In a muted trade, the major market indices were mixed, with technology and small caps underperforming the S&P 500 and Dow Jones Industrial Average. Crude Oil rose modestly and the VIX dropped about 6%.
Both the NASDAQ Composite and the Russell 2000 stayed at their lowest closing levels since December 2020 and were unable to hold gains as the market closed.
Tomorrow brings a big day of economic data.
• The NYSE Advance Decline Ratio was slightly positive on the day at 1.16, while the NASDAQ showed advancer trailing decliners at a 0.73 ratio.
• Meta Platforms (FB) stock rose sharply in the initial portion of the after hours trade off of its earnings report.
Headlines of the Day
China’s Twin Covid Outbreaks Show Some Signs of Stabilizing
Shanghai hinted at an easing of lockdown measures as coronavirus infections dropped to the lowest in three weeks, while the number of new cases in Beijing remained below 50, in a potential sign authorities are starting to bring the twin outbreaks under control.
Hedge funds attract the biggest inflows in 7 years on the back of market volatility
The hedge fund industry attracted its largest inflows in seven years during the first quarter as investors sought downside protection amidst a volatility spike triggered by fears of inflation and rising rates as well as geopolitical tensions.
Russian Supply Concerns Drive Natural-Gas Prices Higher
Natural-gas prices swung higher on both sides of the Atlantic on Wednesday after Russia stopped exports to Poland and Bulgaria, a move that investors feared could portend deeper global supply strains ahead.
GM Signals Global Chip Shortage Easing
General Motors Co. shares rose after the carmaker beat analysts’ estimates for first-quarter profit and reaffirmed guidance for the year, signaling a debilitating shortage of semiconductors is starting to fade.
Microsoft Rises, Alphabet Falls Because ‘Not All Technology Stocks Are Created Equal’
It was a tale of two tech stocks Wednesday, as Microsoft rose and Alphabet fell following earnings.
Meta Quarterly Results Beat On Earnings But Short On Revenue
Meta Platforms (FB) reported first-quarter results late Wednesday that beat earnings estimates but fell short on revenue. FB stock jumped.
Economic Data Results for 4-27-2022
United States Pending Home Sales MoM
The number of signed contracts to buy existing homes in the US declined by 1.2 percent in March of 2022, following a revised 4.1 percent drop in February but missing market consensus of a 1.6 percent decline.
United States Pending Home Sales YoY
Pending Home Sales in the United States fell for the tenth consecutive month in March 0f 2022, by 8.2 percent, with pending sales down across all regions.
United States Retail Inventories Ex Autos
Retail Inventories Ex Autos in the United States increased to 2.30 percent in March, quickening from a 1.50 percent advance in February of 2022, according to preliminary estimates.
United States Wholesale Inventories
Wholesale inventories in the US advanced 2.3 percent month-over-month to $837.7 billion in March of 2022, after an upwardly revised 2.6 percent increase in February, a preliminary estimate showed. It was the 20th straight month of gains…
Economic Data Due Tomorrow on 4-28-2022
Jobless Claims 4-week Average 23/APR
United States GDP Growth Rate
United States PCE Prices QoQ
Real Consumer Spending QoQ Adv Q1
Get the In the Know - End of Day Market Wrap
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