Inflation fall, Bitcoin rise to 29k, Alibaba – Top factors of the market today (March 30th)

Today’s main global market news –

1. US weekly jobless claims rose to 198,000, up from an unrevised level of 191,000 in the prior period. Economists had projected that the figure would climb to 196,000.
2. German inflation eases significantly, with consumer prices rising 7.8% in March compared with 9.3% in February
3. The pound surges forward, increasing its gains over $1.23.
4. The euro was higher against its major counterparts in the European session on Thursday.
5. Banks “went woke and went broke. Buy #Bitcoin” – Rich Dad, Poor Dad author
6. Chinese officials consult with banks to see whether they are interested in acquiring the failing Silicon Valley Bank’s share of a regional joint venture.
7. The headline number for Spanish inflation in March was 3.1%, down from 6% in February, as energy prices fell.
8. Throughout Europe, the usage of private aircraft is increasing, which also means that more carbon dioxide is being discharged into the environment.
9. H&M, a retailer of clothing, reports an unexpected Q1 profit as cost-cutting efforts pay off.
10. EU negotiators agree on one of the remaining major pillars in the bloc’s historic green plan put forward almost two years ago by reaching an agreement on ramping up renewable energy this decade.
11. Russian state-run outlets reported on Thursday that a US reporter for the Wall Street Journal newspaper has been arrested in Russia for espionage, citing the FSB security services.
12. In a difficult period for the sector, Kyndryl Holdings, a 2021 spinoff from IBM with around 90,000 people globally, is the most recent technology business to lay off staff.
13. Nvidia increases its market value by a startling $300 billion as the AI surge propels its strongest quarter in two decades.
14. The largest property developer in China Country Garden Holdings Co. announced its first full-year loss since its Hong Kong IPO in 2007.
15. According to Premier Li, China’s economy improved in March and would continue to recover.
16. Yellen claims that Ajay Banga would be chosen as the new head of the World Bank.
17. Canada modifies foreign homebuyer regulations to increase supply
18. Toyota reports that worldwide output increased 1.4% in February.
19. A judge charges Google with “strikingly failing” to keep employee chat conversations.
20. Electronic Arts will reduce workers in order to concentrate on gaming’s “growth” prospects
21. After a delay of several months, Faraday Future finally begins FF 91 EV production.
22. National Australia Bank reduces its top rate forecast for Australia from 4.1% to 3.85%.
23. Even as Beaxy shuts down due to SEC accusations, the price of bitcoin is aiming towards $30,000
24. Japanese Financial Markets Face a $3 Trillion Danger
25. Alibaba will select how to handle new business units following IPOs.
26. Alibaba will raise money by selling some outside investments.
27. During more than two years, Bank of America’s financial planning app generates $55 billion.
28. On the US Treasury’s EV tax credit guidelines, Manchin has threatened to sue.
29. Top Analyst: Buy Alibaba Stock Now as $130 is just around the corner.
30. Illycaffe CEO: “We want to have a stronger impact in the US market.”
31. Experts have been disappointed by a much publicised initiative to stabilise the troubled carbon offsets market.
32. Australian stocks thrive while Asian markets decline amid Chinese worries.
33. According to Ukraine, Russian soldiers advance in the frontline city of Bakhmut

Must read book about investing – check here 

U.S. market today

Market Technicals –

Strong close yesterday, close above 20 EMA after 6 March

Dow is still below 50 and 200 EMA 

Short term trend change to uptrend, today we may get confirmation

Both short and long term trend is still down 

Midterm trend remains sideways

Swing high is touched and price hovering around it.

My Favorite book on Trading –  Check Here

Stock Gains

BA +1%; according to the CEO of RYAAY, BA expects to receive 737 Max 7 certification in the first part of this year and 737 Max 10 certification around the end of the year. RYAAY reports that BA is once again in discussions to purchase 100 new aircraft.

CALM + 9%; Q3 EPS $6.62 was more than expected at $5.47, with sales exceeding expectations and the mentioned dozen Eggs sold 291 416 vs 287 651 last year.

ILMN +4%; activist investor Carl Icahn favours change at the highest management levels and has a preferred candidate: Jay Flatley, a former CEO, is quoted in the WSJ at 40HwzFN.

LULU (+15%), Q4 comps (+30%), EPS of $4.40 (vs. guidance of $4.22–$4.27), and guided above the Street for both the Q1 and the FY. 

MU +6%; increases on optimism surrounding AI; lowers its capex target to $7B for FY23, the lower end of its prior range; raises its headcount reduction target to 15% from 10% for this year.

NMRK gained 6% on news that the FDIC engaged the business to sell nearly $60 billion in Signature Bank loans, according to the Wall Street Journal. 

Stocks under pressure 

SSYS +9%; after NNDM stated it boosted its offer to purchase the rival 3D printer manufacturer to $19.55 per share, up from the prior offer of $18 per share and representing a 38.6% premium over Tuesday’s closing price of $14.11

Major TradingView discount – check here 

Stock looser

BBWI -2%; downgraded at UBS in the Softline category along with FL and URBN.

BLUE -25%; said that it anticipates a delay in the FDA Sickle Cell Drug Application following the release of Q4 data.

CONN; Q4 same store sales declined (-21.8%); Q4 adjusted EPS loss (-$1.53) vs. est. loss (-$0.87); Q4 revenues $334.9M vs. est. $331.22M.

M -2%; said that Jeff Gennette, chairman and CEO, will step down from his position in February of 2019 after 40 years.

PLAY -3%; Q4 comps of +19% surpassed expectations by +180bps and were up +14.1% from the previous year, while cost of sales came in 20bps under budget.

SHCR -25%; drops after mixed Q4 as company produced a minor sales beat for Q4 and a slight EBITDA shortfall, and guiding 2023 below forecasts.

STEM lost 15% after privately issuing $175 million in convertible notes due 2030.

Economic Calendar for Today

Economic data

Pending home sales increased by 0.8% in February, above expectations for a (-2.3%) fall and following an 8.1% increase to 82.5 in January (the highest level since August). After 13 straight months of decreases, the figures indicate a third consecutive monthly rise. (Pending House sales -21.1% year over year).

Must read book about investing – check here

Today’s Calendar

Indian Market are closed Today  due to holiday