Your Evening Recap for Tuesday, April 23rdEquity markets continued to rebound on Tuesday and may continue higher over the next two days. The market was oversold and ready for a relief rally but faces many obstacles. Among them is the first read on Q1 GDP and the March PCE price data, which are not expected to align with the outlook for FOMC interest rate cuts. At best, consumer inflation will be cooler than expected, but the news will be too little and too late to ensure a cut by the next meeting.
The S&P 500 gained more than 1.0% at the session's close. The move has it above support targets at 5,000 but still below critical resistance at the 30-day EMA. Investors should expect volatility, if not downward trending price action until that situation changes. If the PCE data is hotter than expected, it could lead the market into a much deeper correction that retests lows set in 2023. Featured: Crypto Pioneer: Do NOT Listen to these so-called experts (InvestorPlace) |
 Retail financial services giant The Charles Schwab Co. (NYSE: SCHW) reported its first-quarter 2024 earnings in the wake of the market sell-off. Despite initially gapping down on the results, shares managed to stage a rally back up towards 52-week highs at $73.88. The financial services sector leader continued to see positive deposit inflows as net interest margin expanded 13 bps QoQ up to 2.02% thanks to greater margin balance utilization and outstanding balance supplementation funding decline. The company competes with retail brokerages like Bank of America Co. (NYSE: BAC), owned by Merrill Lynch, and Morgan Stanley (NYSE: MS), owned by E-Trade and Robinhood Markets Inc. Read The Full Story > |  America's Last Election
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 UnitedHealth says files with personal information that could cover a "substantial portion of people in America" may have been taken in the cyberattack earlier this year on its Change Healthcare business.The company said Monday after markets closed that it sees no signs that doctor charts or full medical histories were released after the attack. But it may take several months of analysis before UnitedHealth can identify and notify people who were affected.UnitedHealth did say that some screen shots containing protected health information or personally identifiable information were posted for about a week online on the dark web, which standard browsers can't access.The company is still monitoring the internet and dark web and said there has been no addition file publication. Read The Full Story > |
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