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Wednesday March 29 @ 9:00am
Global Markets Surge as Banking Worries Take a Backseat in Investor Sentiment
Matthew
March 29, 2023
"In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it."
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📈 The Markets Overnight
🌏 Asia: Up
🌍 Europe: Up strongly
🌎 US Index Futures: Up strongly
🛢 Crude Oil: Up
💵 Dollar: Up slightly
🧐 Yields: Up a bit
🔮 Crypto: Up strongly
🌏 Major Global Catalysts
Markets globally rallied overnight as banking fears continue their move to the back burner.
💵 Economic Reports and Events Today
Consensus forecasts shown
10:00am Pending Home Sales m/m -2.9% Change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction.
10:00am FOMC Member Barr testifies on bank oversight before the House Financial Services Committee, in Washington DC.
10:30am Crude Oil Inventories 1.8M Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
RH RH EPS 3.340 Rev 779.75M
FUL H.B. Fuller EPS 0.590 Rev 825.42M
PL Planet Labs EPS -0.160 Rev 52.58M
Pre-Market Tomorrow:
EVGO EVgo EPS -0.160 Rev 21.70M
🔮 Selected Analyst Ratings Changes
LULU Lululemon Athletica Credit Suisse Maintains Outperform Raises to 420.00
LULU Lululemon Athletica Citigroup Upgrades to Buy Raises to 440.00
CCL Carnival Susquehanna Upgrades to Positive Targets 11.00
ISRG Intuitive Surgical UBS Initiates Coverage at Neutral Targets 278.00
PINS Pinterest Rosenblatt Reiterates Neutral Maintains 26.00
TSLA Tesla Wedbush Reiterates Outperform Maintains 225.00
📉 Stocks In Play
LULU Lululemon Athletica Up 16% on an earnings beat and strong guidance.
STEM Stem Down 13% after the company announced a proposed $175 million convertible senior note offering.
MARA, RIOT, COIN Up 3% to 6% as crypto rallies in spite of receent regulatory crackdown.
AMC AMC Entertertainment Down 2% after closing 13% higher yesterday on buyout interest from Amazon.
💬 Commentary
Despite a generally bearish day in the major indices yesterday, characterized by choppy trading, the market exhibited noteworthy price action in the form of a late afternoon reversal off the lows and a strong rally that brought prices to just below unchanged levels for the day. This shift in sentiment may signal a change of character and the potential for a broad-based rally that could persist for several days, contingent on a favorable outcome of Friday's PCE report.
The rally gained momentum overnight, buoyed by a bullish reaction to LULU's earnings release and other positive news. However, the market is showing some softness this morning with a slight pullback. Nonetheless, we anticipate a strongly bullish opening that may experience some initial profit-taking, but with buyers likely to step in and support the market as risk appetite appears to be on the rise.
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