Wall Street Today | Meta stock jumps on earnings report. The expectations were low

Moomoo Recap US wrote a column · Apr 27, 2022 19:38

Wall Street Today | Meta stock jumps on earnings report. The expectations were low

MACRO

· Stock rout is Fed's 'best-case scenario' as Powell-put era ends

The now-12% drop in the S&P 500 this year combined with the plunge in speculative high-growth equities can be seen as a validation of hawkish monetary efforts to moderate the excesses of this inflation-lashed business cycle. It all marks the formal end of the Powell put, or the longstanding belief that the central bank will alleviate every market stress with easier and easier policy.
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· U.S. mortgage applications slide to lowest since 2018

A gauge of U.S. mortgage applications tumbled last week to the lowest level since late 2018, illustrating the hit to the housing market from mortgage rates that are now approaching a 13-year high. The Mortgage Bankers Association's index of total applications dropped 8.3% in the week ended April 22 to 343.1, the Washington-based group said Wednesday.

SECTORS

· Biden approves more gas export projects as Russia cuts supply to Europe

The Biden administration has approved more requests to export U.S. natural gas. That would include Europe, which has seen its gas prices surge as Russia to Poland and Bulgaria.

· Invesco launches electric-vehicle metals ETF amid price surge

$Invesco(IVZ.US)$ is launching an exchange-traded fund for metals used to build electric vehicles, a sign of growing investor appetite for commodities and products tied to the energy transition.
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COMPANIES

· Meta stock jumps on earnings report. The expectations were low

$Meta Platforms(FB.US)$ is the latest tech giant to feel an economic pinch. On Wednesday, it reported its slowest sales growth in a decade and issued lukewarm revenue guidance.
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· Qualcomm reports earnings as smartphone market weakens

Deteriorating smartphone demand may hurt $Qualcomm(QCOM.US)$'s business this year. Investors will get a better insight about industry trends when the maker of mobile processors and 5G wireless chips reports after the market close.
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· Boeing reports quarterly loss as jet problems persist

$Boeing(BA.US)$ 's problems deepened as its jet programs suffered fresh setbacks early this year and the company faced challenges from supply-chain constraints. On Wednesday, Boeing reported sales in the quarter fell 8% to $14 billion, with analysts expecting $16 billion. The adjusted per-share loss of $2.75 compared with the 25-cent loss consensus among analysts polled by FactSet.
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· PayPal trims 2022 outlook but beats Q1 revenue forecast

$PayPal(PYPL.US)$ said its first quarter was a "solid start" but cut its outlook for the full year, bracing for payments volumes to weaken. During the first three months of this year, PayPal's revenue rose 8%, to $6.5 billion.
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· Bill Hwang's Archegos catastrophe was wilder than anyone knew

A year after the collapse of Archegos sent shock waves through global finance, Hwang was arrested Wednesday morning and, for the first time, federal prosecutors offered an official account of what really happened at the secretive family office.
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Source: Bloomberg, WSJ, CNBC

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