Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (88192)

3/28/2022 4:21:17 PM

From: Return to Sender

2 Recommendations

Recommended By
kckip
Sr K

Read Replies (1) | Respond to of 95501

Market Snapshot

briefing.com

Dow	34955.89	+94.65	(0.27%)
Nasdaq	14354.90	+185.60	(1.31%)
SP 500	4575.52	+32.46	(0.71%)
10-yr Note	+2/32	2.457

NYSE	Adv 1653	Dec 1654	Vol 857.0 mln
Nasdaq	Adv 2159	Dec 2375	Vol 5.0 bln

Industry Watch

Strong: Consumer Discretionary, Real Estate, Information Technology

Weak: Energy, Financials, Materials

Moving the Market

-- Reported progress in ceasefire talks helps spark late-session push

-- Nasdaq outperforms amid quarter-end rebalancing activity

-- Shanghai announces Covid lockdown in two phases

-- Oil prices drop 6%, Treasury yield curve flattens

Stocks shake off slow start and close higher
28-Mar-22 16:20 ET

Dow +94.65 at 34955.89, Nasdaq +185.60 at 14354.90, S&P +32.46 at 4575.52
[BRIEFING.COM] The S&P 500 gained 0.7% on Monday, as positive momentum and a hopeful-sounding geopolitical headline helped outweigh growth concerns. The Nasdaq Composite rose 1.3% while the Dow Jones Industrial Average rose 0.3%. The small-cap Russell 2000 (unch) finished flat.

Eight of the 11 S&P 500 sectors closed higher, led by the consumer discretionary (+2.7%), information technology (+1.2%), and real estate (+1.3%) sectors. The energy (-2.6%), materials (-0.5%), and financials (-0.3%) sectors closed lower.

Early on, the market was slowed down by growth concerns attributed to Shanghai announcing a two-phase Covid lockdown, The Nikkei reporting that Apple (AAPL 175.60, +0.88, +0.5%) plans to cut production of the iPhone SE and AirPods, the White House proposing tax increases in the FY23 budget, and the prolonged Russia-Ukraine situation.

The latter showed some progress in the afternoon after the Financial Times reported that Russia is prepared to allow Ukraine to join the EU as part of ceasefire talks as long as it doesn't join NATO. That report appeared to catalyze a late-session push, further supported by quarter-end rebalancing within the Nasdaq.

While equities reacted positively, the growth concerns didn't necessarily go away. The cyclical sectors (except for the consumer discretionary sector) still underperformed, WTI crude futures still fell 6.5%, or $7.36, to $106.47/bbl, and the Treasury yield curve still flattened.

The 2-yr yield rose five basis points to 2.34%, while the 10-yr yield decreased two basis points to 2.48%. On a related note, the $50 bln 2-yr note auction saw weak demand while the $51 bln 5-yr note auction was met with solid demand.

The U.S. Dollar Index increased 0.4% to 99.14 amid relative weakness in the British pound (-0.7%) and Japanese yen (-1.5%). The yen fell after the Bank of Japan offered to buy an unlimited amount of JGBs at 0.25% as part of its policy to control the yield curve.

Separately, shares of Tesla (TSLA 1091.84, +81.20, +8.0%) jumped 8% after the company said it will ask shareholders for vote at this year’s annual meeting to authorize additional shares to enable a stock split.

Reviewing Monday's economic data:

The Advance report for International Trade in Goods for February showed a deficit of $106.6 billion, versus an unrevised $107.6 billion in January. The Advance report for Retail Inventories for February rose 1.1%, while the Advance report for Wholesale Inventories for February rose 2.1%.

Looking ahead, investors will receive the Conference Board's Consumer Confidence Index for March, the JOLTS - Job Openings report for February, the FHFA Housing Price Index for January, and the S&P Case-Shiller Home Price Index for February on Tuesday.

Dow Jones Industrial Average -3.8% YTD
S&P 500 -4.0% YTD
Russell 2000 -7.5% YTD
Nasdaq Composite -8.3% YTD

Russia prepared to let Ukraine join EU -- Financial Times
28-Mar-22 15:00 ET

Dow -46.59 at 34814.65, Nasdaq +119.26 at 14288.56, S&P +13.92 at 4556.98
[BRIEFING.COM] The S&P 500 is trading near session highs with a 0.3% gain amid strength in the mega-caps. Apple (AAPL 174.91, +0.20, +0.1%) has turned positive after being down 1.6% intraday.

The recent gains have been catalyzed by a Financial Times report indicating that Russia is prepared to allow Ukraine join the EU as part of ceasefire talks as long as it doesn't join NATO.

That has livened up risk sentiment while a speculative fervor is taking shape in the meme stocks like AMC Entertainment (AMC 26.37, +6.14, +30.3%) and GameStop (GME 174.45, +22.45, +14.8%).