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May 16 – According to the New York Times, the Trump administration is considering establishing a $1.7 billion fund to compensate allies investigated by the Justice Department during former President Bidens term, a move that would create a moral, legal, and political minefield for Republicans and Justice Department leadership. According to three people familiar with the matter, this unusual plan has not yet been finalized or approved. Democrats and former administration officials have criticized the plan as a massive, taxpayer-funded secret political fund. The proposal is a response to various allegations brought by President Trump against the federal government he controls. He has sought compensation for leaked tax returns during his first term, post-leave investigations into his handling of classified documents, and investigations into potential ties between his 2016 campaign and Russia. The idea of establishing a government fund to pay Trumps political allies has gained increasing support internally as the Justice Department and the White House attempt to resolve Trumps $10 billion lawsuit against the IRS, which he filed in January. Officials familiar with the details revealed that establishing a compensation fund for Trumps allies, but not for the president himself, could provide a short-term solution, allowing the president to obtain tangible benefits from the lawsuit before a judge dismisses it.Market news: BlackRocks private credit fund valuation is under investigation by the U.S. Department of Justice.According to SEC filings, Berkshire Hathaway reduced its stake in Chevron (CVX.N) by 35.2%, down to 84.4 million shares.SEC filings show that Berkshire Hathaway has sold off all of its Amazon (AMZN.O) shares.S&P: As a major net exporter of crude oil and an emerging producer of refined products, Nigeria has been less affected by the Middle East conflict.

S&P 500, Nasdaq 100 Choppy on Thin Trading Volume with Europe Closed

Cory Russell

Apr 19, 2022 10:46


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Early on Monday, US market indexes were jittery as traders braced for a busy week of corporate reports. With most European markets closed for the Easter vacation on Monday, activity has been light, creating the ideal conditions for volatility. Bank of America surpassed quarterly estimates before the market opened, following in the footsteps of other Wall Street firms that reported last week.


China's GDP statistics was revealed overnight, and it again above expectations, much to the surprise of many. China has recently been in the news, as a number of big cities remain under lockdown as Covid spreads rapidly.


Netflix, Tesla, and Snapchat are among the companies reporting results this week. As a variety of variables continue to undermine GDP and inflation projections, sentiment remains low coming into this results season. A good results quarter ahead of the May FOMC meeting might provide some relief to battered US equities indexes.


As market investors comprehend the reality of tighter monetary policy, the S&P 500 (ES) continues to trend downward. Remember, the adage "don't fight the Fed" applies in both directions. Despite the general downward trend, there have been several actionable possibilities in recent weeks. ES bounced hard off the 4360 level overnight, eventually hitting resistance around the 4404 level, which served as a crucial pivot point last week. If we retest the overnight lows at 4355, we might see a fast test of 4340. Unless bulls can break the trend and target the 4440-444 zone again, bears may maintain control of the market.

NASDAQ 100 FUTURES 4 HOUR CHART

The Nasdaq 100 futures (NQ) are also on the decline, as rising US Treasury rates put downward pressure on growth company values. NQ has reverted to trend after breaching the 14000 level early in the NY session. As we approach a week of Fedspeak and important tech results, the market remains weak. As we prepare for the majority of forthcoming FAANG results, traders will be concentrating on Netflix and Tesla. We may see a retest of the overnight lows around 13729 now that NQ has been firmly rejected above 14000. Current patterns suggest that, like the S&P 500, cheaper prices are on the way. Traders may choose to reload longs around the 13100 level, which served as a launch pad for March's strong rally.

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