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Wednesday, April 23

Noteworthy macro moves today: S&P 500 Index (US) +2.6%. Nasdaq 100 Index (US) +3.3%. Gold -1.9%. Noteworthy US mega-cap moves today: Tesla Inc (TSLA) +7.7%. Meta Platforms Inc (META) +5.7%. NVIDIA Corp (NVDA) +5.7%. 

Recent market movements have been significantly influenced by U.S. President Donald Trump's softened rhetoric regarding trade tensions with China and his assurance that he does not intend to fire Federal Reserve Chair Jerome Powell. This shift in tone has contributed to a rally across major equity indices, including the Nasdaq 100, which saw an increase of over 3% today as investors reacted positively to potential de-escalation in tariff disputes.

Economic data releases from Europe indicate mixed results; Germany's Composite PMI fell unexpectedly into contraction at 49.7 for April, signaling declining private sector activity amid ongoing concerns about tariffs affecting business confidence and demand. In contrast, France also reported weaker-than-expected PMIs but showed some resilience within its manufacturing output despite overall sluggishness.

Additionally, mortgage applications in the United States plummeted by nearly 13%, reflecting rising interest rates alongside heightened uncertainty due to recent tariff escalations impacting long-dated Treasury securities markets. The average contract rate on mortgages reached a two-month high of 6.9%, further constraining housing market activities amidst these economic pressures.

SPDR Gold Shares (GLD) [-1.4%]
Gold prices have dropped significantly, trading down as optimism grows over potential tariff reductions on Chinese imports following President Trump's comments. This easing of trade tensions has diminished demand for gold as a safe-haven asset. As of early Wednesday, spot gold was priced below $3,300 per ounce, reflecting a continued decline. Social media discussions have highlighted a bearish sentiment around GLD, with notable trading activity observed. Additionally, the Shanghai Gold Exchange has raised trade margins for some gold futures contracts to 13%, which could influence market dynamics. Analysts from JPMorgan predict that gold prices may exceed $4,000 per ounce by the second quarter of 2026, amidst ongoing economic uncertainties.

Invesco QQQ Trust Series I (QQQ) [+2.9%]
In premarket trading, the Invesco QQQ Trust advanced by 2.73% to 456.63, buoyed by positive developments in the broader market. President Trump's remarks regarding Federal Reserve Chair Jerome Powell and hints of de-escalation in U.S.-China trade tensions contributed to a notable uptick in U.S. stock markets. Social media discussions reflected a rally in the Nasdaq-100, with users noting significant gains after hours. Major tech stocks were strong contributors to QQQ's performance, with NVIDIA, Apple, Amazon, and Meta all registering substantial returns. Notably, ARK Investment acquired shares of NVIDIA, which is involved in a major AI project. Apple faced a significant fine from the European Commission, while Meta was penalized for regulatory breaches. These dynamics highlight a complex interplay of market sentiment and regulatory challenges impacting the ETF's holdings.

VRT | +18.3% | +5.8B
Vertiv Holdings Co | Electrical Components & Equipment
Vertiv Holdings Co has announced an adjusted operating margin outlook for 2025 between 19.75% and 21.25%. The company expects adjusted free cash flow to range from 1.25 billion to 1.35 billion. For the full year 2025, net sales are projected between 9.33 billion and 9.58 billion, exceeding FactSet's estimate of 9.18 billion. In Q2, adjusted earnings per share (EPS) are estimated between 0.77 and 0.85, with sales projected at 2.325 billion to 2.375 billion, surpassing analyst expectations. Vertiv's Q1 results showed an adjusted EPS of 0.64 and sales of 2.04 billion, both above consensus estimates. Additionally, the company reported a twelve-month organic orders growth of approximately 20% and raised its FY2025 sales guidance from a range of 9.13 billion to 9.28 billion to between 9.32 billion and 9.57 billion.

BA | +5.1% | +5.4B
Boeing Co | Aerospace & Defense
Boeing Co's stock price has increased significantly, aligning with the broader market's upward movement. The company's recent financial disclosures revealed a narrower first-quarter loss of $123 million, down from $343 million the previous year. Revenue for the quarter reached $19.5 billion, surpassing analyst expectations. Boeing's commercial airplanes division reported 221 net orders, contributing to a backlog of over 5,600 airplanes valued at approximately $545 billion. Additionally, Boeing's cash and investments totaled $23.7 billion at the end of the first quarter, with access to $10 billion in undrawn credit facilities. The company plans to increase 737 production to 38 airplanes per month and stabilize 787 production at five per month, with an expected increase to seven later in the year.

TSLA | +7.1% | +57.6B
Tesla Inc | Automobile Manufacturers
Tesla Inc's stock has experienced a notable increase, moving higher alongside the broader market. The rise follows U.S. President Donald Trump's comments regarding trade relations with China, suggesting a potential easing of tariffs, which has improved risk sentiment. Despite a significant profit drop of 71% in Q1 and a 20% decline in automotive sales, Tesla produced over 362,000 vehicles and delivered approximately 336,000 during the quarter. Elon Musk's commitment to dedicate more time to Tesla, coupled with addressing operational challenges, has also contributed to the positive sentiment. Social media discussions reflect mixed reactions to Tesla's recent earnings report, which revealed revenues of $19.34 billion, falling short of expectations. Nonetheless, Musk's announcement regarding future production plans appears to have alleviated some concerns, resulting in an approximate 5% rise in stock price after hours.

BSX | +8.4% | +12.6B
Boston Scientific Corp | Health Care Equipment
Boston Scientific Corp reported strong first-quarter results, with adjusted earnings per share of 0.75, surpassing the consensus estimate of 0.67. Revenue reached 4.66 billion, exceeding expectations of 4.57 billion, reflecting a year-over-year increase of 20.9%. The company anticipates second-quarter adjusted EPS between 0.71 and 0.73, aligning with analyst estimates, and expects revenue growth of 17.5% to 19.5% compared to the previous year. Additionally, Boston Scientific raised its full-year adjusted EPS guidance to a range of 2.87 to 2.94, up from an earlier forecast of 2.80 to 2.87, against a consensus of 2.86. The cardiovascular segment saw a notable sales increase, contributing significantly to this positive outlook. Following the earnings announcement, the stock experienced a significant uptick in pre-market trading.

SAP | +8.2% | +26.2B
Sap Se | Application Software
SAP SE shares surged following the release of its first-quarter results, which exceeded analyst expectations. The company reported an operating profit of nearly €2.46 billion, a significant increase from €1.53 billion the previous year, with total revenue reaching €9.01 billion, reflecting an 11% increase at constant currencies. Cloud revenue rose by 26% to €4.99 billion, and the cloud backlog increased by 29% to €18.2 billion. SAP's Q1 non-IFRS earnings per share were reported at €1.44, surpassing the expected €1.30. The company maintained its full-year guidance for cloud revenue between €21.6 billion and €21.9 billion. Following these results, SAP's stock experienced its most significant increase since April 2019, rising by approximately 11%.

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