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Monday, April 27

Noteworthy macro moves today: Ethereum -2.3%. USD/CNH -0.2%. USD/CAD -0.5%. Noteworthy US mega-cap moves today: Apple Inc (AAPL) -1.2%. Walmart Inc (WMT) -0.7%.

Global equity markets are trading mixed following the release of disappointing economic data from Germany and the UK, which has raised concerns about consumer sentiment amid rising inflation pressures linked to geopolitical tensions in the Middle East. In Germany, the GfK Consumer Confidence Index fell to -33.3 for May, significantly worse than expectations of -29.5 and marking the lowest level since February 2023, indicating deepening pessimism among consumers.

Additionally, the UK reported a sharp decline in its CBI Distributive Trades survey, with a reading of -68 compared to forecasts of -48, reflecting deteriorating retail sales activity and further signaling weakening consumer spending sentiment across various sectors amid ongoing inflationary challenges. These developments have contributed to a cautious market outlook as investors await upcoming central bank meetings this week.

In Asia, while some indices like Japan's Nikkei saw gains due to easing oil prices and optimism around potential peace talks between the U.S. and Iran, overall market sentiment remains tempered by external risks affecting economic stability globally. The mixed performance in regional markets reflects this uncertainty as investors navigate through fluctuating economic indicators ahead of significant monetary policy announcements from major central banks later this week.

United States Oil Fund LP (USO) [+1.3%]
Goldman Sachs has raised its oil price forecasts, projecting Brent crude at approximately $90 and WTI at around $83 for the fourth quarter, due to decreased supply from the Middle East and ongoing disruptions related to the Iran conflict. This comes as oil prices have surged roughly 40% since the conflict began, with further upward pressure anticipated from shortages. Additionally, the Strait of Hormuz has been partially mined, raising security concerns that could impact oil shipping routes. Amidst these developments, United States Oil Fund LP is trading lower in pre-market hours, reflecting a broader tightening market environment for oil. Despite recent outflows totaling $900 million for April—potentially the largest monthly withdrawal since 2009—USO has seen a year-to-date increase of 91%. A pipeline explosion in Louisiana further contributes to the volatility in the oil market, potentially affecting supply levels.

iShares China Large-Cap ETF (FXI) [-1.0%]
China's industrial profits rose significantly, up 15.8% year-over-year in March, contributing to a cumulative growth of 15.5% for the first quarter. This increase comes despite disruptions in oil supplies due to geopolitical tensions, particularly from the Iran conflict. Additionally, China's recent regulatory decision to block Meta's acquisition of Manus reflects heightened scrutiny of foreign investments, which may create a cautious atmosphere among investors regarding the iShares China Large-Cap ETF. The ETF is currently trading lower, down approximately -0.9% since Friday's close. Notably, the performance of its holdings has been mixed, with key contributors like TCEHY and JD posting declines that negatively impacted the ETF's overall performance.

DPZ | -6.1% | -735.6M
Domino's Pizza Inc | Restaurants
Domino's Pizza Inc reported disappointing first-quarter results, with earnings per share (EPS) of $4.13, falling short of the $4.28 analyst estimate, and revenue of $1.15 billion, below the expected $1.17 billion. U.S. same-store sales growth was modest at 0.9%, significantly underperforming the anticipated 2.72%, while international same-store sales decreased by 0.4%. Despite a net income of $139.8 million, down from $149.7 million last year, the company announced a $1 billion share repurchase program. Following these results, shares dropped significantly in pre-market trading, reflecting investor concerns over demand amid rising costs and economic pressures. The stock is currently trading lower, marking a notable decline since Friday's close.

VZ | +3.5% | +7.0B
Verizon Communications Inc | Integrated Telecommunication Services
Verizon Communications Inc reported its Q1 2026 earnings earlier this morning, revealing an adjusted EPS of $1.28, exceeding the consensus estimate of $1.21. Total operating revenue reached $34.4 billion, marking a 2.9% year-over-year increase, although it fell short of the anticipated $34.86 billion. Notably, the company raised its fiscal 2026 adjusted EPS guidance to a range of $4.95 to $4.99, reflecting expected growth of 5.0% to 6.0%. Additionally, Verizon projected total retail postpaid phone net additions to be in the upper half of the 750,000 to 1 million range, following a positive Q1 with 55,000 net additions—the first increase in this metric since 2013. Following these announcements, shares traded higher in pre-market hours, indicating a strong start to the session.

MU | +3.1% | +17.4B
Micron Technology Inc | Semiconductors
Micron Technology Inc is experiencing a notable increase in its stock price, driven in part by Melius initiating coverage with a Buy rating. This endorsement aligns with a broader positive momentum in the semiconductor sector, which has seen significant gains, including a notable rise in the semiconductor stock index. Additionally, discussions on social media emphasize Micron's potential as an undervalued provider of DRAM and HBM amid increasing demand for memory solutions. Reports indicate that the entire 2026 HBM supply is sold out, forecasting substantial growth in the market. Furthermore, competitors are raising SSD prices, suggesting tightening supply conditions that could benefit Micron. Overall, these factors contribute to Micron's strong performance in pre-market trading, where it is notably higher since Friday's close.

QCOM | +10.4% | +19.1B
Qualcomm Inc | Semiconductors
Qualcomm's stock has surged significantly in pre-market trading following analyst Ming-Chi Kuo's report of a collaboration with OpenAI and MediaTek to develop AI-driven smartphone processors, with mass production expected by 2028. This partnership, which includes Luxshare as the exclusive co-design and manufacturing partner, has sparked optimism regarding Qualcomm's future revenue growth. The positive sentiment is further supported by strong recent performances in the semiconductor sector, particularly following Intel's impressive Q1 earnings report. Additionally, Qualcomm's upcoming earnings report scheduled for April 29 adds to the heightened market interest surrounding the company.

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