Daily Market Comments(20220510) — Just a Dead Cat Bounce
- NASDAQ struggled to rise 1% while DJI and S&P 500 didn’t move much.
- China opened highly, maybe due to the WHO’s announcement that Zero Policy unsustainable.
- NETFLIX rose again with the news that the lower price subscription could be possible, with an AD.
Winners and Losers (in my watching list): LI+4.07%, AMD+2.74%, NFLX+2.63%; WE-9.32%, RBLX-5.77%, GME-5.35%.
Bond Market: 2Y rose to 2.619, +1.3BPS; 5Y down to 2.917, -3.4BPs; 10Y down to 3.082, -4.6BPs; 30Y down to 3.215, -1BP. 10s2s recorded 0.463. TIPs recorded 0.338.
Equity Market: NASDAQ rose to 11737.67, +0.98%; DJI dipped to 32160.74, -0.26%; S&P 500 to 4001.05, +0.25%.
Econ Calendar: China CPI 2.1% y/y, expected 1.8%, prior 1.5%; PPI 8.0% y/y, expected 7.7% y/y, prior 8.3%
Big News: President Biden is blaming three culprits when it comes to controlling inflation: Vladimir Putin, the pandemic and congressional Republicans. The problem is: He doesn’t control any of them. U.S. Cruiser Transits Taiwan Strait Days After Chinese Naval, Air Exercises.
Guess On Next Move: Stay cautious.
What Big Names Say: