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On January 13, ABP, Europes largest pension fund, sold all of its 571 million euros ($585 million) in Tesla in the third quarter, partly because it disagreed with Musks compensation plan. An ABP spokesman said on Sunday that Musks compensation plan was "problematic." The fund also considered costs, returns and responsible investment requirements when deciding to sell its shares. The Dutch Daily Financial News first reported the news, which also listed poor working conditions as one of the reasons why ABP abandoned Tesla. Last month, Musks record Tesla compensation plan was again rejected by a Delaware judge. The stock option plan was originally worth $2.6 billion and soared to $56 billion when the judge rejected the plan. In June of this year, ABP voted against the compensation plan, calling it "controversial and abnormally high."According to Nikkei: Japan will launch its first infrared sensor in fiscal 2025 to supply the International Space Station.According to Nikkei: Japan will test hypersonic missile tracking technology through space sensors.Irans Judiciary News Agency reported that an Iranian businessman was detained in Italy and will return to Iran in the coming hours.On January 12, SpaceX announced on the X social network that the seventh test launch of the Starship will be postponed to January 15. Previously, the company said the launch was scheduled for January 13. It should be noted that during the flight, the spacecraft will attempt to deploy a payload in space for the first time, releasing 10 Starlink satellite models.

S&P 500, Nasdaq 100 Weekly Forecasts – Bond Yields Hammer Equity Sentiment

Skylar Shaw

Apr 25, 2022 10:31

It's going to be a busy week for US firms reporting first-quarter profits, with familiar names like General Electric (GE), Microsoft (MSFT), Ford (F), Twitter (TWTR), Amazon (AMZN), and Apple (APPL) all due to release their latest quarterly financial reports. Netflix (NFLX) and Tesla (TSLA) had drastically contrasting results this week, with Netflix (NFLX) falling over 35% on very low membership numbers and Tesla (TSLA) rising approximately 8% on strong sales and profitability. 


The fact that famed hedge fund billionaire Bill Ackman sold his newly acquired Netflix position for a $400 million loss after the results does not bode well for other stay-at-home tech businesses. The earnings schedule for the next week might be full of surprises.

 

While the small print of firms' balance sheets will be scrutinized next week, the 800-pound monster in the room — US interest rates and government bond yields – will need even greater scrutiny. 


Market expectations for US rate rises have risen to the point that the market is now pricing in the Federal Reserve aggressively front-loading rate hikes, with four 50 basis point raises expected at the next four FOMC meetings. 


The last time the Fed raised interest rates by 50 basis points was in May of 2000. While increased interest rates may help banks make more money, the IT industry, particularly the big names like Apple and Amazon, becomes less tempting as interest rates rise.


After Thursday's bearish engulfing candle erased the preceding three days' gains, the S&P 500 is expected to close the week flat. The 200-day simple moving average behaved as resistance, and the indices are currently trading below all three moving averages (20, 50, and 200), which is still another bad indicator. If support at 4,361 is firmly broken, 4,270 seems to be the next target.

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