London, Wednesday, 20 April 2022
US Markets Summary
As investors absorbed a series of quarterly reports, the Dow concluded Wednesday's session up 0.7 percent, but the S&P 500 and Nasdaq underperformed by sliding 0.1 percent and 1.2 percent, respectively.
Procter & Gamble and IBM both beat earnings predictions, with P&G posting its largest year-over-year sales increase in two decades and IBM beating both earnings and revenue estimates.
Netflix, on the other hand, dropped over 40% after reporting a 200K subscriber loss in the first quarter.
That was the stock's steepest drop since 2004, and it is now the worst-performing stock in the S&P 500 this year. Baker Hughes' earnings and revenue also fell short of estimates.
Aside from one of the busiest weeks of the US earnings season, investors have been digesting hawkish statements from a number of Fed governors, implying that the central bank is moving toward more aggressive tightening.
U.S. Stock Market Indexes as at 4:04 p.m. ET
S&P 500: -2.75 (-0.06%) to 4,459.46
Nasdaq: -166.59 (-1.22%) to 13,453.07
Dow Jones: +249.59 (+0.71%) to 35,160.79
European Markets Summary
The DAX 30 index rose more than 1% to 14,340 on Wednesday, while the regional STOXX 600 index rose 0.9 percent, as euphoria about strong corporate earnings outweighed concerns about inflation and growth.
Heineken rose more than 5% as Q1 beer sales above estimates, thanks to the removal of restrictions.
Danone also reported a 10.2 percent year-over-year gain in net revenues in the first quarter, owing to a 2.2 percent increase in volumes and higher prices, as well as good results in North America.
Finally, ASML, a major semiconductor supplier, reported first-quarter sales of €3.5 billion and profits of €0.695 billion, both exceeding market forecasts, while maintaining full-year guidance and expecting Q2 sales of up to €5.3 billion.
In terms of data, producer price inflation in Germany hit a new high of 30.9 percent in March, while automobile sales in the EU fell 20.5 percent year over year.
European Stock Market Indexes
STOXX Europe 600: +3.6 points, or 0.79%, to finish at 460.1 points
FTSE 100 in London: + 27.9 points, or 0.37%, to 7,629
DAX 30 in Germany: best performer of the day, +208.6 points, or 1.47%, to end the day at 14,362
CAC 40 in France: +90 points, or 1.38%, to close at 6,625 points
FTSE MIB 30 in Italy: +253.8 points, or 1.03%, to close at 24,878
IBEX 35 in Spain: +75.5 points, or 0.87%, to end the day at 8,769
Ten-year U.S. Treasury note: -7.3 bps to yield 2.8400%
U.S. Dollar Index (DXY): 100.35, -0.61 or -0.61% as of Apr 20, 2022 at 5:18 p.m. EDT
VIX volatility index: −1.05 (4.91%) at 20.32
Crude Oil WTI (NYM $/bbl) Front Month: settlement price on 20/04/22 at $102.75
Brent Crude Oil Continuous Contract: $107.03, +0.23 or + 0.22%
Gold: +7.93 or +0.41% at $ 1,957.73 an ounce as on April, 20 2022 at 17:33 NY Time
Silver: +0.09 or +0.39% at $ 25.2 an ounce as on April, 20 2022 at 17:33 NY Time
Bitcoin: +67.80 (0.16%) at $ 41,570.50 as on 20 Apr, 21:35 UTC
Ethereum: −14.93 (0.48%) at $ 3,088.01 as on 20 Apr, 21:35 UTC
(Written and edited by: The Decision Maker)