Wall Street Today | Apple hit with EU antitrust complaint over Apple Pay
MACRO
· Stocks climb after worst month since 2020
U.S. stocks bounced higher Monday after the $S&P 500 Index(.SPX.US$ touched a new intraday low for the year and the yield on the U.S. 10-year Treasury note hit 3% for the first time in more than three years.
The indexes traded lower for much of the session but turned higher in the last hour. The S&P 500 fell as low as 4062.51, its lowest intraday level since May 2021.
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· 10-year Treasury yield touches 3% for first time since 2018 as investors await Fed meeting
A steep Treasury market selloff continued Monday, with the yield on the 10-year Treasury note rising to the 3% threshold for the first time since December 2018.
Yields on 5-, 7-, and 20-year Treasurys also rose above 3% on Monday.
· U.S. Treasury now sees $26 billion paydown in debt this quarter
The Treasury's new projections, released in Washington Monday, show debt managers now expect to pay down $26 billion of debt in the April-through-June period. That compares with $66 billion in it anticipated in January, and would mark the first quarterly paydown in six years.
SECTORS
· Consumer-staples stocks take their turn in limelight
Anxieties over the Federal Reserve's plans to tame inflation by raising interest rates have buffeted the stock market, sending the $S&P 500 Index(.SPX.US$ down 13% this year and 8.8% in April, alone. Technology stocks have faced particularly intense pressure, leaving the $Nasdaq Composite Index(.IXIC.US$ off 20% for the year and 13% for the month.
Instead, investors appear to be turning their focus to companies offering everyday necessities -- a preference that has been amplified as many such companies post strong quarterly results.
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· Fertilizer buyers are eyeing Canada to fill global Potash deficit
Canada's ample potash deposits are drawing "high levels" of interest around the world since sanctions upended global fertilizer markets.
Fertilizer markets have been in disarray since the U.S. imposed sanctions on Belarus, and from economic measures taken against Russia following its invasion of Ukraine in February. Russia and Belarus account for about 40% of global potash production and exports, according to Saskatoon, Saskatchewan-based Nutrien Ltd., while Canada is the other major source for the commonly used fertilizer that contains potassium.
COMPANIES
· Jeff Bezos is worried about tech valuations and it's weighing on Amazon stock
Over the weekend, Jeff Bezos warned that when the "bull run" in technology ends, "the lessons can be painful."
On Saturday, Bezos replied to, and seemed to affirm, a tweet by venture capitalist Bill Gurley, who said that technology valuations have shifted to more conservative measures based on profits -- not the crude revenue multiples of prior years. $Amazon(AMZN.US$
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· Twitter says Musk deal uncertainty could cost staff, advertisers
$Twitter (Delisted)(TWTR.US$'s $44 billion deal to be acquired by Elon Musk means it risks losing advertisers and employees, who may be concerned about the company's uncertain future.
Twitter said it may be difficult to attract and retain key people, and mentioned "the possibility that our current employees could be distracted, and their productivity decline as a result, due to uncertainty regarding the merger," the company said in a regulatory filing Monday.
· Apple hit with EU antitrust complaint over Apple Pay
The European Union hit $Apple(AAPL.US$ with a formal antitrust complaint on Monday, alleging the tech giant's dominance over the mobile wallet market has curbed competition.
Apple Pay is Apple's proprietary mobile wallet. It is the only mobile payments solution compatible with iOS devices, giving Apple significant market power for smart mobile devices, the EU said in a statement of objections filed on Monday.
· Avis Budget stock jumps 12% as car-rental company swings to quarterly profit
Shares of Avis Budget Group Inc. skyrocketed more than 12% in after-hours trading Monday after the rental-car company reported better-than-expected first-quarter earnings.
$Avis Budget(CAR.US$ said it earned $527 million, or $9.71 a share, in the quarter, contrasting with a loss of $170 million, or $2.43 a share, in the year-ago period.
· Nutrien boosts outlook for Potash sales as frtilizer surges
$Nutrien(NTR.US$, the world's largest fertilizer company, boosted its outlook for profit growth and cash flow, saying it plans to sell more potash as crop-nutrient prices soar.
Nutrien has said it will increase potash production to fill a worldwide deficit. Russia and Belarus account for about 40 per cent of global potash output and exports, and sanctions and other restrictions imposed on the countries have "significantly constrained supply," the company said Monday in a statement.
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· Expedia stock up nearly 5% after Q1 earnings
$Expedia(EXPE.US$ reported higher revenue and a narrower loss in the first quarter as demand stayed strong despite factors such as the Omicron variant and the war in Ukraine.
The online travel company reported a loss of $122 million, or a loss of 78 cents a share, narrowing from a loss of $606 million, or a loss of $4.17 a share, in the same quarter a year ago. Revenue rose to $2.25 billion from $1.25 billion. Analysts polled by FactSet expected $2.25 billion.
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Source: Bloomberg, WSJ
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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