Weekly Market Wrap: Mixed Results for Banks Earnings, Tech Next

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Market Recap & Upcoming Week

Last week, concerns grew about the historical trend of stocks rallying after the Federal Reserve finishes raising interest rates, as earnings growth falters and stocks look expensive relative to history. Elevated inflation may continue to weigh on earnings in the coming quarters.

Microsoft’s Bing is challenging Google in the lucrative search market, raising the cost of retaining this business. This comes as global online advertising is in a slump, and traffic acquisition costs (TAC) reached nearly $49 billion last year.

Tesla’s operating margin declined due to aggressive price cuts and inflation in materials.

The Walt Disney Company is expected to lay off thousands of employees starting next week as part of its cost-cutting initiatives. Economists are predicting a recession later this year as the Federal Reserve raises interest rates, which businesses and consumers haven’t experienced in 15 years.

In other news, Goldman Sachs reported an 18% decrease in first-quarter profit, while Morgan Stanley saw a 19% drop in Q1 profit due to a slowdown in deal-making.

Meanwhile, China surprised economists with strong 4.5% growth in the first quarter despite its housing market crash and a conservative monetary stance.

This week, investors should closely monitor the earnings reports from major tech companies, including Apple, Amazon, Google parent Alphabet, Microsoft, and Meta Platforms, as well as other noteworthy companies like Coca-Cola Company, McDonald’s, Visa, Mastercard, and ExxonMobil, among others.

These reports will provide valuable insights into the performance and future prospects of these industry giants.

Additionally, keep an eye on the Case-Shiller National Home Price Index for February, new and pending home sales for March, and the BEA’s advance estimate for the first-quarter GDP to get a clearer picture of the current state of the economy.

Furthermore, don’t miss the key update on inflation with the Personal Consumption Expenditures (PCE) Price Index—the Federal Reserve’s preferred inflation gauge—for March. This indicator will help assess the extent of inflationary pressures in the economy and potentially influence the Fed’s monetary policy decisions.

Daily Trading Signals (Highlights)

CADCHF – Congrats on hitting the first TP! 💰🔥💪🏻

High chance of another leg down, so can close half and use a trailing SL.

NZDCHF – Prices have fallen to support, and hit the profit target for 287 pips profit! Congrats to those who took this trade! 💰🔥💪🏻

CADJPY – A potential range trading opportunity.

NASDAQ 100 (US100) – Stocks have been very flat the past 3 weeks, with the trading range here of only roughly 3% from top to bottom.

In addition, the last 5 bar bodies are super tiny and with long shadows, suggesting much indecision.

Will need to wait for a breakout of the range before any trades can be taken.

NASDAQ 100 (US100) – Stocks have been very flat the past 3 weeks, with the trading range here of only roughly 3% from top to bottom.

In addition, the last 5 bar bodies are super tiny and with long shadows, suggesting much indecision.

Will need to wait for a breakout of the range before any trades can be taken.

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Spencer Li

Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.