| 5/4/2023 | Previous Day's Closing Price | Today Close | % CHANGE SINCE THE PRE-TRADING DAY CLOSE | CHANGE SINCE PRE-TRADING DAY CLOSE | |
| SPX | .INX | 4090.75 | 4061.22 | -0.72% | -29.53 |
| SPY | 408.02 | 405.13 | -0.71% | -2.89 | |
| QQQ | 317.29 | 316.17 | -0.35% | -1.12 | |
| TQQQ | 26.88 | 26.58 | -1.12% | -0.3 | |
| SQQQ | 30.42 | 30.78 | 1.18% | 0.36 | |
| SOXX | 408.16 | 405.87 | -0.56% | -2.29 | |
| SOXL | 13.84 | 13.6 | -1.73% | -0.24 | |
| SOXS | 20.99 | 21.37 | 1.81% | 0.38 | |
| DIA | 334.11 | 331.33 | -0.83% | -2.78 | |
| RUSSELL 2000 | IWM | 172.33 | 170.4 | -1.12% | -1.93 |
| DOW TRANSPORTATION | IYT | 226.4 | 223.9 | -1.10% | -2.5 |
| FINANCIAL | XLF | 31.96 | 31.55 | -1.28% | -0.41 |
| ENERGY | XLE | 78.99 | 78.11 | -1.11% | -0.88 |
| BIOTECH | XBI | 83.21 | 83.98 | 0.93% | 0.77 |
| CONSUMER STAPLE | XLP | 76.66 | 76.47 | -0.25% | -0.19 |
| HEALTH CARE | XLV | 133.46 | 132.4 | -0.79% | -1.06 |
| CONSUMER DISCRETIONARY | XLY | 145.39 | 144.27 | -0.77% | -1.12 |
| HOMEBUILDER | XHB | 70.73 | 69.58 | -1.63% | -1.15 |
| UTILITY | XLU | 68.07 | 68.59 | 0.76% | 0.52 |
| RETAIL | XRT | 60.33 | 59.42 | -1.51% | -0.91 |
| EMERGING MARKETS | SPEM | 33.67 | 33.92 | 0.74% | 0.25 |
| SOUTH KOREA INDEX | EWY | 60.08 | 60.56 | 0.80% | 0.48 |
| SOUTH KOREA 3X BULL | KORU | 8.15 | 8.33 | 2.21% | 0.18 |
| ARKK | 34.76 | 35.74 | 2.82% | 0.98 | |
| Currency:BTCUSD | /BTC | 28645 | 29015 | 1.29% | 370 |
| CRUDE OIL | /CL | 68.14 | 68.59 | 0.66% | 0.45 |
| GLD | 189.11 | 190.44 | 0.70% | 1.33 | |
| SLV | 23.43 | 23.94 | 2.18% | 0.51 | |
| GDX | 34.86 | 35.69 | 2.38% | 0.83 | |
| 3 MONTH | US3M | 5.26 | 5.26 | 0.00% | 0.00 |
| 2 YR | US2Y | 3.75 | 3.75 | 0.00% | 0.00 |
| 5 YR | FVX | 3.411 | 3.276 | -3.96% | -1.35 |
| 10 YR | TNX | 3.403 | 3.351 | -1.53% | -0.52 |
| 30 YR | TYX | 3.715 | 3.723 | 0.22% | 0.08 |
| 10Y3M (10yr 3m spread) | -1.8 | -1.88 | -4.44% | -0.08 | |
| 10Y2Y (10yr 2yr spread) | -0.53 | -0.51 | 3.77% | 0.02 | |
| AAPL | 167.45 | 165.79 | -0.99% | -1.66 | |
| MSFT | 304.4 | 305.41 | 0.33% | 1.01 | |
| AMZN | 103.65 | 104 | 0.34% | 0.35 | |
| GOOGL | 105.41 | 104.69 | -0.68% | -0.72 | |
| TSLA | 160.61 | 161.2 | 0.37% | 0.59 | |
| NVDA | 278.02 | 275.62 | -0.86% | -2.4 |
Dow -286.50 at 33127.65, Nasdaq -58.93 at 11966.58, S&P -29.53 at 4062.49
It was another downbeat day in the stock market on the heels of the FOMC rate hike yesterday. The major indices were able to close the session off their lows. For the S&P 500, the 4,050 area stood out as a support zone during today's selling action.
