DAILY MARKET UPDATE

April 23, 2019

It was a pretty quiet trading day owing to several markets being closed for holidays (most of Europe was shut along with Hong Kong, Australia, and others). The two big pieces of news for Monday included oil (Brent prices rallying ~3%  weighed upon by a Trump administration decision to remove exemptions from U.S. sanctions on countries that import oil from Iran, including China and India) and China (the SHCOMP fell 1.7% amid media reports suggesting the government will move ahead with structural economic reforms and forgo stepped up stimulus). The major U.S. equity indices ended the day mixed amid low post-holiday volumes. Treasury yields lifted and saw some curve steepening. Energy names rallied on the Iran oil sanctions news, while airlines saw some pressure from higher oil prices and more safety concerns at Boeing. Homebuilder stocks fell after March existing home sales data came in lower than anticipated while supply grew, and healthcare providers regained some of last week’s losses.

– After Market Movers:

-WHR Reports Q1 $3.11 v $3.04e, Rev $4.76B v $4.88Be; +5.5% afterhours
-CDNS Reports Q1 $0.54 v $0.50e, Rev $577M v $560Me; +4.6% afterhours

-RMBS Reports Q1 -$0.08 v -$0.10 y/y, Rev $48.4M v $46.4M y/y; -11.2% afterhours