Daily Alert – Wednesday 24th April 2024: Global stocks rebound

Mark NugentApril 2024, Daily Alert

Daily Alert – Wednesday 24th April 2024: Global stocks rebound

Good morning.

Yesterday saw PMI readings in the US, Europe and the UK. Manufacturing PMIs in all three territories missed to the downside and came in at less than 50, meaning economic contraction. Composite and Services PMIs in the eurozone and the UK beat expectations to the upside. Services PMI in the US missed. This data continues the trend seen recently in the eurozone and the UK but the US report has become a wee bit more gloomy.

The first big tech financial result came in overnight as Tesla reported big drops in both revenue (sales) and earnings (profit). However, promises of cheaper cars sooner seem to have cheered the market.

Equities are rebounding and I went long on the S&P500 as indicated on Monday. So far, the trade is almost 2% in the (as yet unrealised) money.

In the media section of the video, I talk about Bank of England caution around interest rate cuts, Tesla’s results, and J P Morgan saying that a major stock market correction is still a distinct possibility.

I’ll be back on Friday.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE