Market Debrief (Wednesday April 6, 2022)

Happy Wednesday Stock Talkers!


Stocks were down once again Wednesday, as investors were closely following the remarks made by The Fed. The Fed was apparent on raising interest rates at more aggressive levels, but came out today and said that it will start shrinking assets off the balance sheet at a rate of $95B a month. Investors also saw that the U.S. announced some more sanctions against Russia. They added more penalties to government officials and family members and also implemented more sanctions on Russian-owned businesses and financial institutions. Developments were made yesterday that a recession could appear next year. However, most of those developments were shot down by analysts today that say the Fed is approaching this in the right way and that we may see a slowdown but not necessarily a period of negative growth in the economy. Mortgage rates were a tad bit over 5% yesterday, marking its highest point in almost a decade. A lot of people have regretted buying homes in the pandemic, and with mortgage rates rising we may see the demand for home buying start to ease after a hot market arose during Covid. It will be interesting to see not only how the housing market acts, but also how the Fed really handles this situation and how effective the monetary tightening policy is at curbing inflation.

Major Indices:    

  • S&P 500      4,481.26 -43.86 (-0.97%)
  • DJI              34,497.23 -143.95 (-0.42%)
  • Nasdaq        13,888.82 -315.35 (-2.22%)

Most Active Stocks (Volume):

  • Twitter, Inc. ($TWTR) (157.337M)
  • Advanced Micro Devices, Inc. ($AMD) (126.462M)
  • Ford Motor Company ($F) (95.684M)

Notable Gainers (Large Cap):

  • RPM International Inc. ($RPM) (+4.88%)
  • Eli Lilly and Company ($LLY) (+4.64%)
  • Dollar General Corporation ($DG) (+4.20%)
Notable Losers (Large Cap):

  • Avis Budget Group, Inc. ($CAR) (-10.94%)
  • Cloudflare, Inc. ($NET) (-8.98%)
  • BioNTech SE ($BNTX) (-7.84%)

Company News:

  • Walgreens has expanded its medical-care offerings in California markets.
  • Porsche has upped its investments in e-fuel with a stake in a company in Chile.
  • Aurora and Werner are testing self-driving trucks in Texas.
  • The Fed has planned to shrink the balance sheet by $95B a month.
  • JetBlue is willing to spend $3.6B on Spirit in efforts to compete with giant airlines.
  • People worried about the economy are still spending money on Nike and Lululemon.
  • Google has banned some apps from its store for stealing customer data without consent.
  • Ferrari last V8 supercar has sold out and they are not taking any more orders.
  • Amazon has raised the price for its Amazon Music service.
  • Bojangles is now offering a $10 gas gift card when you order certain items from their menu.
  • Cracker Jack maker has now started offering Cracker Jill.
Earnings I'm Watching Tomorrow:
  • Constellation Brands Inc. ($STZ)
  • ConAgra Brands, Inc. ($CAG)
  • Lamb Weston Holdings, Inc. ($LW)
  • WD-40 Company ($WDFC)
*Information from Yahoo Finance, CNBC, Fox Business, and Nasdaq

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