Zoom Stock – Novavax Stock – Earnings season imminent as market pauses for breath | Fintech Zoom
Update: Equity markets remain calm on Monday with all indices suffering small losses. Understandable after last week’s record close. Later today the ten-year yield may produce something interesting. If not traders will likely have to wait until Wednesday for the excitement to return as earnings season kicks off.
Sectors: Energy +0.3%, consumer Staples +0.3%. Tech -0.6% and Healthcare -0.1%.
Here is what you need to know for Monday, April 12:
Equity markets look set to open the week in a relaxed fashion, taking a break after last week’s record gains. The earnings season kicks off properly later this week, so Monday and Tuesday may see limited risk-taking in advance. Financial stocks are the first to report with Goldman and Wells Fargo up on Wednesday. The return of super-tech gathered pace last week with Apple up 8% while the Nasdaq continues to make up for recent lagging. On Sunday Fed Chair Powell said it was “highly unlikely” we will see any rate rises in 2021 and guaranteed the Fed will do everything it can to complete the economic recovery.
Things could get interesting later on Monday with a US 10-year auction, the yield will be closely watched. Debt auctions are coming thick and fast as a lot of debt needs to be raised. Supply usually means lower prices, meaning higher yields.
See Forex today
The dollar remains generally weaker with EUR/USD back above 1.1900. Oil is also 1% ahead at $60, and gold is lower at $1,740.
European markets are flat to down. The Dax is up 0.01%, the FTSE down 0.4%, while the EuroStoxx is flat.
US futures are all modestly lower, the Nasdaq is 0.3% lower, S&P 500 is 0.1% lower, while the Dow is 0.2% lower.
S&P 500 top news
White House officials are to meet with the CEOs of semiconductor chip companies to discuss ongoing global shortages.
Germany heads into a three-week lockdown to try and curb another COVID-19 surge.
Ukraine’s President has asked for talks with Russian President Putin over rising tensions in eastern Ukraine.
Uber says it has record gross bookings for March.
Alibaba gets a $2.75 billion anti-trust fine, Alibaba CEO says does not expect any material impact from anti-trust crackdown in China-Reuters.
((AZN)): Diabetes drug Farxiga falls short of goals in the latest covid treatment, study according to the company.
Boeing: Possible strike as 220 workers from Teamsters 174 are to vote on strike action after contract negotiations struggle.
Microsoft buys Nuance Communications for $19.7 billion-Reuters.
Chipotle rose again on Friday, the seventh day of consecutive gains.
JNJ began delivering its covid vaccine to the EU.
Moderna says covid vaccine to be made by Spanish pharma company Rovi.
Novavax: South Korea to begin local production in June.
Regeneron to seek US approval for its antibody cocktail against covid.
Ups and downs
Tesla: Cannacord upgrades to buy from hold.
Home Depot: Loop raises price target.
Netflix: Cowen reiterates outperform.
Chipotle: Raymond James upgrades.
GameStop: Ascendiant Capital Markets cuts rating to sell from hold.
American Express: Jefferies raises price target.
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