Market Jockeys for Long Weekend | Morning Express | 4/14/22
Posted: April 14, 2022, 8:38 a.m.
Bill Baruch, the author of the Morning Express, is on vacation with his family this week. The Morning Express will be thinner than usual, but his updated levels at a minimum will be provided. Please feel free to contact us with any questions. Thank you.
- Retail Sales mixed with Core (ex-autos) +1.1% MoM versus +1.0% expected. Headline +0.5% versus +0.6%. Control -0.1% versus +0.2% expected.
- Initial Jobless Claims rebounded to 185k from 167k the week prior
- Export and Import Price Index topped estimates.
- Goldman Sachs, Morgan Stanley, and Citigroup all beat top and bottom-line earnings estimates, powered by trading revenues.
- UnitedHealth and Taiwan Semiconductor both beat.
- Wells Fargo missed revenues, led by weak mortgage lending.
- ECB left policy and rates unchanged, expected to conclude asset purchases under APP in 3rd quarter.
- ECB President Lagarde: downside risks have increased significantly
- Nothing like tightening into a slowdown
- NY Fed President Williams: “Fed should move expeditiously”, 50-bps makes sense at next meeting, must return to normal as soon as possible, inflation to peak soon and fall later this year.
- IMF: growth outlook deteriorated since January. Higher food and energy prices a “clear and present danger” for many countries.
- Fresh look at April Michigan Consumer data due at 9:00 am CT, along with February Business Inventories
- Elon Musk offers to buy Twitter, take private, at $54.20.
- Cleveland Fed President Mester speaks at 2:50 pm CT, right ahead of the close, she is a 2022 voter.
- Virus cases in Shanghai hit record, Chinese President Xi doubles down on necessity of lockdown.
- China refiners to cut throughput this month by 6%, weighing on Crude tape.
- Markets closed tomorrow for Good Friday. CME trading schedule to follow.
E-mini S&P (June) / NQ (June)
S&P, yesterday’s close: Settled at 4442.25, up 49.25
NQ, yesterday’s close: Settled at 14,221.50, up 276.50
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NQ (March)
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Crude Oil (May)
Yesterday’s close: Settled at 104.25, up 3.65
- May Crude option expiration today
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Gold (June) / Silver (May)
Gold, yesterday’s close: Settled at 1984.7, up 8.6
Silver, yesterday’s close: Settled at 26.03, up 0.295
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Silver (May)
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