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Market Snapshot

https://www.briefing.com/stock-market-update

Dow 33811.40 -981.36 (-2.82%)
Nasdaq 12839.29 -335.36 (-2.55%)
SP 500 4271.77 -121.88 (-2.77%)
10-yr Note 0/32 2.912

NYSE Adv 487 Dec 2722 Vol 1.0 bln
Nasdaq Adv 1127 Dec 3098 Vol 4.4 bln


Industry Watch
Strong: None

Weak: Health Care, Materials, Financials, Communication Services


Moving the Market
-- Continuation of yesterday's broad-based retreat

-- Rate-hike angst fuels de-risking efforts

-- Underwhelming earnings news from American Express (AXP) and Verizon (VZ)





Ugly end to the week
22-Apr-22 16:15 ET

Dow -981.36 at 33811.40, Nasdaq -335.36 at 12839.29, S&P -121.88 at 4271.77
[BRIEFING.COM] The major indices dropped more than 2.5% on Friday in what was largely a continuation of yesterday's broad-based selling. The S&P 500 fell 2.8%, the Dow Jones Industrial Average fell 2.8%, the Nasdaq Composite fell 2.6%, and the Russell 2000 fell 2.6%.

All 11 S&P 500 sectors closed lower with losses ranging from 1.6% (consumer staples) to 3.7% (materials), and all 30 Dow components closed lower. Growth and value stocks fell together, as did mega-caps with micro-caps.

De-risking efforts persisted amid a weakening technical posture and rate-hike angst in the face of slower economic growth. The S&P 500 fell further below its descending 50-day moving average (4407).

Investors were reminded of slower growth prospects by the slippage in the preliminary IHS Markit Services PMI for April (to 54.7 from 58.0 in March) and a reduced 2022 growth forecast from Germany (to 2.2% from 3.6%).

The fed-funds-sensitive 2-yr yield increased three basis points to 2.72% while the growth-sensitive 10-yr yield decreased one basis point to 2.91% after hitting 2.97% Thursday evening. The U.S. Dollar Index rose 0.6% to 101.16. WTI crude futures fell 1.7%, or $1.79, to $102.00/bbl.

In addition, investors were left underwhelmed by the latest earnings reports from the likes of Verizon (VZ 51.91, -3.10, -5.6%), American Express (AXP 180.54, -5.20, -2.8%), HCA Healthcare (HCA 210.64, -58.80, -21.8%), and Intuitive Surgical (ISRG 252.34, -42.23, -14.3%).

Three earnings standouts, to shed light on some positives, included Kimberly-Clark (KMB 138.51, +10.41, +8.1%), Schlumberger (SLB 41.65, +1.00, +2.5%), and SVB Financial Group (SIVB 541.04, +37.91, +7.5%).

For what it's worth, Cleveland Fed President Mester (FOMC voter) told CNBC that the Fed does not need to raise rates by 75 basis points and that she prefers to get rates to 2.50% by the end of the year.

Friday's economic data was limited to the preliminary IHS Markit Manufacturing and Services PMIs for April. The manufacturing reading increased to 59.7 from 58.8 in March while the services reading decreased to 54.7 from 58.0 in March.

There is no economic data scheduled for Monday.

Dow Jones Industrial Average -7.0% YTD
S&P 500 -10.4% YTD
Russell 2000 -13.6% YTD
Nasdaq Composite -17.9% YTD




Crude futures settle lower
22-Apr-22 15:30 ET

Dow -737.70 at 34055.06, Nasdaq -262.59 at 12912.06, S&P -93.57 at 4300.08
[BRIEFING.COM] The S&P 500 is currently down 2.2%, which would also be its decline for the week.

One last look at the sectors shows materials (-3.4%), health care (-3.1%), and communication services (-2.9%) sectors each down by around 3%, while the utilities (-0.9%) and consumer staples (-0.9%) sectors trade lower by around 1%.

WTI crude futures settled lower by $1.79 (-1.7%) to $102.00/barrel.