Here is a Market Recap for today Tuesday, April 6, 2021, /u/psychotrader00, on April 6, 2021 at 8:21 pm ,

PsychoMarket Recap – Tuesday, April 6, 2021 Stocks traded roughly flat Tuesday, putting a pause on the recent record-breaking rally. Market participants are encouraged by better-than-expected economic data and President Biden’s infrastructure plan. The March Jobs Report blew past consensus estimates to record the fastest pace of job growth since last summer. Nonfarm payrolls increased by 916,000 for the month while the unemployment rate fell to 6% (unemployment rate was 14.6% in April 2020). Economists surveyed by Dow Jones had been looking for an increase of 675,000 and an unemployment rate of 6%. Quincy Krosby, chief market strategist at Prudential Financial said, “It [the jobs report] shows that the economy is healing, that those who lost their jobs are coming back into the workforce as the recovery continues and restrictions are lifted.” As the economy continues to recover, analysts have been expediently raising their estimates for companies’ first-quarter earnings results, with earnings season beginning in just a couple weeks. According to FactSet, first-quarter earnings estimates were increased by a record margin of 6% over the past several weeks, as analysts adjusted their forecasts for the much stronger-than-expected economic rebound seen so far. Larry Adam, chief investment officer at Raymond James said, “Not only is the economy doing better, but that’s actually leading to earnings revisions going higher, and that’s taking the market higher. And I don’t think we’re done yet. I think people are going to continue to see the strength of this economy during the summer, and you’re going to see earnings continue to move up significantly throughout this year.” The vast majority of US states are on track to open vaccine eligibility to all adults before President Biden’s May 1 deadline. An average of more than 3 million individuals are getting vaccinated every day, according to the Center for Disease Control and Prevention (CDC). As vaccine distribution efforts continue, cyclical and reopening stocks have outperformed growth and tech stocks that led the market higher in 2020. We expect this trend to continue moving forward, as more states gradually reopen. Looking ahead, this week will be chock full of commentary from Federal Open Market Committee (FOMC) members, who will offer their assessment of the latest batch of economic data and how they will proceed. . Chicago Fed President Charles Evans, Richmond Fed President Thomas Barkin and St. Louis Fed President Jim Bullard are each slated to deliver public remarks later this week, and Fed Chair Jerome Powell will speak at an International Monetary Fund (IMF) panel regarding the global economy Thursday afternoon. Highlights US Treasury Secretary Janet Yellen urged the adoption of a minimum global corporate tax rate during virtual meetings with the World Bank and IMF. An index tracking U.S. service sector activity surged to an all-time high in March, the Institute for Supply Management said Monday Topps announced Tuesday that it will go public via the special purpose acquisition company Mudrick Capital Acquisition Corporation. The deal values Topps at $1.3 billion. Topps is best known for its sports trading cards, specializing in baseball cards for over 75 years. The company recently entered the non-fungible token space. Michael Eisner, former Disney CEO, is the chairman of the company. A U.S. auto industry group on Monday urged the government to help as it warned the global semiconductor shortage could result in 1.28 million fewer vehicles built this year and disrupt production for another six months. The International Monetary Fund (IMF) upgraded its forecast for global growth this year amid a better-than-expected outlook for the U.S. and other major economies. The institution now sees worldwide growth increasing 6% this year, up from the 5.5% rise seen previously. This follows a historic contraction of 3.3% in 2020. Credit Suisse said Tuesday it expects to take a writedown work 4.4 billion Swiss franc, or $4.7 billion, as of a result of the implosion of Archegos Capital, Bill Hwang’s hedgefund that got a massive margin-call recently **Please note that current stock price was written premarket and does not reflect intraday changes.** Apple (AAPL) target raised by Morgan Stanley $MS from $156 to $164 at Overweight. Stock currently around $126 Aphria (APHA) target raised by Stifel Nicolaus from $15.50 to $22 at Hold. Stock currently around $18 Honeywell (HON) target raised by Barclays from $225 to $230 at Overweight. Stock currently around $219 Illumina (ILMN) target raised by Canaccord Genuity from $445 to $460 at Buy. Stock currently around $384 Lear (LEA) target raised by Jefferies Financial from $186 to $210 at Buy. Stock currently around $182 nVent Electric (NVT) target raised by Barclays from $38 to $39 at Overweight. Stock currently around $29 Roper Technology (ROP) target raised by Barclays from $400 to $445 at Overweight. Stock currently around $415 Retail Value (RVI) target raised by Morgan Stanley (MS) from $17.50 to $22 at Overweight. Stock currently around $19 “Fortune favors the bold.” – Unknown submitted by /u/psychotrader00 [link] [comments], , Read More, r/StockMarket – Reddit’s Front Page of the Stock Market, r/StockMarket

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