US STOCKS: Late Equities Roundup: Still Well Bid After Pres Trump Endorsement
May-08 18:14
- Stocks remain well bid after Pres Trump's suggestion: "better go out and buy stocks now" at his UK trade deal annc earlier. Indexes have scaled off second half highs in late trade with the DJIA trading up 501.34 points (1.22%) at 41616.35, S&P E-Minis up 67 points (1.19%) at 5719.25, Nasdaq up 294.8 points (1.7%) at 18033.79.
- Energy and Industrial sectors continued to outperform in late trade, oil and gas shares buoyed the former as crude prices gained (WTI +1.86 at 59.93): Occidental Petroleum +5.84%, Devon Energy +5.74%, Halliburton +4.96%, Diamondback Energy +4.49% and Valero Energy +4.21%.
- Leading gainers in the Industrials sector include: Axon Enterprise surged 14.66% after posting upbeat earnings, Paycom Software +8.96%, Delta Air Lines +6.58%, United Airlines Holdings +6.04% and Dayforce +4.94%.
- Meanwhile, Health Care and Consumer Staples sectors continued to underperform in the second half, pharmaceutical makers weighing on the former: Cencora -4.89%, Cardinal Health -3.06%, McKesson -2.86%, Regeneron Pharmaceuticals -2.45% and Eli Lilly -2.14%. Broadline retailers weighed on the Consumer Staples sector: Dollar General -0.83%, Altria Group -0.67%, Walmart -0.40% and Costco Wholesale -0.15%
- Earnings expected after today's close include: LPL Financial Holdings, Paramount Global, DraftKings, Illumina Inc, Coinbase Global, Microchip Technology, HubSpot, Grindr, Wolfspeed, MARA Holdings, SoundHound AI, Insulet Corp, Rocket Lab USA, McKesson Corp, Expedia, Cloudflare, Sweetgreen, Pinterest and Lyft.
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US TSY OPTIONS: May'25 10Y Call Spread Buying
Apr-08 18:12
- +16,250 TYK5 113/114 call spds 11 vs. 111-18/0.11%
EURGBP TECHS: Holding On To Its Gains
Apr-08 18:00
- RES 4: 0.8645 High Apr 23 ‘24
- RES 3: 0.8625 High Aug 8 ‘24
- RES 2: 0.8604 1.382 proj of the Mar 3 - 11 - 28 price swing
- RES 1: 0.8593 High Aug 14 ‘24
- PRICE: 0.8553 @ 16:29 BST Apr 8
- SUP 1: 0.8470/0.8397 Low Apr 7 / 20-day EMA
- SUP 2: 0.8316 Low Mar 28 and a key near-term support
- SUP 3: 0.8299 Low Mar 5
- SUP 4: 0.8251 Low Mar 4
EURGBP maintains a bullish tone and the cross is holding on to its latest gains. A key resistance at 0.8474, the Jan 20 high, has been cleared. The breach of this hurdle highlights an important technical break and strengthens a bullish condition. Sights are 0.8593 next, the Aug 14 ‘24 high. On the downside, firm support lies at 0.8397, the 20-day EMA. The cross is overbought, a pullback would allow this condition to unwind.
US SWAPS: Swap Curve Bull Steepening, Spreads Extend Inversion
Apr-08 17:56
Swap spreads have gapped to inverted session lows amid heavy swap-tied buying in short end over the last 30 minutes, 2Y through 5Y spds contract 4.5-5.0bp, 10Y swap -4.0 to -56.81 at the moment.
