CBOE's Market Recap: April 4 To April 8, 2022

Photo by Kelly Sikkema on Unsplash

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There was more blood on the streets in this week’s movements in the financial markets. 

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. 

Parag Agarwal’s Twitter Inc. TWTR wins this week’s chart of the month following an exciting catalyst linked to Elon Musk. 

This short glimpse of optimism may be overshadowed by the stock market’s weakness, one that extended onto the cryptocurrency scene and its major coins. Finally, Cboe notes important upcoming earnings that may lift investors’ eyebrows in the following week.

Quick Bites

Exchange-Traded Funds (ETFs)

  • The SPDR S&P 500 ETF SPY declined 1.18% last week, breaking a three-week gain streak that took the fund up 11%. 
  • The Invesco QQQ Trust Series 1 QQQ declined 3.51% last week, breaking a three-week gain streak that took the fund up 16.86%.
  • The iShares Russell 2000 ETF IWM declined 4.61% last week, following a top at what appears to be a 12-week range between the $212.25 and $187.92 price levels. 
  • The Cboe Volatility Index™ VIX increased 7.9% last week, the first increase in seven weeks. 

World Markets

  • The MSCI European ETF IEUR declined 1.5% following a 16.31% increase in the four weeks prior. 
  • The iShares FTSE 100 ISF rose 2.54% week-on-week, forming a new monthly high. 
  • The iShares DAX 30 EXS declined 1.11% week-on-week. 
  • The Lyxor CAC 40 ETF CAC declined 2.8% week-on-week. 

Chart Of The Week: TWTR

This photo was taken from the TradingView platform

Shares of social media platform Twitter Inc. skyrocketed after news that Tesla Inc. TSLA CEO Elon Musk acquired a 9.2% stake in the company. The company’s stock gapped 26% overnight following the news and reached a high of $54.92 a day later. Since then, however, the stock has descended nearly 16% from the high, closing at $46.23 on Friday in what appears to be a sharp rejection of that $55 price tag. 

Major Cryptos

  • Bitcoin BTC/USD declined 7.6% following last week’s failed attempt to hold the $45,000 price level.  
  • Ethereum ETH/USD declined 7.47% following a test of $3,600 last week. 
  • Solana SOL/USD declined 17.45% following a 27.87% increase last week. 

Upcoming Earnings And Catalysts

April 12

Albertsons Cos. Inc. ACI, CarMax Inc. KMX and OrganiGram Holdings Inc. OGI will release earnings on April 12. Earning estimates stand at $0.63 per share, $1.30 per share and -$0.02 per share, respectively. 

April 13

Several major corporations report earnings on April 13, including JPMorgan Chase & Co JPM, Delta Air Lines Inc. DAL, Bed Bath & Beyond Inc. BBBY, BlackRock Inc. BLK, Infosys Ltd. INFY and Shaw Communications Inc. SJR

According to Kiplinger, for JPM stock, specifically, consensus estimates are for earnings of $2.69 per share (-40.2% YoY) and revenue of $31 billion, up just 1.7% from the year-ago figure. Kiplinger reports that analysts of Delta Airlines are, on average, projecting a per-share loss of $1.32 – a significant improvement over the $3.55 per-share loss the airline incurred in the first quarter of 2021. On the top line, the consensus estimate is for $8.8 billion, +124.7% YoY.

April 14

Morgan Stanley MS, Citigroup Inc. C, PNC Financial Services Group Inc. PNC and Wells Fargo & Co. WFC report earnings on April 14th

The earnings estimates for each are $9.14, $1.58, $2.98 and $0.81, respectively. 

According to Kiplinger, United Health Group Inc. UNH analysts are targeting earnings of $5.37 per share (+1.1% YoY) and revenue of $78.8 billion, a 12.2% improvement over the previous year.

Click here for more weekly insights by Cboe. 

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