2886 Low Mar 21
- SUP 2: 1.2861 20-day EMA
- SUP 3: 1.2722 50-day EMA and a short-term pivot support
- SUP 4: 1.2556 Low Feb 28
The GBPUSD trend needle continues to point north and the latest shallow pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. A resumption of gains would pave the way for a climb towards 1.3048, the Nov 6 2024 high. Initial firm support to watch is 1.2861, the 20-day EMA. Clearance of this level would signal scope for a deeper retracement towards the 50-day EMA, at 1.2722.
PIPELINE: Late Corporate Bond Update
Mar-25 18:26
$15.25B to price Tuesday:
- Date $MM Issuer (Priced *, Launch #)
- 03/25 $4.4B #Bausch Health 7NC3 10%
- 03/25 $3B *MTR $500M 5Y +40, $1B 10Y +58. $1.5B 30Y +70
- 03/25 $2B #LG Energy $400M 3Y +135, $600M 5Y +145, $300M 5Y SOFR+170, $700M 10Y +170
- 03/25 $1.75B #Côte d'Ivoire 10y WAL 8.45%
- 03/25 $1.25B #NWB 3Y SOFR+36
- 03/25 $1.25B #NDB 3Y SOFR +65
- 03/25 $1B *MuniFin WNG 5Y SOFR+46
- 03/25 $1B *JFM 5Y SOFR+64
- 03/25 $1B #IDB 5Y SOFR+49
- 03/25 $500M #AerCap WNG +30NC5 6.5%
- Expected Wednesday:
- 03/26 $Benchmark Kingdom of Belgium 10Y SOFR+67a
