Market Prep & Analysis 4/8 - 4/12

by NewRealms • Apr 7, 2024 • 46
edited by NewRealms on Apr 7, 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 pull back from record highs on signs of manufacturing revival

The large-cap indexes pulled back from record highs, as U.S. Treasury yields increased in response to signs that the manufacturing sector might finally be gaining traction. The market’s performance also narrowed again, with growth stocks faring better than value shares and large-caps falling less than small-caps. Energy stocks outperformed as oil prices reached their highest level since October on worries over rising tensions between Israel and Iran and a decision by major exporters to maintain production limits despite tight markets. Some late strength in Microsoft also boosted the technology sector. The Institute for Supply Management’s (ISM’s) separate indexes of service and manufacturing sector activity seemed to play a particular role in driving sentiment over the week. Stocks moved lower following the release of the March ISM manufacturing reading on Monday, which came in well above expectations and indicated expansion—if barely—for the first time in 16 months. More concerningly from an inflation perspective, the ISM prices paid index also surprised handily on the upside, seemingly confirming recent data showing a rebound in input prices.

Price pressures for service providers fall to lowest level since March 2020

Conversely, the ISM services report, released Wednesday, appeared to ease worries. While still indicating expansion, the services index fell back for the second consecutive month—and, more significantly, perhaps, the index of prices paid fell back to its lowest level since pandemic lockdowns began in March 2020. The data seemed to increase hopes for a June Federal Reserve rate cut, as reflected in futures prices. The Friday jobs report from the Labor Department, typically among the most closely watched indicators of growth and inflation pressures, appeared to further reassure investors. Employers added 303,000 jobs in March, well above expectations and the most in nearly a year. Encouragingly, from a wage pressures standpoint, the solid gains came with only a modest increase in average hourly wages, from 0.2% in February to 0.3% in March. Part of the reason may have been a solid rise in the labor force participation rate, suggesting that employers might be enjoying an easier time filling empty slots.

Equity and bond investors react differently to strong jobs report

Equity investors appeared to welcome the signs of a healthy economy in the jobs report, but the yield on the benchmark 10-year U.S. Treasury note jumped on the news; earlier in the week, it hit its highest intraday level since late November. (Bond prices and yields move in opposite directions.) After starting the week with a quiet tone, tax-exempt municipal bond yields rose broadly alongside weakness in the Treasury market, led upward by the yields on short- and intermediate-term muni bonds. Amid the market weakness, high yield municipal bonds continued to hold up well relative to investment-grade bonds. Issuance was lighter—and in line with expectations—in the investment-grade corporate bond market. High yield corporate bonds traded lower amid broad macro softness following the strong ISM print. The asset class experienced weakness later in the week due to increased geopolitical risks.

 Heat Maps & Performance

Upcoming Economic Events 

Technical Analysis 

 Market News

 TSLA announces Q1 2024 deliveries

 The Latest JOLTS and NFP numbers

GOOG considers HubSpot acquisition

S&P rebalances; GEV and SOLV added, VFC and XRAY removed


PAYX Paychex

EPS: $1.38  vs  $1.37 est

SALES: $1.44B  vs  $1.46B est


EPS: $3.72  vs  $3.53 est

SALES: $2.49B  vs  $2.42B est

CALM Cal-Maine Foods

EPS: $3.00  vs  $2.46 est

SALES: $703.1M  vs  $692.4M est

LEVI Levi Strauss

EPS: $0.26  vs  $0.21 est

SALES: $1.558B  vs  $1.547B est

NNOX Nano-X Imaging

EPS: $(0.18)  vs  $(0.30) est

SALES: $2.50M  vs  $2.82M est

PLAY Dave & Busters Entertainment

EPS: $1.03  vs  $1.10 est

SALES: $599.1M  vs  $602.6M est

BB BlackBerry

EPS: $0.03  vs  $(0.03) est

SALES: $173.0M  vs  $154.8M est

LW Lamb Weston

EPS: $1.20  vs  $1.45 est

SALES: $1.46B  vs  $1.65B est


 Insider Transactions

AAPL - Tim Cook - CEO

Shares sold:  196,400   |   Value: $33,258,614   |   Avg Cost: $169.33

CRWD - Burt Podbere - CFO

Shares sold:  64,000   |   Value: $20,254,661   |   Avg Cost: $316.48

META - Mark Zuckerberg - CEO

Shares sold:  31,465   |   Value: $15,464,600   |   Avg Cost: $491.49

MU - Sanjay Mehrotra - CEO

Shares sold:  52,000   |   Value: $6,704,655   |   Avg Cost: $128.94

NFLX - Reed Hastings - Chairman of the board

Shares sold:  20,566   |   Value: $12,553,955   |   Avg Cost: $610.42

NVDA - Mark Perry - Director

Shares sold:  7,000   |   Value: $6,215,259   |   Avg Cost: $887.89

PANW - Nir Zuk - Co-founder

Shares sold:  36,000  |   Value: $10,096,399  |   Avg Cost: $280.46

Government Trades

Katherine Clark  (D)

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

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

Traded: Mar 1, 2024  |   Filed: Apr 4, 2024

Thomas Suozzi  (D)

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

Traded: Mar 4, 2024  |   Filed: Apr 2, 2024

Tom Carper  (D)

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

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

DNTR - Purchase - $1,001 - $15,000

Traded: Mar 28, 2024  |   Filed: Mar 29, 2024


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

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

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

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

Traded: Mar 13, 2024  |   Filed: Mar 29, 2024


NVDA - Purchase - $1,001 - $15,000

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

Traded: Mar 7, 2024  |   Filed: Mar 29, 2024

Community Corner

- Now that the holiday is over, we're back to hosting our weekly market Prep and Q&A sessions in our server! Join in to get prepared for the upcoming week and ask questions!

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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