Concerns about central banks overtightening and forcing a sharper economic slowdown drove some of the weakness today after several central banks followed the FOMC rate hike yesterday. Namely, the Hong Kong Monetary Authority, the Norges Bank, and the ECB all raised their key lending rates by 25 basis points today.
Ongoing issues in the regional bank industry, though, took center stage again after PacWest (PACW 3.17, -3.25, -50.6%) confirmed it's considering strategic options. Worries intensified when the FT reported that Western Alliance (WAL 18.17, -11.39, -28.5%) is also considering strategic alternatives, including a possible sale, yet Western Alliance disputed the report, calling it "categorically false in all respects."
The SPDR S&P Regional Bank ETF (KRE) fell 5.5% and the SPDR S&P Bank ETF (KBE) fell 4.6%.
Index level losses would have been steeper if not for the outperformance of some mega cap names. Amazon.com (AMZN 104.00, +0.35, +0.3%) and Microsoft (MSFT 305.41, +1.01, +0.3%) were top standouts in that regard. The latter moved higher in the late afternoon after Bloomberg reported that Microsoft is helping finance Advanced Micro's (AMD 86.61, +4.99, +6.1%) AI processor expansion.
Apple (AAPL 165.79, -1.66, -1.0%) was a notable underperformer ahead of its earnings report tonight. The weakness in AAPL followed disappointing earnings and fiscal Q3 guidance from supplier Qualcomm (QCOM 106.58, -6.25, -5.5%) last night.
Nine of the 11 S&P 500 sectors closed in the red with the financials sector (-1.3%) showing the steepest decline. The communication services sector (-1.3%) was the next worst performer due to a sharp loss in Paramount Global (PARA 16.40, -6.49, -28.4%) following its disappointing Q1 results and dividend cut to $0.05 a share from $0.24.
Treasuries settled with gains in most tenors, fueled by flight to safety buying interest despite a discouraging Q1 unit labor cost report and weekly initial jobless claims that continue to run well below recession levels. The 2-yr note yield fell 22 basis points to 3.73% and the 10-yr note yield fell five basis points to 3.35%.
Despite an otherwise rough showing for the broader market today, there was a successful IPO with Johnson & Johnson's (JNJ 162.13, -0.74, -0.5%) consumer health spinoff Kenvue (KVUE 26.90, +4.90, +22.3%) going public.
- Nasdaq Composite: +14.3% YTD
- S&P 500: +5.8% YTD
- Dow Jones Industrial Average: -0.1% YTD
- S&P Midcap 400: -0.9% YTD
- Russell 2000: -2.5% YTD
Reviewing today's economic data:
- Q1 Productivity-Prel -2.7% (Briefing.com consensus -0.1%); Prior was revised to 1.6% from 1.7%; Q1 Unit Labor Cost-Prel 6.3% (Briefing.com consensus 3.9%); Prior was revised to 3.3% from 3.2%
- The key takeaway is that weak productivity is feeding into elevated labor costs, which are contributing to elevated inflation and the Fed's thinking that it will have to keep rates higher for longer.
- March Trade Balance -$64.2 bln (Briefing.com consensus -$68.7 bln); Prior was revised to -$70.6 bln from -$70.5 bln
- The key takeaway from the report is that the relatively weak import activity in March is in keeping with a cooling down of the U.S. economy.
- Weekly Initial Claims 242K (Briefing.com consensus 245K); Prior was revised to 229K from 230K; Weekly Continuing Claims 1.805 mln; Prior was revised to 1.843 mln from 1.858 mln
- The key takeaway from the report remains the same: initial jobless claims continue to run well below levels seen during prior recessions (i.e. north of 375,000) since 1980.
- The weekly EIA Natural Gas Inventories showed a build of 54 bcf versus a build of 79 bc last week.
Ahead of tomorrow's open, The Cigna Group (CI), Warner Bros. Discovery (WBD), Dominion Energy (D), AMC Entertainment (AMC), and Fluor (FLR) are some of the more notable companies reporting earnings.
Market participants will receive the following economic data Friday:
- 8:30 ET: April Nonfarm Payrolls (Briefing.com consensus 180,000; prior 236,000), Nonfarm Private Payrolls (Briefing.com consensus 160,000; prior 189,000), Unemployment Rate (Briefing.com consensus 3.6%; prior 3.5%), Average Workweek (Briefing.com consensus 34.5; prior 34.4), and Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.3%)
- 15:00 ET: March Consumer Credit (Briefing.com consensus $17.5 bln; prior $15.3 bln)
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