April 21, 2023

Markets:

S&P 500 futures traded flat Friday morning as investors took in a week’s worth of earnings results and a fresh round of data that showed the economy in a rut.

Earnings season continued Friday, with results from Procter & Gamble. The consumer products company gained 1% in the premarket after beating expectations and liftings it sales forecast. Nearly 77% of S&P 500 companies reporting earnings so far have beaten analyst estimates, according to FactSet.

Along with earnings, investors on Friday will be looking at Purchasing Managers’ Index data at 9:45 a.m. ET for the manufacturing and services sectors to get insight into the economy.

The latest batch of economic reports Thursday showed that jobless claims rose more than expected, while manufacturing activity in the Philadelphia region was even deeper in contraction than anticipated. Also, the Conference Board’s leading economic indicators index continued to point to a recession ahead.

Japan’s inflation rate came in at 3.2% in March, slightly lower than February’s figure of 3.3%.

Australia’s services sector expanded in April, reaching a 10-month high on its purchasing managers index.

Portfolio:

We enter todays session holding positions in ENVX and TSLL.  Beyond excited for big tech earnings to come and the potential that has for this market.  Technically, this market is so close at next level movement.  Still in range so stay patient here.  Do not chase day to day market moves, this type of trading has punished traders in 2023.  Be ready today and let's end the week strong.