Stocks hover near records, lluminating earnings preview

Market breadth hasn’t been this good in over a decade.  The S&P 500 has 95% of companies trending above their 200 day moving averages.  With Treasury yields continuing to ease away from the 1.76% high set at the end of last month, the Dow Jones Industrial Average and S&P 500 index seem poised to keep hitting fresh record highs.  The Nasdaq is just 2% away from its record highs as growth stocks make a steady comeback.  Recent rallies in both Tesla and the Nasdaq have rejuvenated some interest in some of the favorite COVID pandemic trades.

US stocks pushed higher after US job openings surged to a two-year high in February.  The February Jolts job openings reading rose to 7.367 million, much better than consensus estimate of 6.9 million and upwardly revised prior reading of 7.099 million.  Hiring is at a torrid pace even before the majority of the public is vaccinated.  A tremendous amount of optimism has been priced in as the US economy is poised to run very hot throughout the summer. The labour market is looking sharp, and optimism is sky-high after the sparkling NFP report on Friday, which showed that the economy created 912 thousand jobs in March, up sharply from 379 thousand and easily beating the estimate of 652 thousand.

Illumina shows robust earnings results

Earnings season is approaching, and Illumina’s preannouncement was taken as a good sign of things to come.  The gene sequencing company delivered a robust revenue beat and sharply raised their full-year revenue guidance from +17-20% to +25-28%.  Not just the COVID products were solid but also the core business. Shares in the biotech company jumped 13% on Monday, after the company announced that it expects first-quarter revenue to top USD1 billion, up from USD859 million in the first quarter of 2020.

If Illumina is a precursor of what to expect, this earnings season could see many companies tout a broad-based acceleration.

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Ed Moya

Ed Moya

Senior Market Analyst, The Americas at OANDA
With more than 20 years’ trading experience, Ed Moya is a senior market analyst with OANDA, producing up-to-the-minute intermarket analysis, coverage of geopolitical events, central bank policies and market reaction to corporate news. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His views are trusted by the world’s most renowned global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
Ed Moya