NY Dow First Republic continues to fall, significantly higher due to favorable financial results | 27th Financial Tankan


4/27 (Thursday) morning market trends (compared to the previous day)

traditional finance

    • NY Dow: $33,301 -0.6%
    • Nasdaq: $11,854 +0.4%
    • Nikkei Stock Average: ¥28,416 -0.7%
    • USD/JPY: 133.5 -0.04%
    • USD Index: 101.4 -0.3%
    • 10-year US Treasury yield: 3.4 +1.3% per annum
    • Gold Futures: $1,998 +0.0%

crypto assets

  • Bitcoin: $28,210 +0.1%
  • Ethereum: $1,851 -0.8%

Today’s NY Dow continues to drop to -228.9 dollars. The Nasdaq closed at +55 dollars. Reports about First Republic Bank appear to have soured investor sentiment. Meanwhile, Microsoft’s strong results yesterday helped the Nasdaq.

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First Republic

Struggling First Republic Bank fell sharply to -29.7%. The drop was accelerated after people familiar with the matter said they could be restricted from lending by the Federal Reserve. In the background, the Federal Deposit Insurance Corporation (FDIC) is considering the possibility of downgrading the bank’s rating (an undisclosed rating).

The bank has been unable to find a bailout for weeks, according to Bloomberg. It was reported yesterday that the company is looking to sell assets worth between $50 billion and $100 billion. Meanwhile, CNBC reported last night that the bank’s advisers persuaded major U.S. banks such as JPMorgan and Citi, which it bailed out once in March, to buy above-market corporate bonds from First Republic. It is said that it is expected to try

Concerns re-emerged that First Republic’s troubles could severely impact the entire sector, but the impact is limited as PacWest Bancorp rises 7.5% as deposit levels are expected to recover There is also a view that

Although reports that the US government is reluctant to intervene in the bailout process at this point have been disgusting, the US Treasury Department does not appear to regard this issue as a systemic risk.

Source: Tradingview

Tonight, the FOMC is scheduled to release data (preliminary figures) on real gross domestic product and PCE for the January-March quarter.

  • Real GDP: 2.0% forecast, previous 2.6%
  • Private consumption: 4.2% forecast, previous 1.0%
  • GDP deflator: forecast 3.7%, previous forecast 3.9%
  • PCE Core Deflator: Expected 4.6% Previously 4.4%

Economic data from this week onwards

  • April 27, 21:30 (Thursday): U.S. January-March Quarterly Real Gross Domestic Product (GDP, preliminary figures), Core PCE
  • April 28, 21:30 (Friday): U.S. March Personal Consumption Expenditure/PCE deflator
  • May 1, 23:00 (Monday): US April ISM Manufacturing Index
  • May 4, 3:00 (Thursday): US Federal Open Market Committee (FOMC) policy interest rate announcement

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US stocks

U.S. IT Tech stocks vs. previous day: NVIDIA +2.7%, c3.ai +0%, Tesla -4.3%, Microsoft +7.2%, Alphabet +0.1%, Amazon +2.3%, Apple -0.006%, Meta +0.8%.

meta closing

Meta +11.6% higher after hours. Earnings per share and sales also exceeded expectations, which was a positive factor.

In the first quarter, the company reported revenue of $28.65 billion, beating expectations of $27.66 billion. Net income was $2.2 per share, beating market expectations of $2.03. It was down from $2.72 in the same period last year.

The company has made significant headcount and spending cuts so far, but said it will continue to invest in strategic areas such as artificial intelligence (AI) and the metaverse. According to Reuters, CEO Mark Zuckerberg said of the artificial intelligence business, “We’re seeing good results across our apps and businesses. We are improving efficiency,” he said.

Cryptocurrency/Blockchain-related Stocks (Year-on-Year Change/Year-to-Week Change)

  • Coinbase | $53.8 (-2.9%/-8.7%)
  • MicroStrategy | $299.4 (+2.9%/+2.9%)
  • Marathon Digital Holdings | $9.4 (+5.2%/+5.9%)

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