- Morning Briefing w/ KevinD
- Posts
- Thursday March 30 @ 9:00am
"In a bear market, you have to use sharp countertrend rallies to sell.”
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📈 The Markets Overnight
🌏 Asia: Up
🌍 Europe: Up strongly
🌎 US Index Futures: Up strongly
🛢 Crude Oil: Up
💵 Dollar: Down
🧐 Yields: Up a bit
🔮 Crypto: Mixed
🌏 Major Global Catalysts
Global markets continue to rally on the absence of catalysts.
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Final GDP Q4 q/q 2.7%, 2.6% reported. Annualized change in the inflation-adjusted value of all goods and services produced by the economy.
8:30am Final GDP Price Index q/q 3.9%, 3.9% reported. Annualized change in the price of all goods and services included in GDP.
8:30am Unemployment Claims 196K, 198K reported. The number of individuals who filed for unemployment insurance for the first time during the past week.
1:00pm FOMC Member Kashkari Speaks at a town hall event hosted by the Minnesota Housing Partnership, in St Paul.
3:45pm Treasury Sec Yellen Speaks at the Annual National Association for Business Economics Economic Policy Conference, in Washington DC.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
BB BlackBerry EPS -0.070 Rev 156.65M
SKLZ Skillz EPS -0.120 Rev 48.71M
ASTR Astra Space EPS -0.140 Rev 4.01M
Pre-Market Tomorrow:
CG Carlyle Group EPS 0.790 Rev 876.78M
🔮 Selected Analyst Ratings Changes
AMD Advanced Micro Devices Wells Fargo Maintains Overweight Raises to 120.00
ENPH Enphase Energy Goldman Sachs Maintains Buy Lowers to 295.00
INTC Intel Raymond James Maintains Outperform Raises to 35.00
MNST Monster Beverage Wedbush Maintains Neutral Lowers to 52.00
MRO Marathon Oil Stifel Maintains Buy Lowers to 37.00
PINS Pinterest Credit Suisse Maintains Neutral Raises to 29.00
WMT Walmart Evercore ISI Group Upgrades to Outperform Raises to 160.00
📉 Stocks In Play
EVGO EVgo Up 15% on an earnings beat.
VKTX Viking Therapeutics Down 3% on $250M secondary stock offering.
JD JD com Up 63% as Hong Kong Stock Exchange confirms company can proceed with spin-off of JD Industrials.
💬 Commentary
Yesterday, the markets traded within a narrow range, with a small rally towards the end of the day following a large gap up at the opening. This was a notable change, as it has been rare to see markets sustain such gaps and move higher. Furthermore, the day's strong breadth indicated that the majority of stocks participated in the rally, adding to the bullish sentiment.
This morning, index futures are showing strength again, pointing to another large gap up at the opening with the rally expected to continue. This positive sentiment is supported by the morning data dump, which came in near expectations and favored the narrative of slowing inflation. This rally has strong potential to continue into next week, but there are potential headwinds to watch out for today and tomorrow.
One potential factor that could slow or reverse the positive sentiment is some of the Fed speak scheduled for today. Additionally, the PCE Personal Consumption Expenditure report, which is the most important catalyst of the week, is due tomorrow before the open. If the rally continues throughout the day, don't be surprised if we see some profit taking into the close ahead of the PCE report.
Overall, while the markets have been showing strength and potential for continued growth, it's important to remain aware of potential headwinds and catalysts that could impact sentiment and market movement.
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