Stay Informed and Stay Ahead: Market Watch, May 6th, 2024.
Wall Street Early Week Market Recap Edition
Market Highlights & Analysis: Indices, Sectors, and More…
- Economic Data: Senior Loan Officer Opinion Survey (SLOOS) highlighted tightening standards and weaker loan demand across various loan types.
- Market Indices: DJIA (+0.46%), S&P 500 (+1.03%), Nasdaq Composite (+1.19%).
- Sector Performance: 10 of 11 sectors higher; Information Technology (+1.48%) leading, Real Estate (-0.02%) lagging. Top Industry: Construction & Engineering (+5.14%).
- Factors: Broad based gains with IPO and Small Caps leading.
- Treasury Markets: Bond yields mostly pullback, with the 2-year Note and 1-year Bill outperforming.
- Commodities: Wheat, Silver and Natural gas outperform.
- ETFs: GraniteShares 2x Long NVDA Daily ETF (+7.61%) volume of 14.2M.
US Market Snapshot: Key Metrics:
Moving Averages: DOW, S&P 500, NASDAQ:
NASDAQ Global Market Summary:
Sectors:
- 10 of 11 sectors higher; Information Technology (+1.48%) leading, Real Estate (-0.02%) lagging. Top industries: Construction & Engineering (+5.14%), Passenger Airlines (+3.92%), and Automobile Components (+3.60%).
Factors:
- Broad based gains with IPO and Small Caps leading. Momentum stocks up 16.3% year-to-date.
Treasury Markets:
- Bond yields mostly pullback, with the 2-year Note and 1-year Bill outperforming.
Currency and Volatility:
- U.S. Dollar Index ^DXY: 105.09 (+0.06, +0.06%)
- CBOE Volatility ^VIX: 13.49 (-0.00, 0.00%)
- Fear & Greed Index: 40/TY 53/LY (Fear/Neutral)
Commodity Markets:
ETF’s:
- Biggest volume gainer: GraniteShares 2x Long NVDA Daily ETF (+7.61%) volume of 14.2M.
US Economic Data:
- April 2024 Senior Loan Officer Opinion Survey (SLOOS). Banks reported tighter standards, weaker demand for almost all loan types.
Notable Earnings Today:
- BEAT: Vertex (VRTX), Simon Property (SPG), Williams (WMB), Fidelity National Info (FIS), IFF (IFF), Axon Enterprise (AXON).
- MISSED: Realty Income (O), Banco Bradesco (BBD), Symbotic (SYM), BioNTech (BNTX), Tyson Foods (TSN).
Global Markets Summary: Asian & European Markets:
Central Banking and Monetary Policy, Noteworthy:
- U.S. Jobs Growth Set to Slow, Conference Board Says – WSJ
- Fed Official Urges Patience on Inflation – Bloomberg
- US Economy Slows and Inflation Jumps, Damping Soft-Landing Hopes – Bloomberg
Energy:
- For AI, a Few Seconds of Power Becomes a Booming Business – WSJ
- Biden Rolls Out New Minimum Energy Standards for Affordable Housing – Bloomberg
China:
- Explainer | China’s economic recovery maintains momentum, but risks remain: 4 takeaways from April’s manufacturing, services data – SCMP
