- Morning Briefing w/ KevinD
- Posts
- Monday March 20 @ 9:00am
"You don’t need analysts in a bull market, and you don’t want them in a bear market."
📈 The Markets Overnight
🌏 Asia: Down
🌍 Europe: Up
🌎 US Index Futures: Up, IWM very strong
🛢 Crude Oil: Down a bit
💵 Dollar: Down
🧐 Yields: Up
🔮 Crypto: Up
🌏 Major Global Catalysts
UBS agrees to buy Credit Suisse under pressure from Swiss financial regulators and a coordinated move by global central banks.
💵 Economic Reports and Events Today
Consensus forecasts shown
None
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
None
Pre-Market Tomorrow:
CSIQ Canadian Solar EPS 0.730 Rev 1.94B
HUYA HUYA EPS -0.300 Rev 301.98M
TME Tencent Music EPS 0.130 Rev 1.06B
🔮 Selected Analyst Ratings Changes
AMZN Amazon JP Morgan Maintains Overweight Lowers to 135.00
GOOGL Alphabet JMP Securities Reiterates Market Outperform Maintains 132.00
INTC Intel Susquehanna Upgrades to Neutral Targets 26.00
NFLX Netflix Citigroup Maintains Buy Raises to 400.00
NVDA NVIDIA Wedbush Reiterates Neutral Maintains 216.00
SQ Block Mizuho Upgrades to Buy Raises to 93.00
UAA Under Armour William Blair Upgrades to Buy Targets 11.00
📉 Stocks In Play
NYCB New York Community Bank Up 29% on news they're buying depoits and assets of Signature Bank.
PACW PacWest Banc Up 20% as a regional bank rally begins.
FRC First Republic Bank Down 17% bucking the bank rally trend on S&P Global downgrade.
PDD PDD Holdings Down 14% on disappointing earnings.
💬 Commentary
On Friday, the technology sector rally paused, as the major indices showed a state of indecisiveness with some contraction. Despite this, the SPY and QQQ managed to register gains throughout the week, although the overall volatility throughout the week was high. The market, however, has demonstrated a notable level of resilience and composure given the challenging circumstances.
Overnight, global markets and index futures experienced high levels of volatility, characterized by significant fluctuations between gains and losses. The UBS takeover of Credit Suisse has brought attention to the dynamic and uncertain nature of the current situation, with the risk of contagion remaining a significant concern.
In the US, markets have displayed a high level of volatility, but early morning rallies have been observed, with the Russell Small Caps ETF, IWM, showing particularly strong performance despite having been heavily impacted by the crisis. Financials and regional banks have also demonstrated positive performance, while tech has been overlooked. This could signify the beginning of a rotation away from tech and into some of the banks that have been heavily affected in the previous week. However, this is a high-risk trade that requires careful consideration and selection. As we navigate this shift in market character, it is essential to bear in mind the upcoming FOMC rate statement and Jay Powell press conference on Wednesday afternoon.
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