📈 Big earnings

Good morning.

The Fast Five → Magnificent Seven earnings arrive with stocks at critical moment, House passes Ukraine, Israel, Taiwan aid, TikTok ban, Tesla cuts its car prices around the world, traders cashing out of markets en masse, and UAW wins big in historic union vote at Volkswagen plant…

Calendar - next week: (all times ET)

• WED, 4/24: Durable-goods orders, 8:30a

• THU, 4/25: GDP - Q1, 8:30a

  • Jobless claims, 8:30a

• FRI, 4/26: PCE index, 8:30a

  • Consumer Sentiment, 10:00a

Your 5-minute briefing for Monday, April 22:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• The S&P and Nasdaq fell for their sixth straight sessions as bearish sentiment continued to drive a stock market selloff

• The S&P and Dow registered their steepest weekly losses since March 2023

• The Nasdaq saw its largest weekly drop since November 2022

• Gold is on track for its fifth straight weekly gain

• Dollar is up 3.5% YTD against the euro as traders raise bets on euro-dollar parity

• Investors are bracing for a flurry of megacap tech and growth earnings this week

EARNINGS

• American Express shares jumped ~6% after beating Q1 earnings estimates thanks to strong spending by wealthy customers (link)

• Procter & Gamble reported better-than-expected Q3 earnings but missed on revenue after two years of price hikes across its portfolio (link)

• What we're watching this week:

  • Today: Verizon

  • Tuesday: Tesla, Visa, GM, GE

  • Wednesday: Meta, Boeing, IBM, Ford, Chipotle, AT&T

  • Thursday: Microsoft, Alphabet, Intel, Snap Inc., American Airlines

  • Friday: ExxonMobil, Chevron, Abbvie

• Full calendar here

NEWS BRIEFING

Magnificent Seven Earnings Arrive With Stocks at Critical Moment

Tesla Cuts Car Prices in US and Around Globe After Week of Turmoil

• House passes Ukraine, Israel, Taiwan aid, potential TikTok ban (link)

• Traders are cashing out of markets en masse (link)

• UAW wins big in historic union vote at Volkswagen Tennessee factory (link)

• Goldman exec says engineers should study Philosophy (link)

• PwC to shrink new US consulting partner class by over 50% (link)

• Wells Fargo bond saleswoman sued over 'unapologetically sexist' workplace (link)

• Hedge funds turn most bearish on equities in over a year (link)

• Wall Street sees more pain ahead for US mid-sized lenders (link)

• More companies tie CEO pay to climate progress (link)

• Senior JPMorgan dealmakers Lipsky and Lee will depart (link)

• Morgan Stanley head of NAM consumer retail ECM Tilli Dias Passi will depart (link)

• Banks say they are well-prepared for CRE fallout (link)

• IMF urged Asian central banks to not follow Fed too closely (link)

• Worsening US debt outlook seen more in gold and bitcoin than in bonds (link)

• Loss-making Warner Bros Discovery's CEO pay rose to $50M in 2023 (link)

• China in center of Gold’s record breaking rally (link)

CRYPTO

• Bitcoin network completes the fourth-ever 'halving' of rewards to miners (link)

You Can Sponsor this Newsletter details here.​

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DAILY SHARES

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