| Index | Close | % Change |
|---|
| Dow | 33788.27 | -0.32 |
| Dow Transports | 14447.23 | 0.09 |
| Dow Utilities | 966.79 | 0 |
| S&P 500 | 4129.96 | -0.59 |
| Nasdaq | 12059.56 | -0.8 |
| Nasdaq 100 | 12985.98 | -0.78 |
| Russel 2000 | 1783.96 | -0.86 |
| VIX Index | 17.09 | 3.83 |
| 10 Year Gov't Yield | 3.54 | -1.62 |
| Spot Gold | 2004.05 | 0.46 |
| Spot Silver | 25.26 | -0.14 |
| GDX-Gold Miners | 34.06 | -0.06 |
| Crude Oil | 77.29 | -2.36 |
| Dollar Index | 101.88 | -0.08 |
| Euro Spot | 1.1 | 0.09 |
| Japanese 10 Year | 0.48 | 0 |
| Shanghai SE | 3367.03 | -0.09 |
| Long Bond 20-year | 130.47 | 0.58 |
|
Bad News from Tech World Taken In Stride (For Now)
04-20-2023Last night's tech earnings were largely worse than expected (particularly the guidance), but the market put on a brave face, as the losses in the indices were only about 0.5% during the first couple of hours, with the tech companies that had bad news rallying.
To cite two examples, last night, Lam Research lowered its guidance considerably and this morning Taiwan Semiconductor did as well. However, both of those stocks rallied and that seemed to hold the tech complex together, even as F5 joined CDW in illuminating that demand from Corporate America for enterprise hardware and software is clearly in retreat. At this point we have a pretty good-sized list of disappointments in the corporate world when you add in prior news from Dell and Hewlett-Packard.
"Unscheduled Disassembly"
Of course, last night's media hype had to do with Tesla, where the results were about as bad as they could have been, and it's beginning to look more and more like just a mundane auto company (which is all it ever really was), where TSLA's price was hit for about 10%. Collectively, I would have thought what we've seen so far would have created much more downside pressure, especially in technology, but it hasn't and I'm not quite sure what to make of that just yet. (Even AT&T's revelation of weaker/slower phone sales didn't seem to matter too much.)
In any case, as the day wore on the negative news exerted a bit of extra gravity and the indices weakened some more, with the Nasdaq the downside leader, as it fell about 1%. Away from stocks, fixed income rallied, as the day's macro data was a little bit softer than expected (however, it's not really worth going into the details of those reports). Green paper was weaker, the metals were higher, with silver gaining 0.75% and gold 1%, and the miners were mostly weaker.
Positions in stocks mentioned: short TSLA.