Dow fell 50, advancers over decliners 4-3 & NAZ was off 57. The MKP index gained 2+ to the 208s & the REIT index recovered 5+ to 456. Junk bond funds edged higher & Treasuries saw buying which reduced yields. Oil pulled back 1 to the 104s & gold rebounded 12 to 1875.
AMJ (Alerian MLP index tracking fund)
A record number of Americans quit their jobs in Mar, underscoring how persistent turmoil in the labor market has made it difficult for employers to fill open positions. The
Labor Dept said that 4.5M Americans (about 3%
of the workforce) quit their jobs in Mar. That's up from 4.4M
in Feb & just slightly tops the previous record notched in
Nov. By comparison, pre-pandemic levels typically hovered around
3.6M. Meanwhile, the number of job openings rose to 11.5M by the end of Mar. The
data emphasizes how newly empowered workers are quitting their jobs in
favor of better wages, working conditions & hours as businesses lure
new workers with higher salaries – a new trend dubbed the "Great
Resignation." As a result, Americans' incomes are rising across the
board as employers have ramped up hiring to offset the losses.
Job openings climb to fresh high in March as record number of Americans quit their job
The 10-year Treasury yield retreated below the 3% mark, while the 10-year German bund hit 1% for the first time since 2015, amid expectations around interest rate hikes. The yield on the benchmark 10-year Treasury note dropped more than 6 basis points to 2.93% & the yield on the 30-year Treasury bond fell over 7 basis points to 2.986%. Yields move inversely to prices & 1 basis point is equal to 0.01%. The 10-year Treasury yield hit 3% yesterday, for the first time since late 2018. The milestone comes as investor expectations grow that the Federal Reserve will hike interest rates by 50 basis points this week. The Federal Open Market Committee kicks off its 2-day policy meeting today, with a statement on its decision on interest rates slated for release tomorrow. Meanwhile, growing expectations that the ECB will also soon raise interest rates was reflected in movements in the German bond market. The 10-year German sovereign bund yield climbed 4 basis points today. Central banks are looking to hike interest rates as part of a normalization of monetary policy, pulling back the economic support provided in the Covid-19 pandemic. Surging inflation, driven higher by the Russia-Ukraine war, has seen the Fed in particular look to accelerate its rate-hiking cycle in a bid to temper rising prices.
10-year Treasury yield dips below 3%; benchmark German bund yield hits 1%
Pfizer (PFE) cut its 2022 earnings guidance, despite reporting Q1
results that beat on the top & bottom line due to strong Covid vaccine & antiviral sales. It now expects EPS of $6.25-$6.45 for the year, down from
its previous outlook of $6.35-6.55. PFE attributed its
lower earnings guidance to research & development costs & changes in
foreign exchange rates. However, the company is still projecting $98-102B in total sales for 2022. Q1 revenue grew 77% to more than $25B
compared to the same period last year, driven by $13.2B in Covid
vaccine sales & $1.5B in sales of its oral
antiviral treatment Paxlovid. PFE booked a net income of $7.8B, a 61% increase over Q1-2021. Adjusted Q1 EPS grew 72% to $1.62 compared to the same
period last year. The company reaffirmed its full-year 2022 guidance of $32B in Covid
vaccine sales & $22B for Paxlovid. CEO Albert Bourla had said
earlier this year that revenue from its antiviral treatment
could come in higher because estimates are based only on deals signed or
those close to finalization. The stock rose 1.28.
If you would like to learn more about PFE click on this link:
club.ino.com/trend/analysis/stock/PFE_aid=CD3289&a_bid=6ae5b6f
Pfizer cuts 2022 earnings outlook despite strong Covid vaccine and antiviral sales
Stocks are meandering, looking for direction. The indices are staying close to even Chances they will not find much help from the news until the Fed gives its report tomorrow.
Dow Jones Industrials
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