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April 28, 2022, 4:26 p.m. EDT

Dow, S&P 500 record best day in 7 weeks as tech stocks rally

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By Joy Wiltermuth and William Watts

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“Earnings are coming out and they are really strong, even though companies are facing tough comps,” said Max Wasserman, founder and senior portfolio manager at Miramar Capital, near Chicago.

“The problem is on the macro side,” Wasserman said by phone, while pointing to supply-chain bottlenecks, high inflation, uncertainty about whether the Federal Reserve can tighten financial conditions without unleashing a recession and Russia’s war in Ukraine.

Given the tougher backdrop, he expects choppy markets for at least the next three months as the Fed looks to get inflation under control. He also sees the potential for another 5% to 10% drawdown for the S&P 500 over that stretch, as markets adjust to likely higher interest rates.

See: Fed’s half-percentage-point interest rate hike next week seen baked in the cake

The yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.2842% meanwhile slumped to a fresh 20-decade low after the Bank of Japan didn’t alter its easy monetary policy stance.

See : Dollar domination continues, as yen slumps to two-decade low

Which companies were in focus?

  • Shares of Teladoc Health Inc. /zigman2/quotes/207420252/composite TDOC +0.53% tumbled 40.2% after the telemedicine company cut its full-year outlook .

  • McDonald’s Corp. /zigman2/quotes/203508018/composite MCD -0.80% shares rose 2.9% after beating expectations on earnings and revenue .

  • Merck /zigman2/quotes/209956077/composite MRK -0.29% shares gained 4.9% after the drug company topped estimates for the first quarter, buoyed by more than $3 billion in sales of its COVID-19 antiviral.

  • Shares of Southwest Airlines /zigman2/quotes/201071949/composite LUV -0.79%  climbed 2.1% after the air carrier reported a wider-than-expected first-quarter loss but revenue that beat expectations , amid a “sharp rebound” in March. 

  • Caterpillar /zigman2/quotes/203434128/composite CAT +1.72% fell 0.7% after the maker of construction and mining equipment blew past estimates for the first quarter. 

Other assets

  • The yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +3.26% rose 4.5 basis points to 2.862%. Yields and debt prices move opposite each other.

  • Oil futures pushed higher, with the U.S. benchmark /zigman2/quotes/211629951/delayed CL.1 -0.56% up 3.3% to close at $105.36 a barrel. Gold futures /zigman2/quotes/210034565/delayed GC00 -0.24% edged 0.1% higher to close at $1,891.30 an ounce.

  • Bitcoin /zigman2/quotes/31322028/realtime BTCUSD -1.27% rose 2.3% to trade near $40,000.

  • The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.06% rose 0.6%, while London’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.55% advanced 1.1%.

  • The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.16% rose 0.6%, while the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.25% in Hong Kong rose 1.7% and Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +2.17% advanced 1.8%.

Steve Goldstein contributed reporting

/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
133.3900
+0.3780 +0.2842%
Volume: 0.0000
Aug. 11, 2022 10:05p
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/zigman2/quotes/207420252/composite
US : U.S.: NYSE
$ 37.99
+0.20 +0.53%
Volume: 6.99M
Aug. 11, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.09 billion
Rev. per Employee
$437,965
loading...
/zigman2/quotes/203508018/composite
US : U.S.: NYSE
$ 259.28
-2.08 -0.80%
Volume: 2.01M
Aug. 11, 2022 4:00p
P/E Ratio
31.95
Dividend Yield
2.13%
Market Cap
$192.29 billion
Rev. per Employee
$117,972
loading...
/zigman2/quotes/209956077/composite
US : U.S.: NYSE
$ 88.93
-0.26 -0.29%
Volume: 7.40M
Aug. 11, 2022 4:03p
P/E Ratio
13.61
Dividend Yield
3.10%
Market Cap
$225.54 billion
Rev. per Employee
$850,324
loading...
/zigman2/quotes/201071949/composite
US : U.S.: NYSE
$ 38.97
-0.31 -0.79%
Volume: 5.05M
Aug. 11, 2022 4:00p
P/E Ratio
24.75
Dividend Yield
0.00%
Market Cap
$23.29 billion
Rev. per Employee
$383,884
loading...
/zigman2/quotes/203434128/composite
US : U.S.: NYSE
$ 194.00
+3.28 +1.72%
Volume: 2.54M
Aug. 11, 2022 4:00p
P/E Ratio
15.52
Dividend Yield
2.47%
Market Cap
$100.68 billion
Rev. per Employee
$501,588
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
2.88
+0.09 +3.26%
Volume: 0.00
Aug. 11, 2022 10:02p
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/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 93.81
-0.53 -0.56%
Volume: 6,437
Aug. 11, 2022 9:56p
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/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,802.90
-4.30 -0.24%
Volume: 5,671
Aug. 11, 2022 9:56p
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/zigman2/quotes/31322028/realtime
US : CoinDesk
23,905.66
-308.09 -1.27%
Volume: 0.00
Aug. 11, 2022 10:04p
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/zigman2/quotes/210599654/delayed
XX : STOXX
440.16
+0.28 +0.06%
Volume: 0.00
Aug. 11, 2022 11:03p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,465.91
-41.20 -0.55%
Volume: 566,874
Aug. 11, 2022 4:53p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,276.47
-5.19 -0.16%
Volume: 7.27B
Aug. 12, 2022 9:50a
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,031.45
-50.98 -0.25%
Volume: 239,620
Aug. 12, 2022 9:51a
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/zigman2/quotes/210597971/delayed
JP : Nikkei
28,422.91
+603.58 +2.17%
Volume: 0.00
Aug. 12, 2022 10:46a
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