18:21 (US) Market Trading Hours Summary: Earnings season sways trade ahead of Fed announcement

It was a mixed reaction for many key index components; nevertheless, US stock markets hovered around record highs. BA weighed on the Dow along with Microsoft. Spotify and Pinterest MAU growth concerns grew as lockdown measures eased, while Google posted blowout numbers and shares hit new all-time highs. Crude futures continued to rally and, with a large basket of commodities at or near all-time highs, focus will be on any inflation commentary coming from the Fed later today.

Overnight: - Japan Mar Retail Sales registered its fastest rise in 5 months (M/M: 1.2% v 0.6%e; Y/Y: 5.2% v 4.6%e) - Australia Q1 CPI Q/Q: 0.6% v 0.9%e; Y/Y: 1.1% v 1.4%e - Monetary Authority of Singapore (MAS) Biannual Macroeconomic Review reiterated stance that an accommodative monetary policy remained appropriate. Maintained 2021 Headline inflation forecast between +0.5% to +1.5% and noted that 2021 GDP growth projected to 'exceed' upper end of 4-6% range - President Biden poised to lay out his spending and tax plan in his 1st major speech to Congress.

US Session -(BR) Brazil Apr FGV Consumer Confidence: 72.5 v 68.2 prior -(US) MBA Mortgage Applications w/e Apr 23rd: -2.5% v 8.6% prior -(US) MAR PRELIMINARY WHOLESALE INVENTORIES M/M: 1.4% V 0.5%E -(US) MAR ADVANCE GOODS TRADE BALANCE: -$90.6B V -$88.0BE (record deficit).

Europe and Asia -(CZ) Czech Central Bank Vice Gov Mora: Facing many uncertainties about the expected economic recovery -(IE) Ireland Mar Retail Sales Volume M/M: -1.9% v +18.3% prior; Y/Y: 8.5% v 0.1% prior -(PT) ECB’s Centeno (Portugal): Financing conditions have remained favorable -(DE) ECB's Schnabel (Germany): Monthly PEPP volumes vary as we continue to buy flexibly according to market conditions - Q&A on Twitter.

Corporate Headlines -MSFT guides Q4 Rev $43.6-44.5B (implied) v $42.7Be - earnings call -GOOGL Q1 $26.29 v $15.46e, Rev $45.6B (ex TAC) v $42.5Be; Authorizes $50B share buyback

-AMD beats and guides above consensus; raises FY rev growth -V Q2 $1.38 v $1.26e, Rev $5.70B v $5.56Be

-HUM beats and affirms -BA Q1 free cash flow -$3.68B v -$4.73B y/y v -$3.34Be

-SHOP beats; guides initial FY21 adj Op income to decline y/y due to increased investments

-SBUX beats and raises EPS outlook; affirms SSS view

-DB investors cheer strong Q1 results

-PINS easing of pandemic restrictions slowed US MAU growth

-SPOT investors fret over growth after cutting MAU outlook - Dow Jones -0.4% - S&P 500 +0.1% - Nasdaq -0.2% - Russell 2000 -0.0% Treasuries:- US 2-yr: -0.6bps at 0.174% - 10-yr: +1.8bps at 1.64% - 30-yr: +1.3bps at 2.307% - 2-10 spread: +1.5bps at 1.467%

Commodities:

- May crude oil $64.13, +1.9%

- Jun Gold $1,775/oz, -0.2%

- May Silver $26.13/oz, -1.1%

- May Copper $4.497/oz, +0.2% 14:51

Source TradeTheNews.com