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Royal Bank of Canada: Lowered its target price for Broadcom (AVGO.O) to $340 from $370.On March 2nd, Canadian Prime Minister Mark Carney met with Indian Prime Minister Narendra Modi in New Delhi, aiming to repair bilateral relations. Both leaders hoped to reach an agreement to boost trade and supply chains. They are expected to announce an agreement to expand Canadian uranium exports to India and finalize the scope of negotiations for a trade agreement, highlighting their efforts to diversify their trade partnership and reduce reliance on the United States. Carneys four-day visit to India marks an attempt by both countries to repair bilateral relations, which have been severely strained in recent years. Over the past year, the two sides have engaged in closed-door cooperation to strengthen cooperation and information exchange on security-related issues. The two leaders have also been working to enhance cooperation in trade and technology. Canada has previously stated that it expects a trade agreement between the two countries to double bilateral trade to C$70 billion by 2030.March 2nd - The Ministry of Transport released data on the smooth operation of national logistics from February 23rd to March 1st. National railways transported 72.102 million tons of freight, a 9.77% increase compared to the previous period; 32.717 million trucks traveled on national expressways, a 229.69% increase; monitored ports handled 234.892 million tons of cargo, a 25.2% increase, and 5.952 million TEUs of containers, a 6.42% increase; civil aviation handled 137,000 flights (including 3,087 cargo flights, comprising 2,162 international and 925 domestic cargo flights), a 4.31% increase; postal and express delivery volume reached approximately 4.231 billion pieces, a 424.94% increase; and delivery volume reached approximately 3.543 billion pieces, a 462.38% increase.March 2nd - Analysts say the US dollar strengthened against most currencies in Asian trading hours as potential conflicts in the Middle East could trigger demand for immediate liquidity. Vishnu Varatan, head of macro research at Mizuho Securities, stated that the dollar is likely to maintain its buying advantage due to the "cash is king" mentality. This could be further reinforced by the greater weakness of the euro and most other non-oil currencies, which are increasingly vulnerable to Middle East geopolitical risks and have greater susceptibility to negative impacts on energy security under high energy costs.Bank of Japan Deputy Governor Ryozo Himino: Even if the overall inflation rate falls below 2%, we may still raise interest rates to a neutral level if we judge that underlying inflation is accelerating toward our price target.

Stocks May See a Reversal As a Result of Bleak GDP Data

Cory Russell

Apr 29, 2022 10:22

Fundamental Analysis of the S&P 500 Index

After rebounding from a fresh low of 4,162.90, the broad stock market index recovered 0.21 percent on Wednesday. The S&P 500 index dropped to its local lows of roughly 4,160 in March. 


Despite quarterly corporate profits disclosures, it continued to fall. There is still a lot of uncertainty about the Fed's tightening monetary policy, as well as the Ukraine crisis. 


Following the publication of Facebook's quarterly earnings report yesterday, the S&P 500 index is predicted to start 1.1 percent higher this morning. However, following significantly poorer than anticipated quarterly Advance GDP figures (-1.4 percent vs. estimates of +1.1 percent), the market retraced some of its overnight gains.

Conclusion

Following recent drops, the S&P 500 index varied on Wednesday. The market ended the day higher, although it remained below the 4,200 level. 


The key Advance GDP announcement today came in substantially lower than predicted. We could see a "sell the rumor, buy the news" scenario here. Investors will also be watching for AAPL and AMZN to deliver their quarterly earnings reports today.

The following is a breakdown:


Yesterday, the S&P 500 index stuck below 4,200; it may seem contradictory, but today's worse-than-expected Advance GDP announcement may cause an upward reversal.