Twitter extended gains for the second day after the social media company said it has appointed Elon Musk on its board a day after he declared passive holding of 9%. Peabody Energy extended its weeklong advance after the European Union is looking to place a ban on Russian coal. Carnival Corp said it had the busiest week ending on March 28.
TWTR BTU CCL JHX
TWTR BTU CCL JHX
Amazon said it has signed rocket launch deals with three companies to build a network of internet satellites. The deal involves as many as 83 launches and place 3,236 low earth orbit satellites to provide high speed internet service anywhere in the world. Amazon is playing catch up to the Starlink system with about 2,000 satellites in place and 250,000 subscribers.
AMZN TSLA BA LMT
AMZN TSLA BA LMT
U.S. indexes closed higher led by a 1.8% rise in Nasdaq Composite. Apple, Microsoft, Amazon added more than 1% and Google, Meta Platforms, Tesla, and Twitter jumped more than 2%. Bond yields continued to send mixed signals and 2-year and 10-year and 5-year and 30-year U.S. Treasury yields remained inverted.
MSFT ADBE AAPL TSLA AMZN
MSFT ADBE AAPL TSLA AMZN
Tesla deliveries of electric vehicles in the first quarter ending in March 2022 jumped 69% to 310,000 from 184,800. In the quarter, the automaker produced 305,000 units compared to 180.338 a year ago. Despite the severe supply chain challenges, the electric vehicle maker managed to surpass its previous quarterly record production of 308,000 reached in the last quarter of 2021.
TSLA
Nordstrom said it is reorganizing its top management structure and streamlining operations to revive growth at its discount chain Rack. The fashion retailer said it has centralized customer strategy under one leader and consolidated store operations for Nordstrom and Rack to improve operating efficiency. Rack same store sales fell 5% in the fourth quarter and dropped 8% in the third quarter 2021.
JWN
U.S. stocks opened higher and German Chancellor said Western nations are set to impose additional sanctions on Russia this week. In Asian markets, Hong Kong index surged 2% led by a surge in Chinese tech stocks after China proposed to remove a key audit requirement for the U.S. listed companies. European markets also extended gains.
BABA
BABA
Investors bid up stocks on the first day of April and second quarter after facing worst return in the previous quarter in two years. A decline in oil price below $100 a barrel and a sustained recovery in the job market also helped the sentiment. 2-year at 2.448% closed above 10-year bond yield. Energy stocks were on the defensive after leading other sectors in the first quarter with 33% surge.
GM TM F AAPL DE
GM TM F AAPL DE
Crude oil continued its slide for the seventh trading session in a row after many European nations, Canada, Japan, and South Korea agreed to join the United States in releasing more oil to the market. The International Energy Agency, an association of western countries said today. West Texas crude oil future price dipped below $100 a barrel in New York trading.
CVX XOM
CVX XOM
U.S. indexes slid on the final day of the quarter led by 2.4% decline in tech heavy Nasdaq. Popular indexes delivered worst quarterly performance in two years with S&P falling 5% and Nasdaq dropping 9.4%. Bond market also delivered worst quarter after inflation worries gripped investors and 2-year and 10-year bond yields matched at 2.34%.
AAPL WBA GME XOM AMD
AAPL WBA GME XOM AMD
Volatile oil prices turned lower after reports suggested that the U.S. is preparing to release at least one million barrels of oil a day for the next six months to stem the rising prices. OPEC and its allies agreed to a small increase of output by 432,000 barrels a day and reminded that the prices are decided by markets in New York and London.
XOM CVX HES
XOM CVX HES
Stock rally fizzled after 4 days of gains in the U.S. and Europe and crude oil prices rebounded $2 a barrel on both coasts of Atlantic. European Union is preparing to impose additional stringent sanctions on Russian individuals and corporations and emergency arrangements for natural gas supply interruptions. Bond market yields also signal more economic pain ahead.
Citigroup agreed to sell its retail banking, wealth management unit, credit card business, and back office operations for $1.6 billion. The lender will continue its institutional business as a part of plan to exit from 13 countries announced previously. Axis Bank will acquire 3 million new customers, 21 branches, and 3,600 employees in a deal that is expected to close in a year.
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