Friday,April 27, 2018, 10:19 AM, EST
- NASDAQ Composite +0.28% Dow -0.12% S&P 500 +0.16% Russell 2000 +0.1%
- NASDAQ Advancers: 1235 Decliners: 680
- Today's Volume (100 day avg) -5.3%
Today's market opened tepidly higher with earnings the key driver and economic data a little better than expected. Consumer (+1.3) is the leading sector on earnings while Energy (-1.1%) trails also due to earnings. European markets are mostly higher despite the weakest GDP in the UK since 2012, and Asia closed higher across the board. US bond yields are little changed with yield on the 1-year at 2.9699%, gold rebounds from two daily losses with a 0.3% gain, the dollar index is higher and WTI crude is off 0.5%.
- First quarter GDP grew by 2.3%, beating analyst expectations but down from Q4's 2.9%. First quarter GDP numbers tend to be volatile; averaging 1.34% since the economic recovery began in 2010 first quarter GDP numbers range from a solid +3.2% down to an anemic -0.9%. Personal Consumption (consumer spending) came in as expected at +1.1% but also to lowest since 2013, and the GDP Price index rose 2% and excluding food & energy gained 2.5%, the most since 2011. Lastly the Employment Cost Index rose more than forecast by +0.8%, the most in a year, and private wages are up 2.9% y/y.
- The Wall Street Journal noted that investors have been selling U.S. stock funds , with $2.4 billion in mutual fund and ETF fund outflows in the week ended April 18 th and $41 billion in outflows in February - when volatility returned to the market. This is one of the fastest rates in 10 years, and a potential headwind for further gains.
- University of Michigan sentiment came in at a mostly in-line 98.8 vs. 98.0 expected. The sentiment figures have been generally rising over the past five years and have maintained high levels between 95-101 for the past year. Despite negative sentiment on talk of tariffs, Consumers remain upbeat about their financial situation partly a reflection of recent tax legislation according to the University of Michigan.
- Nasdaq welcomes two new IPOs today.DocuSign (DOCU) raised $629 million, offering 21.7 million shares at an above-range price of $29. Goosehead Insurance (GHSD) , raised $85 million by offering 8.5 million shares at $10 per share. Both begin trading this morning. Nasdaq welcomes both companies to our family of the most innovative firms
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Nasdaq's Market Intelligence Desk (MID) Team includes:
Michael Sokoll, CFA is a Senior Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over 25 years of equity market experience. In this role, he manages a team of professionals responsible for providing NASDAQ-listed companies with real-time trading analysis and objective market information.
Steven Brown is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over twenty years of experience in equities. With a focus on client retention he currently covers the Financial, Energy and Media sectors.
Christopher Dearborn is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq. Chris has over two decades of equity market experience including floor and screen based trading, corporate access, IPOs and asset allocation. Chris is responsible for providing timely, accurate and objective market and trading-related information to Nasdaq-listed companies.
Annie O'Callaghan is Director on the Market Intelligence Desk (MID) at Nasdaq. Annie has worked for NASDAQ in a variety of roles including support of Nasdaq C-level management in client retention and customer service. Annie also served as a Sales Director in Nasdaq's Transactions Services business. Prior to joining Nasdaq, Annie worked at AX Trading, managing accounts for its Alternative Trading System and served on Credit Suisse's trading desk as an Electronic & Algorithmic Sales Trading Analyst.
Brian Joyce, CMT is a Director on the Market Intelligence Desk (MID) at Nasdaq. Before joining Nasdaq Brian spent 16 years as an institutional trader executing equity and options orders for both the buy side and sell side. He also provided trading ideas and wrote technical analysis commentary for an institutional research offering. Brian focuses on helping Nasdaq's Financial, Healthcare and Transportation companies, among others, understand the trading in their stock. Brian is a Chartered Market Technician (CMT).