Nick Maggiulli, chief operating officer at Ritholtz Wealth Management, believes investors would be better off by continually investing over time.
Bed Bath & Beyond posts disappointing results after low inventory hurt business in the holiday quarter
Bed Bath & Beyond is in the middle of a turnaround effort and has been under pressure from an activist investor.
Delta forecasts a quarterly profit as travelers keep flying despite higher fares, helping offset surging fuel costs
Delta said it expects a pretax profit in the second quarter and that it will restore capacity to 84% of 2019 levels.
JPMorgan Chase reports $524 million hit from market dislocations caused by Russia sanctions
JPMorgan said Wednesday that first-quarter profit fell because of increased costs tied to bad loans and market upheaval caused by the Ukraine war.
China president Xi says no to relaxation of COVID-19 measures
China must continue strict „dynamic COVID-19 clearance“ policyMust not relax control and prevention measuresShould minimise COVID-19 impact on economic and social developmentThat won’t soothe much of the situation in Shanghai as the pressure continues in the key city, marking China’s largest outbreak since the start of the pandemic. For some context, Shanghai reported more than 25,000 cases once again in its latest update.
US MBA mortgage applications w.e. 8 April -1.3% vs -6.3% prior
Prior -6.3%Market index 393.5 vs 398.5 priorPurchase index 261.8 vs 258.1 priorRefinancing index 1.109.0 vs 1,166.3 prior30-year mortgage rate 5.13% vs 4.90% priorThe average home loan rate in the US tops 5% for the first time since November 2018 as the latest survey notes that homebuyers are hurrying to make purchases before costs rise further. That said, the run up in costs has largely dampened sentiment in mortgage applications with overall activity slowing once again (the rise in purchases were offset by the drop in refinancing activity).
JP Morgan sees profit drop on dealmaking slowdown
EPS $2.63 vs $2.69 expectedRevenue $31.59 billion vs $31.44 billion expectedEquities sales and trading revenue $3.06 billion vs $2.56 billion expectedFICC sales and trading revenue $5.70 billion vs $4.68 billion expectedFor the quarter, the firm posted a profit of $8.28 billion as compared to $14.3 billion a year earlier. Among the reasons cited were a slowdown in dealmaking brought on by the Russia-Ukraine conflict as well as a decline in trading revenue.But at least the firm is authorising a new share buyback plan of $30 billion. It looks like things are starting to get back to ’normal‘. 😉
FX option expiries for 13 April 10am New York cut
There isn’t anything too significant on the board once again for today, with little expiries of note for the remainder of the week as well.As a reminder, it is a shortened week in Europe as well as for Australia and New Zealand with the Easter break coming into effect on Friday. So, that also partly explains the lack of interest on the day itself.For more information on how to use this data, you may refer to this post here.
US futures keep higher for now, earnings in focus
European indices have also turned around earlier losses to be up around 0.1% to 0.2%, though the DAX is still down 0.3% currently. But US futures are keeping higher with S&P 500 futures and Dow futures both up 0.6%, while Nasdaq futures are up 0.8%.As much as there is optimism, it may prove to be fleeting with earnings releases coming into focus.It’s all about what the companies will say about the state of the economy and how badly inflation is biting at the business outlook. As Adam pointed out here, sentiment may very well hinge on what JP Morgan CEO, Jamie Dimon, says later today.Here’s the full lineup of the earnings calendar through to the end of the month.