Daily Market Report - May 22, 2024

Market Indices

  • S&P 500:

    • Closing Price: 5,321.41
    • Daily Change: +13.28 (+0.25%)

  • Dow Jones Industrial Average:

    • Closing Price: 39,872.99
    • Daily Change: +66.22 (+0.17%)

  • NASDAQ:

    • Closing Price: 16,832.62
    • Daily Change: +37.75 (+0.22%)

  • FTSE 100:

    • Closing Price: 8,360.24
    • Daily Change: -56.21 (-0.67%)

  • Nikkei 225:

    • Closing Price: 38,618.00
    • Daily Change: -335.50 (-0.86%)

  • DAX:

    • Closing Price: 18,689.25
    • Daily Change: -37.11 (-0.20%)

Sector Performance

  • Top Performing Sector: Tech

    • Focus on artificial intelligence and data center companies like Super Micro Computer and Advanced Micro Devices
    • New AI innovations from Alphabet, Google, Microsoft-backed OpenAI

  • Worst Performing Sector: Industrials

    • Companies like Deere cut full-year outlook

Economic Indicators

  • Consumer Confidence Index: 97.0 in April 2024, lowest since July 2022
  • Core PCE Inflation: Rose 2.8% year-over-year in March, above 2.7% estimate
  • CPI: Increased 0.3% in April, up 3.4% year-over-year
  • Nonfarm Payrolls: Increased by 175,000 in April, unemployment at 3.9%

Earnings Reports

  • Core & Main (CNM): Estimated Q4 EPS 0.51 vs 0.50 last year

  • Apple (AAPL): Estimated Q3 EPS 1.00

  • Big Tech Q2 Estimates:

    • Netflix (NFLX): Estimated EPS 4.72
    • Tesla (TSLA): Estimated EPS 0.60
    • Microsoft (MSFT): Estimated EPS 2.93
    • Meta (META): Estimated EPS 4.70
    • Alphabet (GOOG): Estimated EPS 1.81
    • Amazon (AMZN): Estimated EPS 1.02
    • NVIDIA (NVDA): Estimated EPS 5.60

  • S&P 500 Q1 Performance:

    • Blended earnings growth: 3.5%
    • Blended revenue growth: 4.0%
    • Estimated Q2 earnings growth: 9.7%
    • Estimated Q3 earnings growth: 8.6%
    • Estimated Q4 earnings growth: 17.3%

Retail Sector Highlights

  • Macy’s and Lowe’s beat Q1 earnings and same-store sales estimates
  • Urban Outfitters benefitting from Free People, Anthropologie
    • Macy’s estimated 45.3% YoY earnings increase
    • Urban Outfitters estimated 2.6% Q1 same-store sales growth

Market Movers

  • Top Losers:

    • Cheetah Net Supply Chain: -92.01%
    • American Oncology Network: -39.07%
    • Binah Capital Group: -35.71%

  • Top Gainers:

    • Borealis Foods: +77.75%
    • Complete Solaria: +60.68%
    • AEye: +52.76%

Focus Stock: Eli Lilly (LLY)

  • Sector: Healthcare
  • Current Price: $803.17
  • P/E Ratio: 96
  • EPS: $8.36
  • Revenue: $60.92B
  • Net Income: $29.76B
  • 52-week Range: $795.30 - $803.17
  • Market Cap: $2384.65B
  • Promising Crohn’s treatment test results
  • Smart Score: 96/99

Analyst Recommendations

  • Square (SQ):

    • 45 Buy, 6 Hold, 4 Sell
    • Average Price Target: $90.98

  • Target (TGT):

    • 28 Buy, 15 Hold, 0 Sell
    • Average Price Target: $186.96

  • Etsy:

    • BTIG rates Buy
    • Price Target: $78

Market Highlights

  • Sensex +267 pts to 74,221, Nifty near 22,600 on May 22
  • S&P 500, Nasdaq hit new records. Macy’s up, Lowe’s down on earnings
  • Sensex swung 1220 pts, ended +677 pts on May 16