EB Daily Market Report - Wednesday, April 23, 2024

Dear Members.

Tom is on a well deserved vacation the rest of the week so I want to provide you with a brief market update.

The market is trying to find its footing right in the midst of earnings season and after a positive response to two big tech companies including TSLA and TXN who reported after the bell last night. The same cannot be said for Boeing (BA) that disappointed when they released their numbers this morning with the stock struggling to hold the line after hitting a fresh 52 week low.

Traders will get another chance to analyze earnings later today when META reports its numbers after the bell. Then tomorrow, both MSFT and GOOGL will report their numbers, so another opportunity for traders to assess the financial health of corporate America.

Treasury yields are up slightly today which might be the reason stocks are hugging the flat line. The VIX is also up slightly but has calmed down considerably since the substantial move higher last week. 

Both the S&P and the NASDAQ remain below their respective 20 and 50 day moving averages which is giving the bears the slight edge. The bulls are hoping the key earnings reports coming out today and tomorrow will give them back the momentum.

Let's see how the market closes today, watch the reaction to META's numbers after the bell and revisit tomorrow.

At your service,

John Hopkins