S&P 500 analysis and news:
- Earnings Summary: JPM, BLK, DAL
- S&P 500 Downward Risk Continues
Earnings Summary: JPM, BLK & DAL
– Adapted VPA: $ 2.63 exp. $ 2.72
– Income: $ 31.59 exp. $ 31.44 billion
– Share sales and trading income: $ 3.06 billion exp. $ 2.56 billion
– FICC Sales and Trade Revenue: $ 5.70 billion exp. $ 4.68 billion
– Authorizes new $ 30 billion share buyback plan
– Adjusted VPA: $ 9.52 exp. $ 8.79
– Revenue: $ 4.70 billion exp. $ 4.80 billion
– AUM: $ 9.57 Tln exp. $ 9.62 Tln
– Custom Lost Per Shr $ 1.32 Sp. $ 1.26
– Revenue: $ 8.16 billion exp. $ 8.12 billion
A relatively muted set of figures by JP Morgan to kick off bank earnings, with the bank missing its EPS but has announced a new share buyback program. On top of that, CEO Jamie Dimon noted that they remain optimistic in the short term, but there are notable challenges ahead amid high inflation, geopolitical tensions and persistent supply chain issues.
Look ahead to the broader index, and as i said before, the balance of risks remains lower for the US indices. As we saw overnight with the RBNZ announcing a 50bps rate hike, the same can be expected from the Bank of Canada later today and the Federal Reserve in May.
With the S&P 500 among the 50, 100 and 200DMAs, it technically paints a bleak picture for the index. While futures are once again testing 4400 to the downside, a solid break puts the index on course for a move to the low 4300s. Prejudice will remain to fade rallies below the 200DMA.
S&P 500 Chart: Daily Timeframe