Overnight Moves
Today, we looked at 13 charts; below are only a few. Join us in the morning call on Discord to see it all. Let’s have a look at the overnight moves. We open to a sea of green, with oil as the main loser in the market. This follows a de-escalating gesture by President Trump, in which he announced a pause in “Project Freedom,” an operation in which the U.S. Navy would attempt to guide civilian ships through the Strait of Hormuz. Time will tell if this will contribute to achieving peace, but for now, it seems there is more room for risk today, with the candidates being anything that opens positive (Oil-related stocks being the exception).
S&P 500 Index
The U.S. market has reached another all-time high, but the trend of semiconductor manufacturing driving the market up remains in place. This has resulted in a gap of around 13% between the average stock in the S&P 500 and the respective highs, which is the widest the gap has been in 25 years. This contributes further to the image of an overstretched market, as according to InvestSnips, only 16 semiconductor companies are in the S&P 500.
TENCENT (700)
Tencent has seen another drop of around 2%, which is slightly puzzling, as other major companies from China seem to be on the rise. The company has its earnings coming up on May 13th (Wednesday next week), which makes for a good opportunity to play with Naspers (NPN) and Prosus (PRX) stocks. But if you’re interested in investing in a Chinese tech company, we recommend taking a look at Baidu (BIDU) for now, as the company has seen a 6% jump, and appears to have room for further growth.
Earnings
Today has a few noteworthy earnings, mainly in the tech and consumer sectors. Listed below are a few, starting with the earnings scheduled for the pre-market.
Novo Nordisk (NVO)
Novo Nordisk is a pharmaceutical multinational based in Denmark, with earnings scheduled for pre-market today.
The Walt Disney Company (DIS)
Disney is a famous American entertainment company based in California. Their earnings are scheduled for the pre-market today.
Uber Technologies (UBER)
Uber is an American transportation and courier service provider, active in 71 countries. Uber’s earnings are scheduled for the pre-market today.
Arm Holdings (ARM)
Arm is a British software and semiconductor manufacturer, with earnings scheduled for the after-hours today.
AppLovin (APP)
AppLovin is an American tech company, specialising in the development, marketing and sale of mobile apps and games. Their earnings are scheduled for the after-market.
Snap Inc (SNAP)
Snap is an American tech company known for developing apps like Snapchat and Bitmoji. They have earnings scheduled for today’s after-market.
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