May 1- 5, 2023 Market Recap

May 5, 2023

Thanks to Apple's better-than-expected earnings result, the US stock market has broken the 4 trading days losing streak.  The indexes benchmark / ETFs rallies 

• DIA +1.63%  QQQ +2.13%  SPY +1.85%

DIA is weaker compared to SPY & QQQ, see the chart above *  DIA has succumbed at 20dma
 resistance

Notable Earnings Movers:

SHOP 2 days massive rally

REGN sell of reaction post earnings

SEDG  lost half of its intraday gain/ rally.

May 4, 2023

It is another red day in the US equities, this is the 4th consecutive trading day of red performance.  The Dow Jones has tested the 50-day moving average support today.  

The weekly performance Dow Jones -2.85%  SPX -2.60%.

The ECB announces a 25bps hike of interest rate  ECB increases interest rate by .25bps , following the US Federal Reserve hike yesterday.  

The US weekly jobless claim increased of 13,000 to 242,000 Weekly Jobless claims

SEDG earnings reaction

SHOP earnings reaction

 May 3, 2023

The US equities turn lower post-FOMC announcement of a .25bps hike on interest rate Fed Powell hike .25 bps. The US stock benchmark/ ETFs closed in red territory again on a 3rd-day streak since the beginning of the month of May.

• SPY -.69%  DIA -.82%  QQQ -.65%

Notable stock movers:

• LLY +6.68% [trading at record high] after announcing its  Donanemab Significantly Slowed Cognitive and Functional Decline in Phase 3 Study of Early Alzheimer's Disease  https://investor.lilly.com/news

Notable Market Catalyst for the week:

• SEDG earnings after the bell, this is a significant event for the solar industry, as the behemoth FSLR & ENPH cratered last week after announcing its earnings for Q1 '23.
• Thursday- ECB rate announcement, US Jobless claim, & AAPL earnings release.

May 2, 203

The US stock market slumped today, on a technical basis, the US benchmark/ETFs printed a technical failed breakout, IF, it continues to decline below the 50-day moving average.

• SPY -1.12%  DIA -1.03%  QQQ -.87%

Regional Banks' Turmoil Continues:

• PACW -27.78% 

The solar industry continues to crater:

• FSLR -2.46%  SEDG -4.49%  ENPH -4.80%

May 1, 2023

The US stock market benchmark/ ETFs took a slight pullback today:

• SPY -.10%  DIA -.20% QQQ -.11%

Notable stock  movers:

• AMZN -3.22% 2nd trading day slump, following the mean reversal of +12% to -3.98% closing price last Friday.
• ENPH -2.20%  FSLR -.95% continuation sell-off following last week's dismal earnings report-  SEDG -3.37% selling off in sympathy to solar stock sell-off, SEDG sets to report on May 3.
• XOM -3.10% - a 3% pullback on some stocks may be nothing, but it is vast for a corporation like XOM, the weakness is due to Goldman Sachs's downgrade to Neutral from Buy.

JP Morgan acquired the beleaguered bank FRC JPM acquired First Republic Bank. 

JPM +2.14%. 

The catalyst for the market this week :

• Wednesday - FOMC
• AAPL - sets to report on May 4, after the bell.