- University of Michigan inflation expectations jump
- Retail Sales MoM change by -1%
- Wall Street bulls fading
- Cryptocurrency exposed stocks gain as the BTC rally gains momentum
US500 opens with nearly 0% change as investors try to digest key economic data and bank earnings season. Today's inflation data from the University of Michigan came well above economic forecasts. One year inflation expectations surged to 4.6% from 3.6% two weeks ago. On the other hand, the five year gauge remained unchanged at 2.9%. This is significant as investors bet on a FED pivot soon. Higher inflation expectation by the households, even in the short term could be a self-fulfilling prophecy.
Today’s retail sales data showed a -1% change in March from February. A sharper decline that the previous month 0.2% adds to other recent evidence that the economy is cooling.
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Create account Try a demo Download mobile app Download mobile appUS500.US tested an upper resistance level near 4172 points. On the shorter timeframe even a short breakout could be noticed. However, the price was quickly rejected and the Index price is now bouncing back. Assuming that bulls remain strong, the retest near 4180 points is still possible.
Source: xStation 5
Company News:
- JPMorgan (JPM.US) jumps 7% after the bank boosted its net interest income forecast for the full year to $81 billion from about $73 billion
- Cryptocurrency related stocks rally as BTC break through $30k resistance and amid hopes that FED could eventually pause interest-rate hikes. Riot Platforms (RIOT.US) +0.1%, Coinbase (COIN.US) +0.5%
- Catalent (CTLT.US) fell 25% after saying productivity issues and higher-than-expected costs at three of its facilities will hurt its 3Q fiscal results and its outlook.
- Tesla (TSLA.US) shares drop 0.76% after the company said it will cut prices for new Model 3 and Model Y vehicles by as much as 5% in Singapore.
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