Today’s main global market news –
- Today’s cautious trading saw a surge in global markets as investors worried about the potential for an increase in inflation as a result of the OPEC+ group’s unexpected output decrease.
- German exports in February increased substantially more than anticipated.
- Virgin Orbit declares bankruptcy after laying off employees and ceasing operations
- Apple cutting several corporate retail team positions – Bloomberg
- The euro zone’s equities rise a little. Focus on PPI data
- Ahead of its first annual general meeting after being acquired by UBS, Credit Suisse is facing protests from irate shareholders.
- Tesla was sentenced to compensate a former employee in a discrimination case more than $3 million..
- The largest AI fund in the world has increased 23% this year, outperforming even the hot Nasdaq index.
- After news that McDonald’s was about to start laying off employees, McDonald’s stock just hit a new record high.
- ARAMCO, Saudi Arabia’s national oil company, Received a profit of more than $160 billion IN 2022.
- Australian falls when the RBA stops raising rates, while the dollar strengthens
- Dogecoin gains 20% after Twitter’s bird logo is replaced with the Shiba Inu mascot from the cryptocurrency.
- GM’s quarterly car sales increased by 17.6%.
- Bang’s most probable buyer is Monster Beverage, according to Stifel
- Rogers of Canada completes a C$20 billion transaction with Shaw, a competitor
- In March, the ISM manufacturing PMI hit a 21-month low of 46.3.
- In March, the Canadian manufacturing PMI dropped to 48.6 ,nearly three-year lows.
- Brad Smith of Yahoo Finance Live talks about rumours that UBS would decrease its personnel by 20–30%.
Must read book about investing – check here
U.S. market today
|
Dow Jones |
+327 |
+0.98% |
|---|---|---|
|
NASDAQ |
-32.45 |
-0.27% |
|
S&P 500 |
+58.48 |
+0.57% |
|
Russell 2000 |
+15.20 |
+0.37% |
Market Technicals –
Another positive close yesterday close above all 20 EMA 50 EMA and 200 EMA
Short term trend change to uptrend
Long term trend is switched to uptrend
Midterm trend remains sideways
Swing lows are around 32611 and this may act as a support now.
My Favorite book on Trading – Check Here
Stock Gains
- Heska Corp (HSKA) gained 20.61% when the company disclosed they had reached a binding deal with Mars, who would pay $120.00 per share.
- Apellis Pharmaceuticals Int. (APLS) increased by 16.25% on Bloomberg’s story that the $7.6 billion business is attracting takeover interest from larger drugmakers
- PPG Industries (PPG +4.84%); increases Q1 adj EPS outlook to $1.52-$1.58vs. est. $1.18; notes that aerospace and automotive original equipment manufacturer coatings businesses drove sales volume growth.
- UnitedHealth Group Inc (UNH +4.57%); along with HUM and others, following CMS’s release of proposed Medicare Hospice provider rate updates for FY2024 at +2.8%, reflecting an increase in overall payments of +$720M projected
- Macy’s Inc (M +6%); citing a favorable risk/reward setting and noting that M is selling at 2x our FY24 EBITDA, which is 50% less than the average for department stores and mall-based specialty stores, M is a good investment.
Stocks under pressure
-
- Automatic Data Processing Inc (ADP -2%); and PAYX both downgraded to Underperform from Neutral at Bank America,
- Ascendis Pharma (ASND -37%); following the FDA’s announcement that it had discovered flaws in the company’s new drug application for TransCon PTH,
- Marqeta Inc (MQ -3%); downgrade to Equal Weight at Morgan Stanley;
- Stratasys Ltd (SSYS -4%) as the Stratasys board overwhelmingly rejects the amended unsolicited offer of $19.55 per share from Nano Dimension (NNDM).
- TESLA (TSLA -5%); according to Definitive data, the company delivered 422,875 vehicles, up 36% year over year, but less below analyst forecasts of 430,008 vehicles.
- World Wrestling Entertainment (WWE decreased by 4%) after Endeavor Group Holdings Inc. (EDR) and WWE reached an agreement to merge to create a new, publicly traded company that will trade under the ticker code TKO and have an enterprise value of $21.4 billion.
Major TradingView discount – check here
Economic Calendar for Today
TIME EVENT FORECAST PREV
08:55 Redbook (YoY) 2.8%
10:00 Durables Excluding Defense (MoM) (Feb) -0.5%
10:00 Durables Excluding Transport (MoM) (Feb) 0.7%
10:00 Factory Orders (MoM) (Feb) -0.5% -1.6%
10:00 IBD/TIPP Economic Optimism 46.9
10:00 JOLTs Job Openings (Feb) 10.400M 10.824M
13:30 Fed Governor Cook Speaks
13:30 FOMC Member Rosengren Speaks
16:30 API Weekly Crude Oil Stock -6.076M
EARNING CALENDAR
EARNINGS BEFORE MARKET OPEN
Acuity Brands (AYI), MSC Industrial Direct (MSM), Lindsay (LNN), Ageagle Aerial Systems (UAVS), Kirklands (KIRK)
EARNINGS AFTER MARKET OPEN
Dlocal (DLO), Novagold (NG), Smart Global (SGH), Kura Sushi (KRUS), Resources Connection (RGP), Gorilla Tech (GRRR)
Economic data
- ISM manufacturing activity fell to its lowest level in almost three years in March, while the PMI dropped from 47.7 in February to 46.3 this month, the lowest reading since May 2020, and below expectations of 47.5. The PMI stayed below the 50-point level for the sixth consecutive month, indicating manufacturing decline. Supplier deliveries decreased to 44.8 from 45.2 in February, while the ISM new orders sub-index dropped to 44.3 last month from 47.0 in February.
- Compared to expectations for a steady reading, February construction investment decreased (-0.1%) for both private and governmental projects.
- March PMI Manufacturing Index: 49.2, up from 47.3 in February and consensus of 49.3.
Must read book about investing – check here
Indian Market Closed Today
India market at close yesterday
|
SENSEX |
+133.90 |
+0.23% |
59125.42 |
|
NIFTY50 |
+40.80 |
+0.24% |
17400.55 |
|
BANK NIFTY |
+209.10 |
+0.51% |
40817.75 |
Must read book about investing – check here