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Tuesday, April 22

Noteworthy macro moves today: Copper +1.9%. Ethereum +3.4%. S&P 500 Index (US) +1.0%. Noteworthy US mega-cap moves today: Amazon.com Inc (AMZN) +1.5%. Exxon Mobil Corp (XOM) +1.0%. JPMorgan Chase & Co (JPM) +1.0%. 

Recent market movements have been significantly influenced by heightened concerns regarding the independence of the U.S. Federal Reserve, following President Trump's public criticism of Fed Chair Jerome Powell and calls for immediate interest rate cuts. This has led to a notable decline in the U.S. Dollar Index on Monday, which fell to its lowest level since early 2022 as investors reacted negatively to perceived political interference with monetary policy.

In addition, ongoing trade tensions between the United States and China continue to weigh heavily on investor sentiment across global markets. The uncertainty surrounding tariff negotiations is contributing to fears of an economic slowdown that could impact growth prospects not only in America but also globally, leading many investors toward safe-haven assets like gold—recently reaching record highs—and away from equities.

Economic data releases are also playing a role; Canada reported higher-than-expected industrial producer prices for March 2023 at +0.5%, indicating persistent inflationary pressures despite broader uncertainties affecting major economies worldwide such as those stemming from geopolitical risks and domestic policies influencing central bank actions.

Energy Select Sector SPDR Fund (XLE) [+1.0%, +372.6M]
Oil prices have rebounded due to short-covering activities following a sharp sell-off on Monday. Ongoing uncertainties regarding U.S. monetary policy and potential recession risks continue to impact crude oil demand. Geopolitical factors, particularly progress in U.S.-Iran nuclear talks, are positively influencing market sentiment towards energy assets like the Energy Select Sector SPDR Fund (XLE). The top contributors to XLE's performance include ExxonMobil, Chevron, ConocoPhillips, Devon Energy, and Schlumberger, with Devon Energy announcing a business optimization plan aimed at enhancing operational efficiency and targeting significant annual pre-tax free cash flow improvements. Additionally, Brent crude oil prices have increased, reflecting broader market sentiment and potentially influencing the energy sector's performance.

Vanguard FTSE Europe ETF (VGK) [+1.1%, +209.4M]
The Vanguard FTSE Europe ETF (VGK) has seen a price increase of 1.0% since Monday. Key contributors to this performance include Novo Nordisk A/S (NVO), which, despite a decline due to competitive pressures in the GLP-1 drug market, still contributed positively. HSBC and TotalEnergies SE (TTE) also performed well, with TTE being recognized for its adaptability in response to energy transition challenges. Additionally, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) increased by 0.56%, reflecting a positive shift in market sentiment that may influence equity performance in European markets.

MMM | +6.8% | +5.1B
3M Co | Industrial Conglomerates
3M Co reported its first-quarter earnings, revealing an adjusted EPS of 1.88, surpassing the consensus estimate of 1.77. Revenue for the quarter reached 5.8 billion, slightly below expectations but reflecting a year-over-year increase. The company reaffirmed its full-year adjusted EPS guidance, projecting a range of 7.60 to 7.90, while noting potential tariff sensitivity that could impact EPS by 0.20 to 0.40 per share. Additionally, 3M announced an increase in share repurchases to approximately 2 billion, with board authorization set at 7.5 billion. The company's operating margin outlook is expected to trend towards the higher end of the range, with an increase of 130 to 190 basis points noted in discussions surrounding the earnings report.

GE | +4.5% | +9.3B
General Electric Co | Industrial Conglomerates
General Electric Co's stock has increased significantly, buoyed by the broader upward movement in the Industrial Conglomerates sector. The company's Aerospace division reported first-quarter results for 2025, showcasing an adjusted earnings per share (EPS) of $1.49, surpassing the consensus estimate of $1.27. Revenue reached $9.94 billion, exceeding expectations of $9.14 billion, with total orders reflecting a 12% increase at $12.3 billion. GE Aerospace reaffirmed its full-year adjusted EPS guidance between $5.10 and $5.45 and projected free cash flow of $6.3 billion to $6.8 billion. Additionally, a substantial investment of $1 billion in U.S. manufacturing for 2025 was announced, aimed at mitigating the effects of increased tariffs and highlighting a strong backlog for future growth.

VZ | -5.2% | -8.9B
Verizon Communications Inc | Integrated Telecommunication Services
Verizon Communications Inc. reported its Q1 2025 financial results, revealing a net income of 4.88 billion and adjusted earnings per share (EPS) of 1.19, surpassing the consensus estimate of 1.15. Total operating revenue reached 33.5 billion, slightly exceeding analyst expectations of 33.28 billion. However, the company experienced a significant loss of 289,000 wireless customers, contrasting sharply with the anticipated loss of 166,400 subscribers, attributed to recent price hikes and increased competition from rivals such as AT&T and T-Mobile. Despite these challenges, Verizon reaffirmed its full-year guidance for FY2025, projecting growth in wireless service revenue and adjusted EBITDA. The market capitalization was noted at 180.72 billion.

LMT | +3.4% | +3.8B
Lockheed Martin Corp | Aerospace & Defense
Lockheed Martin Corp reported its first-quarter earnings today, revealing a net income of 1.712 billion, or 7.28 per share, compared to 1.545 billion, or 6.39 per share, from the previous year. Sales increased to 17.963 billion, up from 17.195 billion year-over-year, exceeding analyst expectations. The company also reported cash from operations of 1.4 billion and free cash flow of 955 million. Lockheed Martin reaffirmed its full-year guidance, projecting net sales between 73.75 billion and 74.75 billion and free cash flow in the range of 6.60 billion to 6.80 billion. The backlog reached 172.97 billion, reflecting an 8.5% year-over-year increase. Social media discussions highlighted the SR-72 hypersonic concept and a potential contract for Vietnam to purchase at least 24 F-16s, suggesting ongoing innovation and international defense sales for Lockheed Martin.

RTX | -4.3% | -7.0B
RTX Corp | Aerospace & Defense
RTX Corp reported its Q1 2025 financial results, with adjusted EPS of 1.47, surpassing the estimate of 1.35, and quarterly revenue of 20.31 billion, exceeding the forecast of 19.79 billion. The company reaffirmed its FY 2025 guidance, projecting adjusted EPS between 6.00 and 6.15, slightly above the consensus estimate of 6.10, and adjusted sales in the range of 83 billion to 84 billion, just below the estimated 84.14 billion. While Collins Aerospace and Pratt & Whitney saw revenue growth, Raytheon's defense unit experienced a 5% decline in sales year-over-year. Following the earnings announcement, RTX's stock dropped significantly, moving down by over 5% shortly after the report was released. Social media discussions highlighted these earnings figures, with users noting concerns about the outlook prior to the earnings report.

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