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Daily Markets: Stocks Contend With Slew of Earnings from Big Banks

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Today’s Big Picture

Asia-Pacific equity indexes ended today’s session largely positive with European equities the same by mid-day trading, while US futures point to a mixed open later this morning. 

Before U.S. equity markets open, we’ll get the March Retail Sales report, which is expected to show rise 0.6% month over month and be up 0.2% excluding auto and gas retail sales. Alongside that report, which will be issued at 8:30 AM ET, will be the European Central Bank’s press conference, the follow up to its latest monetary policy decision that will be announced at 7:45 AM ET. Equity futures will also have to content with a slew of earnings out of the financial sector, including those from Goldman Sachs (GSand Citigroup (C). What we learn in the hour or so before U.S. equity markets open will have a strong hand in setting the tone for today’s trading. And with a long-weekend at hand, we are likely to see afternoon trading volumes slump with traders taking on a more defensive stance given the unknowns of the what’s next on the Russia-Ukraine war front and the duration of China’s Omicron lockdowns. 

As a reminder, U.S. equity markets are closed tomorrow to observe the Easter holiday, which means the next edition of Daily Markets will be published on Monday, April 18. 

Data Download

International Economy

We have a very quiet day as we approach the Easter holiday, and the focal point will be the European Central Bank’s Governing Council decision on Monetary Policy. That decision will be published at 7:45 AM ET with a corresponding press conference at 8:30 AM ET. The prevailing thought is the ECB, which has so far been lagging other central banks that have started raising interest rates, will outline a schedule for unwinding its extraordinary stimulus amid concerns over record-high inflation that trump concerns for a war-related recession.

Domestic Economy

The day brings a few pieces of economic data including the February view on Business Inventories and March Import/Export Prices. Odds are the focal point, as we discussed above, will be the March Retail Sales report that is set to be published at 8:30 AM ET. We also have the weekly Jobless Claims data as well as the latest reading on the University of Michigan Sentiment Index. 

Drilling permits for new wells in the Permian Basin surged to record levels in March, according to an analysis published by Rystad Energy, signaling crude oil suppliers in the US finally may be responding to higher prices.


The S&P 500 added 1.1% yesterday in what can be called a broad-based rally spear headed by growth stocks. The Dow Jones Industrial Average rose 1.0% while the Nasdaq Composite climbed 2.0% and the Russell 2000 +1.9%. Gains were registered across 9 of the S&P 500 sectors with consumer discretionary sector leading the way. The financials and utilities sectors closed lower, with the former pressured by JPMorgan’s (JPM) quarterly results and a second-straight decline in Treasury yields. Including yesterday’s moves, here’s how the major market indicators are performing thus far in 2022:

  • Dow Jones Industrial Average: -4.9%
  • S&P 500: -6.7%
  • Nasdaq Composite: -12.8% 
  • Russell 2000: -9.8%
  • Bitcoin (BTC-USD): -13.8%
  • Ether (ETH-USD): -17.8%

Stocks to Watch

Ally Financial (ALLY), Citigroup, Ericsson (ERIC), Goldman Sachs, Morgan Stanley (MS), PNC (PNC), Rite Aid (RAD), Taiwan Semiconductor (TSM), and UnitedHealth (UNH) will be among the two scoop fulls of companies reporting their quarterly results. Ahead of the long weekend, investors should also be on the lookout for those that pre-announced their March quarter results.

Bloomberg reports Tesla (TSLA) founder Elon Musk is offering to buy Twitter (TWTR) for $54.20 per share. In his letter to the Board, Musk shares this is “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it.”

Costco Wholesale (COSTannounced a 13.9% increase for its quarterly dividend to $0.90 per share. The dividend is payable May 13, 2022, to shareholders of record at the close of business on April 29, 2022.

Citing supply and distribution constraints, wireless technology company Cambium Networks (CMBM) reported preliminary revenues of $61-$63 million for the March quarter, missing its guidance of $77.5-$81.5 million and the consensus estimates of $79.5 million.

Genuine Parts Company (GPCexpanded its presence into key markets in Spain and Portugal with the acquisition of Lausan Group, an automotive aftermarket parts distributor based in Bilbao, Spain.

Amazon (AMZN) is looking to offset incremental costs by passing fees on to sellers in the form of fuel and inflation surcharges. Beginning April 28, the incremental surcharges will be added to the existing ~5% fee currently leveled on U.S. third-party vendors who use the company’s fulfillment services. The new costs are expected to add ~$0.24 per unit to the services offered by Fulfillment by Amazon.


Excelerate Energy (EE), a provider of flexible liquified natural gas solutions, priced its 16 million share IPO at $24, the high-end of the targeted $21-$24 range. Readers looking to dig more into the upcoming IPO calendar should visit Nasdaq’s Latest & Upcoming IPOs page.

After Today’s Market Close

There are no market moving earnings reported but over the long weekend we will be watching for those that pre-announce their March quarter results. Those looking for more on which companies are reporting when, head on over to Nasdaq’s Earnings Calendar

On the Horizon

Friday, April 15

  • US: Empire State Index – April
  • US: Industrial Production & Capacity Utilization – March

Monday, April 18

  • US: NAHB Housing Market Index – April

Tuesday, April 19

  • US: Housing Starts & Building Permits

Wednesday, April 20

  • Germany: PPI – March
  • Eurozone: Trade Balance – February
  • US: Weekly MBA Mortgage Applications 
  • US: Existing Home Sales – March 
  • US: Weekly EIA Crude Oil Inventories 

Thursday, April 21

  • Eurozone: Consumer Price Index – March
  • Eurozone: Consumer Confidence (Flash) – April
  • US: Weekly Initial & Continuing Jobless Claims
  • US: Philadelphia Fed Index – April
  • US: Leading Indicators – March
  • US: Weekly EIA Natural Gas Inventories 

Friday, April 22

  • Japan: CPI – March
  • Japan: Markit/JMMA PMI Manufacturing (Preliminary) – April
  • UK: Retail Sales – March
  • Eurozone: S&P Global Manufacturing & Services PMI (Preliminary) – April
  • UK: CIPS Manufacturing & Services PMI (Preliminary) – April
  • US: S&P Global Manufacturing & Services PMI (Preliminary) – April

Thought for the Day

“Sometimes you have to wander a bit, and do what you don’t want to in order to figure out what it is you’re supposed to do.” – Larry David


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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