Create account Try a Demo

US stocks surge to 2019 highs; JP Morgan kicks off earnings season

13:52 12 April 2019

Summary:

  • US stocks called to open higher in risk-on trade

  • S&P500 breaks above 2900 to hit new YTD highs

  • JP Morgan begins earnings season with strong beat

 

The week on the whole had been fairly uneventful for US stock benchmarks with the S&P500 trading in a narrow range of a little over 20 points from 2877-2900 before this morning saw the market make a potentially decisive break higher. At the 5th attempt price managed to break above the key psychological 2900 handle and since then the market has extended to the upside and reached a new peak for the year. The gains could be attributed to some data from China that implies the country continues to provide ample credit as it scales back its deleveraging but if truth be told it is simply a continuation of the uptrend that has been in place for the past couple of weeks.  

The S&P500 has surged above the 2900 level to trade at a new 2019 high ahead of the opening bell. Source: xStation

 

With NFPs coming in strong last week and the FED minutes on Wednesday showing the central bank are unlikely to resume tightening anytime soon, the attention for US stock markets now turns to corporate earnings which began in earnest today with JP Morgan delivering a strong set of results. The bank reported a record first-quarter profit of $2.65 a share against analyst expectations for $2.35. Revenues were also strong with a 5% rise to $29.9B topping estimates by about $1.5B. A key contributor to this improvement came from an 8% rise in net interest income which was according to JP Morgan thanks to the “impact of higher rates.'' Unsurprisingly shares in JP Morgan have reacted positively to this update in pre-market trade with the stock called to open higher by 2.7%.

Shares in JP Morgan are called to open higher this afternoon after the bank reported a strong earnings update which beat on both the top and bottom line. Source: xStation  

 

This content has been created by X-Trade Brokers Dom Maklerski S.A. This service is provided by X-Trade Brokers Dom Maklerski S.A. (X-Trade Brokers Brokerage House joint-stock company), with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. X-Trade Brokers Dom Maklerski S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

Back

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

×