S&P 500 Analysis and News:
- Earnings Recap: JPM, BLK, DAL
- S&P 500 Downside Risks Persist
Earnings Recap: JPM, BLK & DAL
– Adjusted EPS: $2.63 exp. $2.72
– Revenue: $31.59 exp. $31.44Bln
– Equities Sales And Trading Revenue: $3.06Bln exp. $2.56Bln
– FICC Sales And Trading Revenue: $5.70Bln exp. $4.68Bln
– Authorises new share buyback plan of $30Bln
– Adjusted EPS: $9.52 exp. $8.79
– Revenue: $4.70Bln exp. $4.80Bln
– AUM: $9.57Tln exp. $9.62Tln
– Adjusted Lost Per Shr $1.32 exp. $1.26
– Revenue: $8.16Bln exp. $8.12Bln
A relatively muted set of figures by JP Morgan to kick off bank earnings, with the bank missing on its EPS, but did announce a new share buyback program. Additionally, CEO Jamie Dimon noted that they remain optimistic in the short run, however, there are notable challenges ahead amid high inflation, geopolitical tensions and persistent supply chain issues.
Looking ahead to the broader index, and as I have said previously, the balance of risks remain 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 below the 50, 100 and 200DMAs this paints a bleak picture for the index technically. As futures test 4400 on the downside once again, a firm break puts the index on course for a move towards the low 4300s. Bias will remain to fade rallies below the 200DMA.
S&P 500 Chart: Daily Time Frame