The major US indices are all closing sharply lower as concerns about the economy and inflation way on values.

Target announced earnings before the open and they came in much weaker than expected as higher costs are starting to eat into the margins. The stock is ending the day down -$53.55 or -24.87%. Ouch.

If transportation/employee costs are hurting Target, a company like Amazon must be really feeling the pinch. It’s shares are down $-164 today or -7.12%.

A look at the final numbers are showing:

• Dow industrial average down -1164.52 points or -3.57% at 31490.06
• S&P index down -165.17 points or 4.04% at 3923.67
•  NASDAQ  down -566.36 points or -4.73% at 11418.16
• Russell 2000 down -65.45 points or -3.56% at 1774.84.

None of the Dow 30 stocks closed positive on the day:

• Walgreens, -8.39%
• Coca-Cola, -6.95%
• Walmart, -6.84%
• Procter & Gamble, -6.15%
• Nike, -5.7%

Verizon was the best performer at -0.14%

Other big losers on the day included:

• Target, -24.87%
• Dollar Tree, -14.42%
• Costco, -12.45%
• Chewy, -11.93%
• Game Stop -8.94%
• DoorDash -8.17%
• AirBNB -8.06%
• FedEx -8.01%
• LYFT, -7.96%
• Snap, -7.42%
• Amazon, -7.16%

All sectors of the S&P are lower today. Consumer staples (6.6%) and consumer discretionary (-6.4%) were the worst performing sectors followed by technology (-4.7%). Utilities were the best of the worst (-1.0%).

After the close, Cisco Systems announce their  earnings  and revenues for the current quarter. Earnings-per-share came in at $0.87 vs. 86% estimate. Revenues came in at $12.84 billion which was lower than the $13.34 billion estimate. The stock is trading down over 11% in after-hours trading.

“When sorrows come, they come not single spies, but in battalions” – Claudius in Hamlet

PS. The heatmap for the major stocks. Clearly TJ Maxx will have a crappy quarter next quarter….

50(0) shades of red. Ouch that is red hot!

(more…)

• Nasdaq erases a decline of -2.25%. The Dow was down as much at 605 points at the session lows

The major US  indices  are ending the day mixed results. The Dow industrial average is down. The S&P index is modestly higher, while the  NASDAQ  is up nearly 1%. Yesterday the major indices all fell sharply to start the trading week.

A look at the final numbers shows:

• Dow industrial average down -84.986 points or -0.26% at 32160.75
• S&P index up 9.82 points or 0.25% at 4001.05
• NASDAQ index up 114.43 points or 0.98% at 11737.68
• Russell 2000 down -0.29 points or -0.02% at 1761.78

All the major indices had their share of ups and downs today as the market consolidated the sharp declines from yesterday’s trade. The NASDAQ index did trade to a new year low at 11566.28. That took out the low price from yesterday at 11574.94.

The S&P and Dow industrial average also made new 2022 lows. For the S&P, it reached 3958.17 taking out the low price from yesterday at 3975.48. For the Dow industrial average traded to a new low of 31887.89, after trading to a low yesterday of 32121.9.

In after-hours trading Coinbase reporting much worse than expected earnings of -$1.98 vs. expectations of +$0.18. Revenues came in at $1.17 billion vs. expectations of $1.48 billion. Monthly transacting users came in at 9.2 million vs. 9.5 million expected.

The stock is currently trading at $65.07 down -$7.92 or -10.85%. That comes after trading down -$10.52 or -12.6% in the normal trading hours today. Yesterday the stock closed at $83.51.

Year-to-date COIN is down 70.93%. The high for the year was the 1st day of the year at $251.

Week ago today, the month of April ended with the  NASDAQ  index down over 13%. The market rallied on Monday, Tuesday, and Wednesday getting the month of May off to a good start. However yesterday’s sharp declines, and follow through selling today push the major indices lower on week. In other words the markets snatched defeat from the jaws of victory.

A look at the final numbers shows:

• Dow industrial average -98.6 points or -0.3% at 32899.38. The index close at 32977 last Friday. The index fell -0.23% this week.
• S&P index -23.51 points or -0.57% at 4123.35. The index closed at 4131.92 last Friday. The index fell This week -0.21% this week
• NASDAQ index -173.02 points of -1.4% at 12144.67. The NASDAQ closed at 12334.64. The index fell -1.54% this week.
• Russell 2000 fell -31.58 points -1.69% at 1839.56. It settle that 1864.10 last Friday. The index fell 1.37% this week.

This was the first stretch of five weekly declines in the S&P 500 since May-June 2011 and the first five-week losing streak in the Nasdaq since 2012.

Next week CPI data takes center stage. More Fed speak as well.