May 8-12, 2023 Market Recap

May 12, 2023

The broad market took a breather today, the major US stock benchmark/ ETFs' closed in the red today, as the market starts to worry about US Debt Ceiling Limit talks to extend next week which heightens the anxiety of potential US Debt Default.

The Dow Jones Industrial sector has printed a 5th-day losing streak performance this week.  The Nasdaq took a pause on the rally today.

• SPY  -.13%  DIA -.04%  QQQ -.36%

Notable Movers Today:

• FSLR +26.28%  after announcing EVOLAR acquisition First Solar Acquires EVOLAR for $38M, a Leading European Thin Film Company

Technical Breakouts This Week:

May 11, 2023

The Technology sector continued to rally following yesterday's strong performance.

• QQQ +.33%  SPY -.17%  DIA -.64%

Despite rally the meager moves of the US Major Benchmarks, there have been multiple rallies or technical breakouts on equities, specifically in the Technology sector and some biotechs' names.

• GOOGL +4.31%  AMZN +1.81%  NFLX +2.78%  TSLA +2.10%  

Notable Earnings Mover:   DIS -8.73%

DIS earnings reaction 

May 10, 2023

In Today's trading session the Technology sector has exhibited strong performance, outperforming the S&P500, and Dow Jones Industrial, amongst the 3 major benchmarks, the Dow Jones is the weakest.

•  QQQ +1.09%  SPY +.47%  DIA -.08%

The US Core CPI for April rose by 4.9% below forecast, this is the first sub-5 % reading in two years Consumer Price Index

Notable Stock Movers:

• GOOGL +4.10%  AMZN +3.35%  SNOW +4.99%   ILMN +7.84%

 May 9, 2023

The US equities major  Benchmark/ ETFs performed timidly on Tuesday's trading session, this mark as the second timid day, as investors wait for the CPI print which is due tomorrow, and the highly dramatic DEBT ceiling stand-off in DC.

• SPY -.44%  DIA -.13%  QQQ -.63%

PLTR notable earnings mover today

SEDG, ENPH, JKS, CSIQ, FSLR & TAN - continues to search for the bottom price
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 Stock market recap April 3-6, 2023

April 6, 2023

It's a short week for the market in observance of Good Friday.  Mixed performance in various sectors of the stock market, notably BABA +4.25% held up its gain from last week's rally, and the stock index closed at strong levels above its daily technical resistance 

SPY +.39%  QQQ +.67%  DIA +.02%

Losers of the week: [ based on weekly performance of > 5% decline*]

• TSLA -10.80%  FSLR -5.97%  ENPH -9.17%  SEDG -7.80%  JKS -8.02%  QS -10.88%
• ABNB -11.80%  MELI -5.54%

Winners of the week:  [ based on weekly performance of >5% or trading at 6 months or at 52 weeks high *]

• GOOGL +4.52%  MSFT +1.14% META +1.96% BABA +.55%
• XOM +4.92%  OIL +5.63% 

April 4, 2023

The 4-day green streak on the index has come to a halt, with a slight pullback on:

•  SPY -.55%  DIA -.59%  QQQ -.34%  

Stocks that are trading at 6 months high or 52-week high:   

• CMG +1%  AAPL -.32%  META +.77%  MSFT -.02%  BKNG -1.01%  ULTA -.91%  SPOT -1.14%

Notable stock mover:  AI -26.34% after Kerrisdale Capital alleged that the AI company has committed accounting fraud to inflate its income metrics  Kerrisdale Capital open letter to C3.ai & SEC

Michael Wilson of Morgan Stanley says that the rally on technology stock is overdone and warns that it will return to new lows  Morgan Stanley Analyst warns of technology stock rally

April 3, 2023

The stock market had a mixed reaction as the second quarter of 2023 began, notable news over the weekend - Saudi Arabia & OPEC announced further oil output cuts of around 1.16 million barrels per day, OPEC & Saudi Arabia announces oil cuts production this sent oil/ energy stocks higher. USO +5.76%  XOM +5.90%  CVX +4.16% FANG +6.85%

Tesla -6.12% after reporting a record number of car delivery for the first quarter of 2023 of 422,875, up 4% from the previous quarter, the stock price slumped as concern on profit margin as Tesla has recently cut its prices on its EV cars.  Tesla Q1 2023 Car delivery number

Index performance: DIA +.99%  QQQ -.24%  SPY +.38%

Stocks Trading at 6 months or 52 weeks high:  MSFT -.37%  AAPL +.77%  NVDA +.68%  META +.53%  BKNG +.48%  ULTA +1.01%  SPOT +2.11%  WYNN +1.27%  

 3-28-03

Market Movers:

• BABA +14.26%   BIDU +4.73% NTES +2.65% - notable strength on BABA after announcing it will overhaul its business operations by splitting it into six business groups [- Cloud Intelligence Group, TaoBao Tmall Commerce Group, Its Local Services, Cainiao Smart logistics group, Global Digital Commerce group, and Digital Media and Entertainment Group].  The Alibaba business spin has lifted China ADRs stock as well, the move in the BABA business split could be a signal that the regulatory backdrop in China is improving broadly after 2 years of regulatory pressures that sent BABA shares to record 

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3-29-23

Market Movers:

• LULU +12.72% soared after posting Q4 ‘22 earnings results and giving 2023 Fiscal Year revenue of 9.31B- $9.41B higher than 2022 revenue of $8.1B

Index technical signals bullish pattern, SPY & QQQ has solidly broke above 20, 50, & 200 days moving average, notable for the SPY trading above 400 which has been a tough resistance in the last 3 weeks.  We are one day away from closing the first quarter of 2023.

3-30-23

 The index marked a second-day strong streak performance above resistance, notable the SPY +.59%  & QQQ +.95%  above the 20 & 50 & 200 DMA, the QQQ has closed above its daily resistance. 

BABA +3.46% 3 days streak of a rally at $103.38 per share, strength is attributable to its business splitting into 6 business groups.  MELI +3.42% is another strong performer in the market, the technical settings of BABA & MELI are BUY signals, notable that these 2 are both e-commerce ADRs.  Another strong performer in the market trading at 6 month high  META +1.21%  AAPL +.99% MSFT +1.26%

RH -3.29% another weak performance post Q4 ‘22 earnings result, reports EPS $2.88 vs. $3.44 expectations, sales $772.5M vs. $779.75M; last year same period earnings were $5.66 per share, sales at $902.74

3-31-23

With a bang, the stock market closes on the last day of the year's first quarter!  Notably that the technology sector is back in the lead of the rally -  trading at 6 months high -AAPL +1.56%  MSFT +1.50%  META +1.97%, notable strength on TESLA +6.24% ahead of car number deliveries.