US Stocks Mixed; Amazon Posts Upbeat Results

U.S. stocks traded mixed this morning, following the release of several earnings reports.

Following the market opening Friday, the Dow traded up 0.11% to 33,863.22 while the NASDAQ fell 0.25% to 12,112.30. The S&P 500, also rose, gaining, 0.07% to 4,138.07.

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Leading and Lagging Sectors

• Industrials shares rose by 0.6% on Friday. Meanwhile, top gainers in the sector included Saia, Inc. SAIA, up 11%, and Twin Disc, Incorporated TWIN, up 11%.
• In trading on Friday, consumer discretionary shares fell by 1.1%.

Top Headline

Amazon.com, Inc. AMZN reported better-than-expected results for its first quarter.

Amazon reported first-quarter revenue of $127.4 billion, up 9% year-over-year. The revenue total came in ahead of a Street consensus estimate of $124.53 billion. The company reported earnings per share of 35 cents in the first quarter, beating a Street estimate of 21 cents.

Equities Trading UP

• TOP Financial Group Limited TOP shares shot up 175% to $55.00 after jumping around 198% on Thursday. Traders are circulating an article on China's Sina dated April 25th titled "Zhongyang Financial Group's Additional Issuance Was Approved By The U.S. SEC."
• Shares of Top KingWin Ltd TCJH got a boost, shooting 52% to $7.28 after jumping over 22% on Thursday. Univest Securities, LLC recently reported the closing of an initial public offering of 2,750,000 Class A ordinary shares at a price of $4.00 per Class A ordinary share for its client Top KingWin Ltd.
• U Power Limited UCAR shares were also up, gaining 52% to $8.18 amid continued post-IPO volatility.

Equities Trading DOWN

• Cloudflare, Inc. NET shares dropped 25% to $44.87 after the company issued weak revenue guidance and said it expects external headwinds to persist through the end of the fiscal year.
• Shares of Addus HomeCare Corporation ADUS were down 25% to $85.15. Addus HomeCare is expected to release earnings for the first quarter on May 1, 2023.
• Avidity Biosciences, Inc. RNA was down, falling 16% to $12.15. Avidity Biosciences announced topline data from the Phase 1/2 MARINA trial of AOC 1001 for myotonic dystrophy type 1 (DM1).

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Commodities

In commodity news, oil traded up 0.1% to $74.78 while gold traded down 0.3% at $1,992.20.

Silver traded down 0.4% to $25.12 on Friday while copper fell 0.4% to $3.8685.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.2%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index fell 1% The German DAX rose 0.2%, French CAC 40 fell 0.4% and Italy’s FTSE MIB Index fell 1.1%.

The Eurozone economy expanded by 0.1% in the first quarter following a flat fourth quarter, but still missing market expectations for a 0.2% growth. The unemployment rate in Germany came in unchanged at 5.6% in April, while German gross domestic product was also unchanged during the first quarter.

Spanish economy grew by 0.5% on quarter during the first three months of the year. Spain reported a current account surplus of €2.3 billion in February versus a year-ago gap of €0.8 billion, while annual consumer price inflation rate in the country increased to 4.1% in April. Italy’s gross domestic product grew by 0.5% quarter-on-quarter during the three months leading to March.

Annual inflation rate in France increased to 5.9% in April, while producer prices in the country’s domestic markets rose by 2% month-over-month in March. The French economy expanded by 0.2% in the first quarter.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 rising 1.40%, Hong Kong’s Hang Seng Index gaining 0.27% and China’s Shanghai Composite Index climbing 1.14%. India’s S&P BSE Sensex rose 0.7%.

Japan's housing starts fell by 3.2% year-over-year in March following a 0.3% decline in the previous month. The Bank of Japan kept its key short-term interest rate unchanged at -0.1%. Retail sales in Japan rose by 7.2% year-over-year in March, while industrial production rose 0.8% month-over-month in March. Japan’s unemployment rate increased to 2.8% in March.

Economics

• Personal income in the US increased by 0.3% from a month ago in March, while personal spending came in unchanged from the prior period in March versus a revised 0.1% rise in February.
• Core PCE prices in the US increased by 0.3% month-over-month in March, the same pace as the previous month. The annual rate, the Fed’s preferred inflation gauge, eased to 4.6%, above market estimates of 4.5%.
• Compensation costs for civilian workers rose 1.2% on quarter during the three months to January.
• The Chicago PMI rose to 48.6 points in April from 43.8 in the previous month.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,613,320 cases with around 1,159,690 deaths. India confirmed a total of at least 44,924,810 cases and 531,420 deaths, while France reported over 39,974,420 COVID-19 cases with 166,420 deaths. In total, there were at least 686,882,230 cases of COVID-19 worldwide with more than 6,862,560 deaths.