Here’s what you need to know on Thursday April 28th:
A relatively quiet session on Wednesday until Facebook Meta (FB) shed light on things after the close. Mediocre gains to be sure but an outsized reaction showed how bearish positioning had been. Facebook (FB) stock was quickly up 15% to 20%, and stock futures were also trading higher on the release. Most of those gains were held for Thursday, with Facebook up 17% at the time of writing and most futures markets strongly ahead. However, we’ll have a first look at US Q1 GDP shortly, so things could get a bit churned up. We are still forecasting a US recession in 2023 and are relatively alone in this. As stock markets are generally about 6 months forward, this makes the end of 2022 difficult for stock market performance.
Geopolitical developments took the spotlight on Wednesday as gas prices soared in Europe, but the fall in yields helped US stocks stabilize after a tumble on Tuesday. Earlier this morning McDonald’s (MCD) is up and Twitter is also up 1% on earnings. Qualcomm (QCOM) also posted solid earnings to help the Nasdaq overnight.
The dollar, meanwhile, is poised to embarrass the euro further with a rise to 1.04 now at 1.0487. Parity will now be the tie. The dollar index is then higher at 103.82. Oil is still being conflicted by talks of a German embargo on Russian oil, but lockdowns in China are offsetting this upside. So oil is unchanged at $101. Gold costs $1186 and bitcoin $39,600.
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European markets are higher: Eurostoxx +1.3%, FTSE +0.6% and Dax +1.6%.
US futures are also higher: Nasdaq +2%, S&P +1.5% and Dow Jones futures are +0.8%.
Top Wall Street (SPY) News (QQQ).
Twitter (TWTR) misses revenue.
McDonalds (MCD) beats the result.
Facebook meta (FB) Rallies 16% after earnings release – recovery rally.
Qualcomm (QCOM) Up 6% on earnings and strong guidance.
MasterCard (MA) beats on EPS and sales.
Apple (AAPL) Earnings after the close of trading. FT reports more antitrust allegations en route from the EU.
Barclays (BCS) postpones buyback as it sells too many structured notes, under investigation by US regulators.
Abbvie (ABBV) enters into a collaboration with Plexium for targeted protein degradation therapies in neurological disorders.
Pinterest (PINS) to strong yields.
Stanley Black and Decker (SWK) 7% less on profit. incision.
Domino Pizza (DPZ) 6% down on profits, high costs.
SNAP 4% more on Facebook Read-Across.
Amazon (AMZN) Earnings after the close of trading.
upgrades and downgrades
Source: Benzinga Pro
Business Communications
The author is Tesla for short and Facebook for long
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