Review of analytics and news for traders today, liquidity and stock market
The US stock market resumed its correction due to obvious problems with market liquidity. The end of April could also have had an effect. Although this is not the end of the quarter, in weak liquidity even small rebalances can cause a storm in a teacup.
Raw materials became cheaper and fears of recession began to play out.
Treasury yields ended April with their biggest monthly jump since 2022-23.
Bitcoin below $60k on strong dollar.
The Fed will announce its rate decision today. It will remain unchanged. But QT softening is possible.
US Treasury Yellen: I am concerned about where we are going in terms of the growing US budget deficit, it needs to be reduced urgently.
Revolutionary and very important words. The US budget deficit has helped the economy and stocks rise for months. Now that support is at risk of eroding.
TikTok may be blocked in the EU. Politico writes with reference to the head of the European Commission, Ursula von der Leyen.
McDonald's (MCD) is now catering to weddings. Sets of 100 servings costing up to $267 are now offered in Indonesia and Hong Kong.
The new service is due to high demand.
Profit of Huawei Technologies Co. in the first quarter of this year grew by 564% q/q. The company successfully overcomes US sanctions.
Private equity fund L Catterton, backed by luxury giant LVMH, has agreed to acquire a majority stake in Italian cosmetics brand Kiko. Founded in 1997 by Antonio and Stefano Percassi, Kiko is a global cosmetics company with a retail network of 1,100 stores in 66 countries.
Profits at Europe's two biggest automakers, Volkswagen and Mercedes, fell sharply in the first quarter, down 20% and 30% year-on-year respectively - The Economist. Falling demand from China due to weak consumer sentiment and strong competition from domestic automakers led to lower sales. In Europe, their biggest market, high interest rates have also forced consumers to cut spending.
Elon Musk has planned a new wave of cuts at TSLA. He has already fired two of the company's top managers - Rebecca Tinucci, senior director of the Supercharger division for developing a network of charging stations for cars, and Daniel Ho, head of the new products department. The Information writes about this with reference to Musk’s email, which was sent to top managers on the evening of April 29. TSLA shares fell nearly 6% yesterday.
Walmart said Tuesday it will close all of its 51 health clinics and cease its virtual health operations. Stating that it does not see a sustainable business model for it to continue operating.
Microsoft (MSFT) to invest $1.7 billion in artificial intelligence and cloud infrastructure in Indonesia
A LendingTree survey found that nearly 30% of Americans are considering a buy now, pay later (BNPL) loan this month. The survey also found that 47% of BNPL users were late on payments.
The founder of Binance CZ was sentenced to 4 months in prison. For violating anti-money laundering laws while operating the world's largest cryptocurrency exchange. Zhao agreed to pay a fine of $50 million, a fraction of his estimated net worth of $40 billion.
And Binance agreed to pay a fine of $4.3 billion.
Cannabis stocks soared 20% to 40% following news that the DEA would reclassify the drug as a less dangerous drug. The MSOS ETF is up 25%. For more than 50 years, cannabis has been a Schedule I substance under federal law, the same category as heroin and fentanyl. The US Drug Enforcement Administration is poised to propose reclassifying cannabis as a Schedule III controlled substance.
Yesterday after the reports
ST +7%
LLY +6%
MMM +5%
PYPL +1%
FFIV -9%
GEHC -14%
COUR -14%
MSTR -18%
CHGG -28%
Today in the premarket after the report
PINS +17%
AMZN +1%
KO 0%
LUMN -2%
AMD -7%
SWKS -9%
SMCI -10%
SBUX -12%