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Wednesday, April 22

Noteworthy macro moves today: Bitcoin +2.5%. Ethereum +3.2%. Hang Seng 50 Index (China) -1.1%. Noteworthy US mega-cap moves today: Eli Lilly and Co (LLY) +1.2%. Microsoft Corp (MSFT) +1.1%. Mastercard Inc (MA) +1.0%.

Global equity markets are trading mixed as investors react to ongoing geopolitical tensions and recent economic data releases. The U.S. market is showing resilience with indices higher, supported by a drop in mortgage rates to 6.35%, which has spurred a notable increase in mortgage applications by 7.9%. This positive sentiment contrasts with the Canadian housing market, where the New Housing Price Index unexpectedly fell by 0.2%, indicating potential challenges ahead for consumer confidence and demand.

In Europe, equity indices are generally lower amid concerns over stalled U.S.-Iran peace talks and rising geopolitical risks affecting energy prices, particularly as Brent crude hovers around $98 per barrel. The UK reported an inflation rate of 3.3%, aligning with expectations but highlighting persistent price pressures that could influence future monetary policy decisions amidst a backdrop of mixed economic indicators.

Asian markets are also reflecting caution, particularly following the Hang Seng Index's decline of 1.1%. Investors remain wary as tensions in the Middle East continue to escalate, impacting global supply chains and contributing to volatility across various sectors, including energy and commodities, which are critical given their influence on inflationary trends worldwide.

Global X Copper Miners ETF (COPX) [+3.5%]
BHP's strategic shift towards Africa is significant, particularly as it navigates challenges in sulfuric acid supply, crucial for copper extraction. The company anticipates achieving upper guidance for copper output, bolstered by advancements in projects like Escondida's new concentrator and the Resolution Copper feasibility study. This development occurs amid a broader market context where Goldman Sachs projects a surplus in copper supply, dependent on the reopening of the Strait of Hormuz, which has experienced disruptions due to geopolitical tensions. Additionally, China's upcoming ban on sulfuric acid exports complicates the supply landscape, impacting global copper production reliant on leaching methods. These factors contribute to the Global X Copper Miners ETF's recent performance, which has seen a notable increase since Tuesday's close. However, the ETF is currently trading lower in pre-market hours, reflecting a decline from earlier highs.

iShares MSCI South Korea ETF (EWY) [+3.2%]
The iShares MSCI South Korea ETF (EWY) is experiencing a notable increase, attributed primarily to a significant surge in the South Korean stock market index, KOSPI, which rose sharply due to strong performances in the technology and automobile sectors. This positive momentum is likely contributing to EWY's current daily return. Additionally, the ETF's top contributors include LPL, which posted a solid return, while SKM's performance was slightly negative but did not detract from overall gains. Despite ongoing geopolitical tensions surrounding Iran affecting global oil prices, these factors do not appear to be detrimental to the performance of the large-cap Korean firms that EWY tracks. Overall, the ETF reflects a robust performance backdrop amidst the current market conditions.

TWLO | +5.7% | +1.5B
Twilio Inc | Internet Services & Infrastructure
Twilio Inc's stock price has seen a significant increase following a double upgrade from Bank of America Merrill Lynch, which raised its rating from "underperform" to "buy" and boosted the price target from $110 to $190. The firm expressed confidence that Twilio will benefit from advancements in artificial intelligence, positioning itself as a crucial infrastructure provider for AI-driven voice and messaging. Additionally, BofA anticipates improved growth and stronger free cash flow margins for the company. As a result of this upgrade, Twilio's shares are trading higher in pre-market activity, reflecting positive momentum since Tuesday's close.

TEL | -5.8% | -4.1B
TE Connectivity Ltd | Electronic Manufacturing Services
TE Connectivity Ltd reported its second-quarter results, revealing adjusted earnings per share (EPS) of $2.73, slightly above the consensus estimate of $2.70, while revenue of $4.74 billion fell short of the forecast of $4.76 billion. The company noted record orders of $5.3 billion, a 25% increase year-over-year. For the third quarter, TE Connectivity anticipates adjusted EPS of approximately $2.83 against a consensus of $2.79 and projected sales around $5 billion compared to the consensus estimate of $4.95 billion. Despite exceeding earnings expectations, the revenue miss and lower GAAP EPS guidance for Q3 appear to have influenced the negative market reaction today, with shares trading significantly lower following the announcement.

COIN | +4.5% | +2.3B
Coinbase Global Inc | Financial Exchanges & Data
Coinbase Global Inc.'s advisory board on quantum computing has released a paper highlighting the urgent need for preparations against potential quantum risks to cryptocurrency security, particularly concerning vulnerabilities in digital signatures. This board, consisting of experts from renowned institutions, expressed confidence that quantum computers capable of undermining current cryptographic methods will eventually emerge, putting approximately 6.9 million BTC at higher exposure risk. They advocate for proactive measures to transition to quantum-safe cryptography. Concurrently, Kalshi plans to introduce crypto trading with perpetual futures, heightening competition for Coinbase. These strategic insights and competitive developments may have contributed to the recent positive price movement in Coinbase's stock, which is trading higher since Tuesday's close.

MAS | +6.0% | +941.1M
Masco Corp | Building Products
Masco Corporation reported its first-quarter results earlier this morning, revealing an adjusted earnings per share (EPS) of $1.04, exceeding the consensus estimate of $0.88. Sales reached $1.918 billion, surpassing expectations of $1.838 billion. The company reaffirmed its fiscal year 2026 adjusted EPS guidance in the range of $4.10 to $4.30, aligning closely with the consensus estimate of $4.17. CEO Jon Nudi expressed satisfaction with the quarter's performance, citing strong execution and a robust brand portfolio as key factors for long-term shareholder value. Following these announcements, Masco shares are trading higher in pre-market hours, reflecting a notable increase since Tuesday's close.

BA | +3.9% | +5.4B
Boeing Co | Aerospace & Defense
Boeing Co reported first-quarter adjusted earnings per share of -$0.20, significantly better than the estimated -$0.84, while sales reached $22.217 billion, surpassing the anticipated $21.779 billion. The company's backlog surged to a record $695 billion, reflecting improved commercial delivery volume and operational performance. These results were published shortly before the stock's notable price movement in pre-market hours, where it is trading higher since Tuesday's close. Analysts had projected a narrower loss and lower revenue for Boeing, indicating a positive surprise in the earnings report that could be driving current investor sentiment.

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