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To: oldbeachlvr who wrote (88201)

3/29/2022 4:19:05 PM

From: Return to Sender

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Market Snapshot

briefing.com

Dow	35294.19	+338.30	(0.97%)
Nasdaq	14619.63	+264.73	(1.84%)
SP 500	4631.63	+56.11	(1.23%)
10-yr Note	+28/32	2.398

NYSE	Adv 2651	Dec 631	Vol 1.0 bln
Nasdaq	Adv 3236	Dec 1251	Vol 5.9 bln

Industry Watch

Strong: Real Estate, Information Technology, Consumer Discretionary

Weak: Energy

Moving the Market

-- Ceasefire hopes spur gains

-- Positive momentum

-- 2s10s spread briefly inverts

Another green day for stocks, while recession indicator flashes red
29-Mar-22 16:15 ET

Dow +338.30 at 35294.19, Nasdaq +264.73 at 14619.63, S&P +56.11 at 4631.63
[BRIEFING.COM] The S&P 500 rose 1.2% on Tuesday, as reported progress in peace talks helped keep the positive momentum intact despite a key inversion in the Treasury market. The Nasdaq Composite (+1.8%) and Russell 2000 (+2.7%) outperformed the benchmark index while the Dow Jones Industrial Average rose 1.0%.

The positive start was catalyzed by news that Russia agreed to reduce military operations near Kyiv and that it's willing to speed up the timeline for a meeting between Presidents Putin and Zelensky. President Biden and European leaders were more skeptical, with Mr. Biden saying they were going to wait and see for what Russia does instead of believing its words.

The stock market took the reports at face value, using the news as a good excuse to maintain its rebound-minded intentions. Shares of Apple (AAPL 178.96, +3.36, +1.9%) rose for the 11th straight session, and ten of the 11 S&P 500 sectors finished in positive territory.

The heavily-weighted information technology (+2.1%) and consumer discretionary (+1.5%) sectors were among the top performers behind the real estate sector (+2.9%), while the energy sector (-0.4%) bucked the positive trend amid a decline in oil prices ($104.33, -2.14, -2.0%).

Oil, like other commodities and the dollar (98.41, -0.68, -0.7%), was pressured by the prospects of a ceasefire agreement. The dollar weakened against a stronger euro (+0.9% to 1.1088).

Elsewhere, a widely-followed recession indicator in the Treasury market briefly flashed red for the first time since 2019. Specifically, the 2-yr yield (+1 bps to 2.35%) briefly traded higher than the 10-yr yield (-8 bps to 2.40%), which is typically viewed as a harbinger for a recession between 6-24 months after the inversion.

Bullish investors noted that equities tend to rally in the months between the inversion and recession while others downplayed the significance of the indicator, arguing that the Fed's policy accommodation has distorted the long-end of the curve.

On a related note, Philadelphia Fed President Harker (non-voter in FOMC) told CNBC that an inversion of the yield curve has mixed evidence regarding recession indicators. Former New York Fed President Dudley opined in a Bloomberg piece that a recession is "virtually inevitable" because the Fed is behind the curve.

Reviewing Tuesday's economic data:

The Conference Board's Consumer Confidence Index rose to 107.2 in March (Briefing.com consensus 107.5) from a downwardly revised 105.7 (from 110.5) in February. In the same period a year ago, the index stood at 109.0.
- The key takeaway from the report is that consumers benefited from continued growth in late Q1, though expectations for the near future continued weakening, which has the potential to pressure future spending plans.
Job openings decreased to 11.266 million in February from a revised 11.283 million (from 11.263 million) in January.
The FHFA Housing Price Index for February increased 1.6% m/m (Briefing.com consensus 1.3%), and the S&P Case-Shiller Home Price Index for February increased 19.1% yr/yr (Briefing.com consensus 18.7%).

Looking ahead, investors will receive the third estimate for Q4 GDP, the ADP Employment Change report for March, and the weekly MBA Mortgage Applications Index on Wednesday.

S&P 500 -2.8% YTD
Dow Jones Industrial Average -2.9% YTD
Russell 2000 -5.0% YTD
Nasdaq Composite -6.6% YTD

Crude futures settle lower
29-Mar-22 15:30 ET

Dow +307.94 at 35263.83, Nasdaq +272.81 at 14627.71, S&P +54.60 at 4630.12
[BRIEFING.COM] The S&P 500 is up 1.2% to trade at session highs while the Russell 2000 trades higher by 2.6%.

One last look at the sectors shows real estate (+2.8%), information technology (+2.1%), and consumer discretionary (+1.7%) atop the standings, while the energy sector (-0.7%) remains the only sector trading lower.

WTI crude futures settled lower by $2.14 (-2.0%) to $104.33/barrel after briefly dipping below $100.00/barrel intraday.

To: oldbeachlvr who wrote (88201)	3/29/2022 10:38:19 PM
From: Sam	3 Recommendations Recommended By JCnieuwenj Return to Sender Sr K Read Replies (1) \| Respond to of 95546

More on Micron-- Micron says near-term output safe from Ukraine supply hit, costs to rise Reuters March 29, 2022 06:33:00 PM ET March 29 (Reuters) - Chipmaker Micron Technology Inc said it expects no impact on near-term production from component shortages driven by the Ukraine crisis, but costs are expected to rise. Ukraine's two leading neon suppliers, which produce about half the world's supply of the key chip-making ingredient, have halted their operations, threatening to drive up prices and worsen an ongoing semiconductor crunch. Global chip output was already under pressure after the pandemic drove up demand for cellphones, laptops and later cars, forcing some firms to scale back production. That same demand helped Micron forecast current-quarter revenue above estimates and deliver higher-than-expected results in the second quarter, sending shares up more than 4%. "We currently do not expect any negative impacts to our near-term production volumes because of the Russia-Ukraine war, but we do expect an increase in our costs as we secure supply of certain raw materials that could be addressed," Chief Executive Officer Sanjay Mehrotra said in a post-earnings conference call. Recent efforts to diversify supply and maintain inventories of raw materials and noble gases helped contain the blow, he added. The impact from Ukraine-driven supply shortfalls will not show up until about seven to nine months later, when global raw material inventories run out, said Kinngai Chan, managing director - semiconductors at Summit Insights Group LLC. Micron forecast current-quarter revenue of $8.7 billion, plus or minus $200 million, compared with analysts' average estimate of $8.06 billion, according to Refinitiv data. Revenue rose 24.8% to $7.79 billion, beating estimates of $7.52 billion. Micron also charged more for its NAND and DRAM memory chips, helping gross margins as a percentage of revenue rise to 47.2% from 26.4% last year. Excluding items, net income was $2.14 per share, higher than estimates of $1.97.