By Lambert Strether of Corrente.
Readers, I got wrapped around the axle on Biden’s horrid visit to a school room, so there will be more in politics and in health (lots of interesting developments) shortly. –lambert UPDATE Readers, I just couldn’t get to the health stuff. Tomorrow!
Bird Song of the Day
I just liked the name “Sociable Weaver.” More sociable weavers, please.
#COVID19
At reader request, I’ve added this daily chart from 91-DIVOC. The data is the Johns Hopkins CSSE data. Here is the site.
I feel I’m engaging in a macabre form of tape-watching.
Either Way, You’re Toast
There are multiple ways to skin a cat, and at least two ways for the world’s most powerful central bank to paint itself into a corner when it comes to normalizing policy.
The Federal Reserve’s April meeting went according to script: Rates unchanged, asset purchases steady, and while the economy and labor market have “strengthened,” policy makers won’t be pulling back support any time soon. Chairman Jerome Powell had plenty of opportunities to make that clear in the presser, where right off the bat he was asked if it’s time to start talking about tapering. The answer: No.
U.S. stocks fluctuated after Apple Inc. gave up an earlier advance and weak earnings dented Ford Co. and EBay Inc.
The S&P 500 was little changed in afternoon trading after pulling off an all-time high. The Nasdaq 100 turned negative after it also touched a record. The volatility came as investors continued to digest major corporate results that overshadowed data showing the American economy accelerated last quarter. U.S. gross domestic product expanded at a 6.4 per cent annualized rate in the first quarter, according to the Commerce Department.
Apple erased a gain of as much as 2.6 per cent, weighing heavily on the main U.S. indexes. Ford plunged the most since March 2020 after reducing its full-year forecast because of a computer-chip shortage. EBay tumbled the most since 2016 after issuing a sales outlook that suggested spending on the site could recede as more people get vaccinated. Facebook Inc. held gains, surging to a record after after it posted sales that dwarfed estimates
Oil climbs above US$65 as car-fuelled demand sparks recovery
Alex Longley and Jack Wittels, Bloomberg News OilCover , Bloomberg
Oil surpassed US$65 a barrel, the highest since mid-March, as signs of strengthening demand from the U.S. to China stoked optimism that key markets are turning a corner in their recovery from the pandemic.
U.S. benchmark crude futures rose 1.8 per cent on Thursday for a third straight daily gain. Major cities in the U.S. are coming out of lockdown, with New York City aiming to fully reopen July 1 and Chicago broadly easing restrictions across industries. In Europe, the U.K.âs road-fuel sales are nearing last yearâs summer levels. Consumption may also get a boost when China breaks for an extended holiday on Saturday, with mobility expected to climb to a record.
by Tyler Durden
Thursday, Apr 29, 2021 - 07:58 AM
S&P Futures roared to new record highs above 4,200 and Nasdaq futures jumped 1% on Thursday as Powell s dovish assurances and blow-out earnings from Apple and Facebook powered a rally in tech stocks and cemented conviction the world’s largest economy is resurgent ahead of GDP numbers and jobless claims data which are expected to show further improvements. At 7:30 a.m. ET, Dow e-minis were up 130 points, or 0.38%, S&P 500 e-minis were up 28.00 points, or 0.67%, and Nasdaq 100 e-minis were up 144 points, or 1.03%.
Some notable premarket movers:
Apple gained 2.7% in premarket trading after posting sales and profits ahead of Wall Street estimates, led by much stronger-than-expected iPhone and Mac sales.