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Market Prep & Analysis 4/1 - 4/5

by NewRealms • Mar 31, 2024 • 29
edited by NewRealms on Apr 1, 2024

Weekly Market Update

Dear NVSTly Members,

We hope this newsletter finds you well. Here’s your weekly digest of key happenings in the US stock market and futures trading, tailored just for you.


Market Recap

Stocks close out strong quarter with gains

Most of the major indexes advanced over the shortened trading week to end a quarter of strong gains. The S&P 500 Index recorded new closing and intraday highs to end the week. The market’s advance was notably broad, with an equal-weighted version of the S&P 500 Index gaining 1.64%, well ahead of the 0.39% increase in the more familiar market-weighted version. Small-caps also easily outperformed large-caps, and the Russell 1000 Value Index gained 1.79%, in contrast with the 0.60% decline in its growth counterpart. Markets were closed on Friday in observance of the Good Friday holiday but were scheduled to reopen on Monday in advance of many international markets.

Investors await economic implications of Baltimore port closure

Market activity was generally subdued ahead of the holiday weekend, although volumes were expected to pick up to some degree as pension funds and other institutional investors rebalanced portfolios ahead of the quarter’s end. News flow was also exceptionally light, with the notable exception of the collapse of the Francis Scott Key Bridge in the firm’s hometown of Baltimore on Tuesday morning. The collapse cut off shipping access to the Port of Baltimore, one of the nation’s largest ports and its primary port for car and truck shipments. President Joe Biden pledged federal aid to reopen the port would soon be coming, but the broader economic implications of the shutdown remain uncertain, particularly given the long-term diversion of trucking routes while the bridge is rebuilt. The week’s economic calendar was somewhat busier. On Tuesday, the Commerce Department reported that durable goods orders rose 1.4% in February, somewhat more than expected, although part of the increase was due to a revision in January’s steep decline, from 6.2% to 6.9%. Excluding the volatile defense and aircraft segments—a gauge that is considered to more closely reflect business spending plans—orders rose a solid 0.7%, much more than anticipated and partly reversing two months of declines. New home sales fell unexpectedly in February, but the report of the decline came in the wake of previous news of a jump in sales of existing homes.

Consumers grow more positive but remain worried

Consumer indicators were mixed. On Tuesday, the Conference Board announced that its index of consumer confidence declined slightly in March, defying consensus expectations for an increase. “Consumers’ assessment of the present situation improved in March,” the Board’s chief researcher noted, “but they also became more pessimistic about the future.” Better news came on Thursday from the University of Michigan’s rival gauge of consumer sentiment, which was revised upward to its highest level in 21 months, thanks in part to waning inflation fears. “Over the first three months of 2024, consumers have consistently expressed that the economy appears to be holding its course,” its chief researcher noted. “However, with the general election looming on the horizon, many mentioned that their views remain tentative and subject to change.”

Bond markets see heavy issuance ahead of holiday

U.S. Treasuries generated positive returns for the week, and new issuance was easily absorbed. Elevated issuance weighed on the tax-exempt municipal bond market, however, amid a historically weaker seasonal period for the asset class. In the investment-grade corporate bond market, issuance ended just above expectations and deals in the beginning of the week were oversubscribed. The high yield primary space was also active as some issuers tried to bring new deals to the market ahead of the holiday weekend.


 Heat Maps & Performance


Upcoming Economic Events 


Technical Analysis 


 Market News

- AMZN bets big on Anthropic

- Q4 2023 GDP gets revised

- BA/Boeing CEO steps down

- HOOD/Robinhood launches credit card

- Fidelity files for spot ETH ETF

Earnings

GME Gamestop

EPS: $0.22  vs  $0.29 est

SALES: $1.794B  vs  $2.050B est

MKC McCormick & Company

EPS: $0.63  vs  $0.58 est

SALES: $1.60B  vs  $1.56B est

CCL Carnival

EPS: $(0.14)  vs  $(0.16) est

SALES: $5.406B  vs  $5.473B est

WBA Walgreens Boots Alliance

EPS: $1.20  vs  $0.82 est

SALES: $37.05B  vs  $35.86B est

RH RH

EPS: $0.72  vs  $1.67 est

SALES: $738.260M  vs  $777.480M est

DRCT Direct Digital Holdings

EPS: $(0.08)  vs  $0.26 est

SALES: $41.01M  vs  $65.95 est

CTAS Cintas Corporation

EPS: $3.84  vs  $3.59 est

SALES: $2.406B  vs  $2.386B est

PLBY PLBY Group

EPS: $(0.13)  vs   $(0.14) est

SALES: $39.364M  vs  $32.275M est

 Smart Money

INSIDER TRANSACTIONS

COP - Ryan Lance - Chairman & CEO

Shares sold:  607,000   |   Value: $76,426,824   |   Avg Cost: $125.91

OCRL - Safra Catz - CEO

Shares sold:  2,750,000   |   Value: $346,769,981   |   Avg Cost: $126.10

RDDT - Jennifer Wong - COO

Shares sold:  514,000   |   Value: $16,602,200   |   Avg Cost: $32.30

AVGO - Charlie Kawwas - President, Semi Solutions

Shares sold:  5,000   |   Value: $6,720,000   |   Avg Cost: $1,344.00

AZO - William C. Rhodes III - Executive Chairman

Shares sold:  18,751   |   Value: $59,810,984   |   Avg Cost: $3,189.75

LULU - Martha Morfitt - Director

Shares purchased:  3,700   |   Value: $1,439,501   |   Avg Cost: $389.05

SNOW - Sridhar Ramaswamy - CEO

Shares purchased:  31,542   |   Value: $5,000,038   |   Avg Cost: $158.52

 

GOVERNMENT TRADES

Kathy Castor  (D)

BRK.B - Sale - $15,001 - $50,000

Traded: Mar 28, 2024  |   Filed: Mar 28, 2024

Gerry Connolly  (D)

SAIC - Sale - $1,001 - $15,000

D - Sale - $1,001 - $15,000

LDOS - Sale - $1,001 - $15,000

Traded: Mar 18, 2024  |   Filed: Mar 22, 2024

Michael C. Burgess(R)

ILMN - Sale - $1,001 - $15,000

Traded: Mar 11, 2024  |   Filed: Mar 22, 2024

WBA - Sale - $1,001 - $15,000

Traded: Mar 1, 2024  |   Filed: Mar 22, 2024

Daniel Meuser(R)

NVDA - Sale - $250,001 - $500,000

NVDA - Sale - $15,001 - $50,000

NVDA - Sale - $15,001 - $50,000

Traded: Feb 20, 2024  |   Filed: Mar 21, 2024


Community Corner

- Due to Sunday being a holiday, our staff team took the day off so therefore there will be no market prep on the Event Stage,

 

Remember, successful trading starts with staying informed. We’re committed to keeping you in the loop and enhancing your trading experience. Happy Trading!

- NVSTly Team

Disclaimer: Trading involves risk and is not suitable for everyone. Consult with a financial advisor before making any trading decisions.

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