Daily Market Comments(20220503) — Decisively Divided
- US stocks didn’t move much before FOMC interest rate decision.
- China mainland, Hong Kong and some other markets closed for holiday.
- Airbnb beat the estimate, Starbucks in line with expectation due to US sales jumping making up for China loss.
Winners and Losers (in my watching list): WE+8.18%, Z+7.06%, MVIS+5.25%, AAL+3.07%; UVXY-8.58%, ABNBB-5.09%, BILI-4.37%, HOOD-3.63%.
Bond Market: 2Y climbt to 2.727, +2.9BPs, 5Y to 3.025, +2BPs, 10Y to 3, +11.1BPs, and 30Y to 3.064, +12BPs. 10s2s 0.273, higher than 0.191.
Equity Market: NASDAQ barely moved at 12563.76, +0.22%, DJI closing at 33128.79, +0.20% and S&P 500 rose to 4175.48, +0.48%.
Econ Calendar: 11.7 million new job openings in March.
Big News: Last night Politico reporter Joe Gerstein published a leaked draft by Supreme Court to overrule the Roe V Wade case, which means the abortion right might not be legal in 13 or more states. Large protest happened after the news.
Guess On Next Move: Suddenly lots of guys talking about recession. Maybe Fed put will be in effect soon.
What Big Names Say: