Cboe's Weekly Market Recap: May 2nd To May 6th

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The Federal Reserve’s decision to raise the interest rate by 0.5% in last week’s Federal Open Market Committee (FOMC) meeting was met with enthusiasm in the stock market, triggering a more than 10-point rise on SPDR S&P 500 ETF SPY. Unfortunately, this enthusiasm was short-lived. The SPY tumbled back to previous levels the following day, erasing the upward move and plunging further downward. 

Cboe Global Markets Inc. CBOE reports a decline in a number of U.S. funds tracking major indices, including the Nasdaq 100 Index, the Russell 2000 Index and the S&P 500 Index. Similar weakness is observed in European stock markets, specifically in Germany’s DAX 30, France’s CAC 40 and Europe’s MSCI European. 

Lisa Su’s Advanced Micro Devices Inc. AMD wins chart of the week following a strong reaction to a recently released earnings report. 

Finally, Cboe notes important upcoming earnings that may lift investors’ eyebrows in the following week.

Quick Bites

Exchange-Traded Funds 

  • The SPDR S&P 500 ETF declined 0.16% last week, representing the fifth consecutive week of price depreciation.
  • The Invesco QQQ Trust Series 1 QQQ declined 1.28% last week, breaking below $320 for the first time since February last year. 
  • The iShares Russell 2000 ETF IWM declined 1.28% last week, recording its third consecutive week of price falloff.  
  • The Cboe Volatility Index™ VIX decreased 9.55% last week after failing to break above 35. 

World Markets

  • The MSCI European ETF IEUR declined 3.08% week-on-week.
  • The iShares FTSE 100 ISF declined 4.07% week-on-week.
  • The iShares DAX 30 EXS declined 3.22% week-on-week. 
  • The Lyxor CAC 40 ETF CAC declined 3.72% week-on-week. 

Chart Of The Week: AMD

This photo was taken from the TradingView platform

Shares of the semiconductor company Advanced Micro Devices (AMD) climbed 7 points – 7.68% – in the aftermarket hours as a result of a strong earnings report surprise. The company’s earnings per share (EPS) stood at $1.13, a pleasant surprise for analysts who had placed the figure at $0.91. Similarly, AMD reported revenue of $5.88 billion, a nearly 20% higher figure than the estimated $5 billion. 

AMD’s stock price has flirted with pre-earnings valuations, but it maintains a positive front, closing up 11.48% on the week amid overall market weakness.

Major Cryptos

At the time of writing: 

    • Bitcoin BTC/USD declined 10.93%, representing its sixth week of consecutive decline. 
    • Ethereum ETH/USD declined 10%, representing its fifth week of consecutive decline.
  • Solana SOL/USD declined 15.46%, representing its fifth week of consecutive decline.

Upcoming Earnings And Catalysts

May 9

AMC Entertainment Holdings Inc. AMC, BioNTech SE BNTX, Blink Charging Co. BLNK, Groupon Inc. GRPN, Novavax Inc. NVAX Palantir Technologies Inc. PLTR and Upstart Holdings UPST report earnings on Monday, May 9th. 

Earnings-per-share estimates stand at -$0.59, $9.17, -$0.41, $3.41, -$0.37, $0.04 and $0.53, respectively. 

May 10

Coinbase Global Inc. COIN, Electronic Arts Inc. EA, Hyatt Hotels Corp. H, Peloton Interactive Inc. PTON, Planet Fitness Inc. PLNT, Roblox Corp. RBLXSysco Corp. SYY, Unity Software Inc. U and Occidental Petroleum OXY report earnings on May 10th. 

Earnings-per-share estimates sit at $0, $1.43, -$0.38, -$0.84, $0.27, -$0.18, $0.55, -$0.08 and $2.03, respectively. 

According to Kiplinger, analysts, on average, are expecting Occidental Petroleum to report earnings of $2.03 per share in the first quarter versus a per-share loss of 15 cents in the year-ago period. Revenue is projected to jump 47.3% to $8.1 billion.

May 11

Beyond Meat Inc. BYND, Bumble Inc. BMBL, Krispy Kream Inc. DNUT, Rivian Automotive Inc. RIVN, Toyota Motor Corp. TM, Wendy’s Co. WEN and Walt Disney Co. DIS report earnings on May 11th. 

The earnings-per-share estimates for each are -$0.94, -$0.04, $0.07, -$1.40, $2.46, $0.18 and $1.06, respectively. 

Other notable earnings throughout the week include Aurora Cannabis Inc. ACB, Duolingo Inc. DUOL, Honda Motor Co. Ltd. HMC and Affirm Holdings Inc. AFRM

Click here for more weekly insights by Cboe. 

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