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MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CHINA PBOC CONDUCTS CNY58.2 BILLION VIA 7-DAY REVERSE REPOS MON

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EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Equity Roundup: Extending Gains, Autos, Airlines Lead

US STOCKS

Stock indexes trading firmer, off midmorning highs as Tsy yields climb/yield curves bouncing off lows for week. Program selling noted on downtick.

  • ESM2 +26 (0.57%) at 4481.5 with move higher refocusing attention on initial resistance at 4519.75, the Apr 8 high. Clearance of this level would signal potential for a stronger recovery, and open 4588.75, the Apr 5 high Current gains are still considered corrective. The bear trigger is at 4355.50, Apr 18 low where a break would resume recent bearish activity.
  • Earnings: AAL record 2Q revs on soaring demand, ATT EPS 0.77 vs. 0.69 est, Dow Inc. net income +$1.57B. After the close: PPG, XM, SAM, SVP, SNAP.
  • SPX leading/lagging sectors: Consumer Discretionary (+1.46%) lead by autos, Tesla in particular (TSLA +8.93% at 1063.95) after earnings beat of $3.22/share vs. $2.26 est late Wed. Elon Musk making waves again re: seeking financing for Twitter bid. Information Technology (+0.93%) with hardware leading, Broadcom leading (AVGO +2.62 at 613.40).
  • Laggers: Communication Services continues to underperform (-0.84%) as media/entertainment lags carry-over weakness in Netflix: -5.21% at 214.41 after losing near 40% Wed post earnings, subscriber loss (-200k). Telecom services outperforming .
  • Meanwhile, Dow Industrials currently trades +191.52 (0.54%) at 35378.78, Nasdaq +66.2 (0.5%) at 13570.61.
  • Dow Industrials Leaders/Laggers: Dow Inc +3.51 at 71.05 followed by tech: AAPL, IBM and Honeywell +2.5-3.0. United Health leads laggers -2.76 at 543.25 after making strong gains Wed; Chevron -2.05 at 170.48
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