Next Week Light on Economic Data, Heavy on Earnings

Monday

U.S.

Economic Outlook

Wholesale inventories (March)

Featured Earnings

Duke Energy Inc. (NYSE:DUK) (Q4) EPS estimates of $1.37, compared to $1.26 in the prior-year quarter.

Simon Property Group Inc. (NYSE:SPG) (Q1) EPS estimates of $2.74, compared to $2.48 in the prior-year quarter.

Microchip Technology Incorporated (NASDAQ:MCHP) (Q1) EPS estimates of $1.17, compared to 82 cents in the prior-year quarter.

Canada

Economic Lookahead

Building Permits (March) The total value of building permits rose 21.0% to a record $12.4 billion in February.

Featured Earnings

Absolute Software Corporation (T.ABST) (Q3) EPS estimates for gain of two cents, compared to a loss of one cents in the prior-year quarter.

Ballard Power Systems Inc. (T.BLDP) (Q1) EPS estimates for loss of 13 cents, compared to a loss of 19 cents in the prior-year quarter.

Ritchie Bros. Auctioneers Incorporated (T.RBA) (Q1) EPS estimates of 27 cents, compared to 50 cents in the prior-year quarter.

Tuesday

U.S.… Read more

Dow Slides 1,000, Endures Worst Day Since ‘20

Stocks pulled back sharply on Thursday, completely erasing a rally from the prior session in a stunning reversal that delivered investors one of the worst days since 2020.

The Dow Jones Industrials stumbled 1,063.09 points, or 3.1%, to 32,997.97.

The NASDAQ Composite went south 647.16 points, or 5%, to 12,317.69. Both of those losses were the worst single-day drops since 2020.

The S&P 500 faltered 153.3 points, or 3.6%, to 4,146.87, its second worst day of the year.

Large tech stocks were under pressure, with Facebook-parent Meta Platforms docking 5.8% and Amazon falling 7.1%. Microsoft dropped 4.7%. Salesforce tumbled 6.3%.

E-commerce stocks were a key source of weakness on Thursday following some disappointing quarterly reports.

Etsy gave back 15% and eBay dropped 8%, after issuing weaker-than-expected revenue guidance. Shopify fell more than 17% after missing estimates on the top and bottom lines.

The declines put the tech-heavy NASDAQ on track … Read more

Markets Rally on Fed Decision

Stocks jumped on Wednesday in a relief rally from their 2022 doldrums after the Federal Reserve raised rates by a widely anticipated half percentage point and Chairman Jerome Powell ruled out getting even more aggressive in the central bank’s inflation-fighting campaign.

The Dow Jones Industrials hurtled into the stratosphere 932.77 points, or 2.8%, to 34,061.06.

The S&P 500 grabbed 124.69 points, or 3%, to 4,300.17.

The NASDAQ Composite leaped 401.1 points, or 3.2%, to 12,964.86.

The central bank announced that it was hiking its benchmark interest rate 50 basis points, or 0.5 percentage points. That is the biggest hike since 2000 for the Fed, but the move was widely expected by investors.

Stocks moved sharply higher when Fed Chair Jerome Powell said the central bank was not considering a 75-basis-point hike in future meetings.

Investors also appeared to be betting on the Fed’s confidence in the U.S. economy.

Stocks seen … Read more