- Wall Street's rally falters, with the S&P500 losing 0.39% against a modest 0.14% gain for the Nasdaq and a near 0.9% decline for the Dow Jones
- PPI inflation came in at 2.3% y/y vs. 2.4% expectations (2.7% previously). The core PPI also surprised downward, rising 3.2%, expected at 3.3% (3.4% previously)
- US claims reading surprised upward with 264,000 vs. 245,000 and 242,000 previously. Continuing claims came in below expectations at 1.813 million vs. 1.82 million forecast (1.801 million previously). Wall Street took the report 'recessionary' seeing data suggesting a weakening labor market
- Among Wall Street companies, Alphabet is gaining today - after a conference call with developers raised investors' hopes for the company's expansion into AI
- Goodyear is up nearly 18% after revealing a 10% stake in Elliott Management, the fund wants to breathe 'new life' into the tire maker's stock
- Disney loses mightily - Q1 results came in roughly in line with expectations but Wall Street worried about lower-than-forecast growth in Disney+ streaming subscriptions and prospects for a recession that could hit overall entertainment spending
- The Fed's Neel Kashkari stressed that inflation is still too high and was hawkish on the U.S. economy, emphasizing the continued strength of consumers and pressures in services
- Gold retreated to around $2020 per ounce against a nearly 5% sell-off in the silver market. Precious metals have had a tough session
- European indices ended the session mostly 'in the red' with the DAX, CAC40 and FTSE losing;
- According to JP Morgan CEO Jaimie Dimon, the banking crisis will eventually be resolved although losses on CRE (commercial real estate) loans may increase pressure on some banks.
- The NY Fed Study pointed out in an analysis that deposit outflows following the collapse of SVB remain limited to the largest regional banks.
- NATGAS failed to maintain positive momentum after the EIA data reading, which came in line with expectations. Gas inventories rose by 78 bcf against a previous increase of 54 bcf. The increase was in line with the 5-year average
- Oil prices fell nearly 2% although OIL is still hovering around $75 per barrel. Industrial commodities also came under pressure today, with copper, aluminum, nickel and zinc contracts losing.
- Bitcoin is slipping below $27,000, with bears managing to push the price below a key price level before Friday's options expiration. Sentiment in cryptocurrency market weakens signaling risk aversion
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