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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Mortgage rates continue to climb and 30-year rate reached a 3-year high to 4.8% last week from 4.5% in the week ahead, according to Mortgage Bankers Association. Total mortgage application volume declined 6.8% in the week and refinance applications plunged 60% from a year ago.

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U.S. indexes lacked direction and crude oil rebounded 3% after Ukraine Russia talks stalled. Benchmark indexes The S&P 500 and Nasdaq Composite declined 0.3%. Investors also tracked tight spreads between 2- and 10-year U.S. bond yields.

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Broader market indexes gained more than 1% led by strong advances in large cap tech stocks. Apple gained for the 11th day in a row and nearly erased losses of the year. Google and Amazon also nearly touched a positive line for the first time in the year.

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U.S. indexes gained more than 1% and crude oil price declined 5% and traded below $100 a barrel after cease-fire talks between Russia and Ukraine advanced. Auto stocks led the gainers. U.S. bond yields remained elevated and 5- and 30-year yields were only a hair distance apart.

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U.S. stock indexes traded sideways and tech stocks rebounded from the morning doldrums. U.S. bond yields were in focus after 5-year bonds traded at 2.56%, 10-year at 2.46%, and 30-year yield at 2.54%. The ever tightening and rising yields are reflecting growing acceptance of larger rate increases in the coming months.



U.S. indexes turned lower and gave up early gains on the growing worries that the fast rising crude oil and commodities prices are contributing to the latest bout of inflation. Fed is lagging considerably as real rates expands further in negative territory.

Stocks in New York Halt 7-Day Advance

Mar 23, 2022
Barry Adams
Stocks in New York struggled to stay in the positive and halted advance for the seventh day in a row. Crude oil prices jumped 5% and producers worry about demand destruction. Home builder stocks declined on the rising mortgage rates. Adobe fell on earnings outlook.

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Tech Heavy Nasdaq Rebounds 2%

Mar 22, 2022
Barry Adams
The battered and tech heavy Nasdaq index rebounded 2% and extended gains of last week after investors looked beyond rate hike worries. The S&P 500 index added 1.1%.

AutoZone first-quarter same store sales jumped. Dollar General declined on lowered fiscal outlook. HD Supply beat sales and profit estimates and lifted fiscal outlook. Movado tumbled despite net tumbled. Toll Brothers profit beats estimates but orders decline.

Accenture declined despite outsourcing services provider lifted fiscal outlook. BlackBerry net swung to profit. Carnival beats earnings estimates. Conagra tumbled after net declined. Herman Miller reported higher-than-expected results. Walgreens reported strong results.

Apple iPhone sales in China declined. Barrick Gold net loss widened on higher cost of sales. Diebold net loss widened despite revenues jumped. FLIR Systems net swung to a loss after revenues declined. Teva Pharma net loss narrowed after revenues plunged.

Apple iPhone sales in China were estimated to decline sharply. Barrick Gold net loss widened on higher cost of sales. Diebold net loss widened. FLIR Systems net swung to a loss after revenues declined. Teva Pharma net loss narrowed after revenues plunged.



Fred's third-quarter net loss narrowed to $27 million. KalVista Pharmaceuticals second-quarter net loss narrowed but revenues surged. Lee Enterprises to fourth-quarter net surged 28% to $4 million. Vince Holding third-quarter net soared 94% to $7 million.