March 31, 2022

Markets:

Stock futures were little changed in early morning trading Thursday as traders wrap up a month and quarter.

Some tech stocks were under pressure Thursday amid analysts concerns over the PC market going forward. AMD shares slipped more than 1% in the premarket after analysts at Barclays downgraded the stock to equal weight from overweight. Meanwhile, HP Inc and Dell dipped 3.8% and 2%, respectively, after being downgraded to equal weight from overweight at Morgan Stanley.

Thursday marks the last trading day of March and of the first quarter.

Oil prices fell sharply, with West Texas Intermediate futures dropping 5% to $102.18 per barrel. That comes as President Joe Biden’s administration considers a plan to release 1 million barrels of oil per day from the strategic petroleum reserve for about six months.

On the economic data front, weekly jobless claims came in at 202,000. Economists surveyed by Dow Jones were expecting 196,000.

Personal income rose 0.5%, meeting expectations, while consumer spending rose less than expected.

Portfolio:

We enter todays session holding positions in FUBO, LCID, NU, and ITRM.  We will be looking to add but expect volatile session as the last trading session of the month / quarter is upon us.  As a reminder, stay patient and this is setting up very nicely for next week – first full week of a new quarter and month! Let's have a great session.