Market Mixed After Heavy Earnings, Waiting for FOMC | Moovers
Morning mooers! It is Wednesday, May 1st, and the market is mixed, halfway through a packed Q1 earnings week and awaiting the FOMC rate decision this afternoon.
My name is Kevin Travers, and the sun is coming out in Jersey City, here are your morning moovers:
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
MOOVERS
Recent earnings pulled down the S&P500. Shares of $CVS Health (CVS.US)$ tumbled 15% Wednesday after the pharmacy and healthcare-services company missed first-quarter earnings expectations amid challenges in its health services and Medicare businesses. $Super Micro Computer (SMCI.US)$ fell 15%after the server manufacturer reported sales more than tripled in the first quarter, but fell short of expectations. $Starbucks (SBUX.US)$ rounded out the trio, down 16 after missing profits, and visits slowed down.
Meanwhile,$3M (MMM.US)$,$Johnson & Johnson (JNJ.US)$, and$Amazon (AMZN.US)$ held up the Dow after 3M and Amazon reported positive earnings news Tuesday, and JNJ said it was reaching a talcum powder cancer settlement agreement.
SECTORS
As tracked by moomoo, the Weed Stocks exploded overnight after the DEA said it was planning to reschedule cannabis. The report found the U.S. Drug Enforcement Administration had submitted a proposal to the White House to recognize the medical uses of the drug. The move would not outright legalize cannabis and still needs a sign-off before the DEA can submit the reclassification to public comment.
$Canopy Growth (CGC.US)$: Shares of Canopy Growth and$Tilray Brands (TLRY.US)$ fell Wednesday after jumping Tuesday. Semiconductors also fell 2.42%, following$Advanced Micro Devices (AMD.US)$-7% and SMCI lower.
Gold and silver futures were climbing, while Oil futures fell. Bitcoin was continuing a multi day collapse below $60k.
RECAP
Indexes were mixed in the hour after open, despite some gainers on this morning's earnings reports.
Just before 11 AM EST, the$S&P 500 Index (.SPX.US)$fell 0.17%. The$Dow Jones Industrial Average (.DJI.US)$climbed 0.24%, and the$Nasdaq Composite Index (.IXIC.US)$ fell just 0.06%.
MACRO
Today investors can expect an can expect an update from the FOMC on target Federal Funds Rates. The CME Fed Watch Tool shows the futures market pricing in a rate change at 99% probability today.
Last week, PCE inflation numbers for March came out higher than expected, up 2.8% compared to 2.6%.
Tuesday morning, the U.S. April Consumer Confidence came in at 97, compared to est 104. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed to 5.00% briefly, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed to 4.654.
Wednesday, the U.S. March JOLTs job openings came in at 8.488M vs 8.69M forecast, prior 8.756M.
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Moo moo News and Community Manager, NJ Office.
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