This piece is approved to use with clients.
Weekly Market Snapshot: April 30, 2021
Market related news for the week ending April 30, 2021
- Monday Tesla reported a record quarterly profit after the bell. A big contributor to the result was the sale of regulatory credits and a profitable sale of 10% of the company’s bitcoin holdings.
- Tuesday Alphabet announced soaring revenue and profits as well as a buyback of up to $50 billion in stock. Shares climbed 4.2% on the news. Microsoft also reported earnings with revenue up 19% on the year.
- Wednesday Apple reported double-digit growth in all of its product categories, with the iPhone up 65% from last year. Shares were up 2.5% on the news. Facebook also reported results with revenue rising 48% and net income up 94%. Shares rose 6% on the news.
- Thursday Amazon announced Q1 profits had more than tripled to $8.1 billion. A strong outlook of 24%-30% growth in sales was issued for Q2, but a rumored stock split was not announced.
- The S&P 500 closed Thursday at another record high following robust preliminary Q1 GDP data.
- Friday Disney’s two California theme parks reopened. The “Parks, Experiences and Consumer Products” division contributed nearly 40% in total revenue in 2019, but only 25% in 2020.
- Friday It was revealed China has imposed wide-ranging restrictions on the fastgrowing financial divisions of 13 companies including Tencent, ByteDance, and JD.com.
- Copper topped $10,000/ton for the first time since 2011 on Friday.
Economic news for the week ending April 30, 2021
- Monday: Durable Goods Orders for March rose 0.5%, much lower than expected. Year-on-year orders fell 0.9%. Core orders were up 1.6%, or -0.3% year-on-year.
- Tuesday: S&P Case Shiller 20-City House Price Index for February was up 11.9% year-on-year, in line with expectations and up from the prior 11.1%.
- Tuesday: CB Consumer Confidence for April was 121.7, higher than expected, and up from the prior 109.0.
- Thursday: GDP for Q1 (prelim) was 6.4%, higher than expected.
- Thursday: Initial Jobless Claims were 553,000.
- Thursday: Pending Home Sales for March were up 1.9%, much lower than expected.
- Friday: PCE Price Index for March was up 0.5%, or 2.3% year-on-year. Core readings were up 0.4% or 1.8% year-on-year.
- Friday: Chicago PMI for April was 72.1, higher than expected.
- Friday: Michigan Consumer Sentiment for April came in at 88.3.
Economic events for the week ending May 7, 2021
(all times listed are Eastern)
- Monday: Manufacturing PMI for April at 9.45am.
- Monday: ISM Manufacturing PMI for April at 9.00am.
- Tuesday: Factory Orders for March at 10.00am.
- Wednesday: ADP Noon-Farm Employment for April at 8.15am.
- Wednesday: Markit Composite PMI for April at 9.45am.
- Wednesday: ISM Non-Manufacturing PMI for April at 10.00am.
- Thursday: Initial Jobless Claims at 8.30am.
- Friday: Non-Farm Payrolls for April at 8.30am.
This report is available as a PDF. To read the full report click the button above to open the report.