On Friday morning, First Republic’s stock fell further after CNBC reported that the FDIC was planning on taking the bank into receivership that evening. Renewed turmoil in the banking industry also heightened fears of a slowdown and possible recession. US GDP in the first quarter came in at 1.1%, well below consensus expectations of around 2%. US retail inventories rose 0.4% for the month, more than expected. US durable goods orders excluding aircraft and defense fell 0.4%. Early in the week, several measures of regional manufacturing activity came in well below expectations and indicated that factories were cutting back on production in April. Cyclical sectors generally performed poorly, however, as investors weighed several new signs of an economic slowdown. Meta and Microsoft jumped while other FAANGs were mixed. 35% of S&P 500 Index companies (or 44% of its market capitalization) were scheduled to release results during the week. Stocks recorded mixed returns this week as attention focused on earnings reports. WEEKLY SUMMARY: Mega-caps stocks outperform cyclicals & small-caps The Top 7 Nasdaq 100 stocks are up 31% YTD vs 3% for the rest of S&P 500. Nasdaq 100 has resumed its relative outperformance trends versus an equally weighted Nasdaq 100. Welcome to Syz Group #globalmarkets weekly wrap-up! You can subscribe to our #newsletters through /newsletter or by using the QR code at the end of the document.
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