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Weekly Market Snapshot: April 23, 2021
Market related news for the week ending April 23, 2021
- Monday tobacco stocks like Altria and Philip Morris sold off after reports of new regulatory efforts being considered that would require tobacco companies to lower the nicotine levels of all cigarettes sold in the U.S., ban menthol cigarettes, or both.
- Tuesday after the close Netflix released earnings sending the stock nearly 9% lower in after-hours trading. The streaming company fell short of its own subscriber forecasts, adding 3.98 million paid net subscribers, well short of its guidance for 6 million.
- Electric vehicle stocks and solar companies were up Wednesday on the back of
- a pledge by President Biden to cut greenhouse gas emissions by at least half by 2030, nearly double what was proposed by former President Obama under the 2015 Paris climate agreement.
- Thursday Wall Street’s main indexes fell after a report that President Joe Biden plans to almost double capital gains tax on $1 million+ earners. Bitcoin also fell, dropping through the $50,000 level.
- Homebuilding stocks rallied Friday after new home sales data for March showed a sharp rebound to the highest level since 2006.
- The week ended with about 25% of S&P 500 companies having reported earnings. 85% beat analyst’s EPS estimates with energy and communications the big winners. The S&P 500’s aggregate EPS is on track to rise 30% year-over-year on sales growth of 6.6%.
Economic news for the week ending April 23, 2021
- Monday: No major releases.
- Tuesday: No major releases.
- Wednesday: No major releases.
- Thursday: Initial Jobless Claims were 547,000, much lower than expected and down from the prior week’s 586,000.
- Thursday: Chicago Fed National Activity for March was 1.71.
- Thursday: Existing Home Sales for March came in at 6.01 million, lower than expected due to limited supply.
- Friday: Manufacturing PMI for April (prelim) was 60.6.
- Friday: Markit Composite PMI for April (prelim) came in at 62.2, up from March’s 59.7.
- Friday: Services PMI for April (prelim) was 63.1, higher than expected and up from the prior 60.4.
- Friday: New Home Sales for March were 1,021,000, much higher than expected and up from February’s 846,000.
Economic events for the week ending April 30, 2021
(all times listed are Eastern)
- Monday: Durable Goods Orders for March at 8.30am.
- Tuesday: S&P Case Shiller House Price Index for February at 9.00am.
- Wednesday: Fed Rate Decision at 2.00pm.
- Thursday: GDP for Q1 at 8.30am.
- Thursday: Pending Home Sales for March at 10.00am.
- Friday: PCE Price Index for March at 8.30am.
- Friday: Chicago PMI for April at 9.45am.
- Friday: Michigan Consumer Sentiment for April at 10.00am.
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