Here is what you need to know on Friday, April 16:
Markets are dull, volatility is asleep but Putin mulls over countermeasures to Biden’s tariffs. The ten-year yield may be falling, back to 1.55% now but look at lumber! Not something you near too often but if you want to build it might come in handy! But it is going to cost you a lot more to build that house now! But fear not, the Fed has reassured us there is no inflation right! No irrational exuberance to see here! Banks are fully capitalized, yes an EU regulator said that in 2008! Anyway, lumber prices are obviously strongly linked to housing prices, particularly in the US Pacific Northwest. Check out the chart below and see if you think prices are stable! Just for comparison, it shows prices back to 1983! Back in February, the National Association of Home Builders said rising Lumber prices were concerning and adding up to $24,000 to the price of a house. Then Lumber prices had just broken $1,000 now they are 30% higher still!
Anyway that was interesting right? Now back to the markets and see if anything is awakening. The dollar is still stuck trying to break 1.20 versus Euro and still failing! All the hedgies have covered shorts now according to CFTC data so expect it to go back down! Yields are lower with the ten year at 1.55%. Gold bounces slightly to $1782 while Bitcoin dumps as Turkey bans it, last at $60,800.
European markets are all higher as the Dax gains 1%, FTSE 0.5%, and EuroStoxx 0.6%.
US futures are also all green. The Nasdaq is +0.3% while the Dow and S&P 500 are +0.2%.
S&P 500 (SPX SPY) Nasdaq (NDX QQQ) top news
US Housing starts 1.739m versus 1.613m forecast. Housing starts up 19.45 month on month.
Putin is to decide on countermeasures against the US in relation to US sanctions.
Germany says Britain is no longer a covid risk zone.
Chinese GDP registered a huge 18.3% growth in Q1.
Swiss National Bank does not agree with the US Treasury Dept’s new study on FX policies.
WHO says covid is at a record high globally.
BlackRock CEO Larry Fink says he is incredibly bullish on the stock market. They are the biggest money manager in the world!
Google (GOOGL) misled customers over data collection from location data according to Australia’s competition regulator.
Morgan Stanley (MS) results beat but says large loss attributed to a single client. We can name them now as the CEO says on the conference call all losses related to Archegos are reflected in Q1 earnings. So the blowout would have been even bigger! see more.
Bank of New York Mellon (BK) beats on earnings, see more.
Citizens Financial Group (CFG) beats on earnings, see more.
GameStop (GME): CNBC reports Roaring Kitty set to net $7 million from options expiration today, nice! see more.
PNC Financial beats earnings, don’t they all!
Coinbase (COIN) Cathie still swoons for them as ARK buys more, see more.
Tesla (TSLA) settles a lawsuit against a former employee over copying of source code for autopilot technology.
Kansas City Southern (KSU) missed earnings, yes you read that right some companies can miss earnings!
Ups and downs
Coinbase COIN: Loop starts with a buy rating.
Roku: Bank of America reiterates buy rating.
McDonalds: UBS is lovin it, raises price target.
Microsoft: Oppenheimer names as a top pick.
Bank of America: RBC raises price target.
Citigroup: Barclays raises price target.
Apple: Morgan Stanley raises price target.
American Eagle Outfitters: Morgan Stanley raises price target.
Amazon: Credit Suisse raises price target.
United Airlines: Argus research upgrades.
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