It was a split market today as a +6.23% spike in shares of American Express (AXP) helped boost the DJIA by more than 200-points, while a -23.14% slice of semiconductor company Super Micro Computer (SMCI) led to a 300-point plunge in the NASDAQ. Growth stocks were indicated sharply lower at the open led down by a -9.09% tumble in Netflix (NFLX) after disappointing earnings and investors were hesitant to buy the dip. Market sectors were mixed with Utilities (XLU) at the top of the leaderboard followed by gains in Financial (XLF), Energy (XLE) and Consumer Staples (XLP), while Technology (XLK) dropped -2.06% on weakness in semiconductors, followed by selling in Communication Services (XLC) and Consumer Discretionary (XLY). Chicago Fed President Austan Goolsbee spooked investors with hawkish comments on rates saying, "the Fed's current restrictive stance is appropriate," and it makes sense to be patient before cutting rates. Yields finished unchanged but closed near the highs of the week with the rate on the 10-year Treasury at 4.625% and the two-year T-Bill landing at 4.99%. At the bell, gains in financial stocks American Express (AXP) and JP Morgan Chase (JPM) helped boost the DJIA by 211.02 points (+0.56%) as it settled at 37986.40. The S&P 500 lost 43.89 points (-0.88%) and closed at 4967.23, while the NASDAQ tumbled 319.49 points (-2.05%) to 15282.01.

Breadth was positive with advancing issues beating declining issues 2.1:1 on the NYSE and by173 units on the NASDAQ. Advancing volume was 64% on the NYSE and 52% of the NASDAQ. The VIX jumped 0.71 (+3.94%) and closed at 18.71. Crude oil prices added 0.51 (+0.62%) and the May contract closed at $83.24 a barrel. Gold prices rose 4.90 (+0.20%) and finished at $2402.90 an ounce. Bitcoin (BTC) closed the session at $64,100.

It looked like a steep selloff was in store overnight, but investors were able to shake off the geopolitical risks, focus on earnings, and in some cases buy the dip after a rough week for equities. The major averages broke below key MA support levels and several indexes have erased their gains for the year. The Technology sector finished the week flat on the year. Next week we get Q1 earnings from several Magnificent 7 stocks, and as we saw today in Netflix (NFLX), investors are looking for perfection in the numbers and their stocks will be punished if they disappoint. That should keep trading choppy until Friday when the core-PCE, the Fed's preferred measure of inflation, is released which will determine when, or if, the Fed will begin to cut rates.

Earnings releases to watch for on Monday include: Packaging Corp of America (PKG), Cadence Design Systems (CDNS), Cleveland-Cliffs (CLF) and Nucor (NUE).

Monday's Market Moving Economic Calendar: T-Bill Auctions.

By David L. Blake, CMT

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