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Market Lab Report - Pre-Market Pulse for Friday, April 20, 2018

Major indexes sold off yesterday on mixed volume. Volume was lighter on the NYSE but higher on the NASDAQ, giving the NASDAQ Composite a distribution day as big-stock index mainstays like Apple (AAPL) and a slew of semiconductor names, including NVDA, AVGO, AMAT, MU, KLAC, and INTC were pummelled.

Futures are trading about flat at the time of this writing. GE earnings are on deck. Bank of England Governor Mark Carney dampened expectations for an interest rate rise next month. Carney said a rate hike is “likely” this year, but said he didn’t “want to get too focused on the precise timing,” citing uncertainty over Brexit and recent disappointing retail and inflation data. The market had been pricing in a rate increase at the BOE’s meeting on May 10. Once again, global central banks are postponing any meaningful moves when it comes to tighter monetary conditions simply because economic conditions will not allow for it. They have no option but to continue to rationalize why delays in reducing QE are necessary.

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