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U.S. equities are on a tear

Market Analysis

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U.S. equities are lower again weighed by the legacy of further global declines, yields gapping higher again and the 5.4% print on the Atlanta Fed’s Q1GDP.  January nonfarm payrolls spiced up the mix with a tame +200k headline print and steady 4.1% jobless rate, but average hourly earnings surged 2.9% y/y. The Dow is 180-points lower, S&P faltered 14-points and NASDAQ dove 12-points in pre-market action, yet above earlier lows. A rash of solid marquee tech earnings failed to hold the line on selling, after caveats in Apple and Alphabet earnings and guidance, though Amazon surged 5% after record profits. European bourses struggled, with the Euro Stoxx 50 off over 1%, while the GER30 sank 1.4% after another bad quarter for Deutsche. In Asia, JPN225 sank 0.9% after the BoJ intervened to cap the JGB yield rise, though that left the yen sharply weaker and gave the dollar index a 0.25% leg up to 88.84. China’s CSI 300 gained 0.6%, just because. Factory orders and U. Michigan sentiment are up next, along with Fedspeak from Dallas Fed hawk Kaplan and Minneapolis Fed dove Kashkari is making an appearance on CNBC.

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Andria Pichidi

Market Analyst


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