Morning Market News Digest 早盘市场新闻摘要

。Pacific Time 7:07 AM : Dow -143.80，  S&P 500-16.14， Nasdaq-51.87, Russell 2000 -8.11, WTI crude oil+0.29%，Gold+0.09%， US dollar index-0.19%.

。Oversea markets: Shanghai+3.10%, Japan -0.27%, Hong Kong+0.84%, Germany+1.05%, UK+0.37%, France+0.55%.

。Weak sectors: OIH, XRT, IGV, XLY, SMH, IBB, FDN  Strong sectors:SOCL, IYR,GLD

。After US raised tariffs on Chinese products last night, world stock markets are especially calm with Asian and European markets mostly up. The US stock market opened calm  today but has now sliding lower as investors awaits result from today's US-China trade negotiation. Technically, the S&P 500 has dropped below the critical 2860 50 Day Moving Averages while the Dow is still above it's 200 Day Moving Average at 25421( yesterday‘s low 25517). Whether S&P 500 can recover above 2860 and Dow able to find support at 25421 are important. If these levels are broken, more downside are likely. The positive is UVXY is calm today, not moving up much.

。The US has raised tariffs on $200bn  worth of Chinese imports, while Mr Trump said a process had begun to place the full 25% tariff on a further $325bn of Chinese goods. China said it would retaliate.  Trump said bilateral talks, due to resume in Washington later on Friday, were continuing in a very "congenial" way.---BBC

。Bank of America strategist offer three trade-deal outcomes and what they could mean for the S&P 500: Deal gets done — the S&P 500 rallies toward 3,000, with transportation stocks, semiconductor stocks, the German DAX, Korea’s KOSPI index and global banks among those poised to benefit most. Postponed deal—S&P 500 falls to 2,775, then rallies. Under this scenario, strategists advise selling exposure to a gauge of stock market volatility—the Cboe Volatility Index. No deal—the Fed would be forced to cut interest rates (on the idea that a trade war would cause economic and market chaos) the S&P 500 falls to under 2,600, investors pull out of perceived riskier assets such as tech stocks, emerging-market debt and investment-grade corporate bonds. ---Market Watch

。April Consumer Price Index: +0.3% vs. +0.4% consensus, +0.4% prior.
Core CPI +0.1% vs. +0.2% consensus, +0.1% prior. ---Seeking Alpha

。"The magnitude of the sell-off/underperformance in managed care and the broader services sector on fears of Medicare for All has been extreme and overdone, in our opinion. While we have had our reservations on the MCOs, we see risk/reward as more favorable today, and don't subscribe to the view of a continued "overhang" and "uncertainty." Instead we see some continued recovery as more realistic views prevail and investors become more numb to the low-likelihood headlines and political rhetoric of single payor, on top of fundamentals that remain generally stable at now steeply discounted valuation. We are upgrading ANTM, CNC and UNH to Buy (from Neutral) and maintain our Buy rating on CI and HUM." ---Citi via CNBC

。"We are upgrading our investment rating on Ford （F） from Neutral to Buy, which is predicated on our view that Ford is just starting to hit a more sustainable inflection in earnings (even more so in 2020), driven by the combination of a favorable product cadence in the all-important US/NA market and restructuring efforts with its Global Redesign. In the face of a tough cycle/macro, we believe this self-help turnaround story will start to get more credit among the investment community, and that improved execution and communication may allow Ford's multiple to recover over time. Along with our upgrade, we are raising our forward estimates, as well as our PO from $13 to $14." ---Bank of America via CNBC

。"Pinterest's （PINS） user base and revenue are growing faster than any company in our coverage. Its domestic user base (MAUs), while already 25% greater than Twitter's, will likely continue to improve, and we expect international MAU growth to ramp at a more significant pace. To analyze and evaluate the company, we use Twitter as our guide and reference; PINS' per-visit engagement is on par with Instagram's." ---Numura via CNBC





。太平洋时间早上7:07：道指-143.80，标准普尔500-16.14，纳斯达克-51.87，罗素2000 -8.11，WTI原油+ 0.29％，黄金+ 0.09％，美元指数-0.19％。

。海外市场：上海+ 3.10％，日本-0.27％，香港+ 0.84％，德国+ 1.05％，英国+ 0.37％，法国+ 0.55％。

。弱行业：OIH，XRT，IGV，XLY，SMH，IBB，FDN强势行业：SOCL，IYR，GLD

昨晚美国对中国产品征收关税后，世界股市尤其平静，亚洲和欧洲市场大多上涨。 美国股市今天开盘走低，但由于投资者等待今日美中贸易谈判的结果，现在已经下滑。 从技术面来看，标准普尔500指数跌破关键的2860 的50日移动平均线，而道指仍然高于其200日移动平均线25421（昨日低位为25517）。 标准普尔500指数是否可以收复在2860点以上，道指能否在25421找到支撑位非常重要。 如果这些水平被击穿，美股可能会有更多下行空间。今天对市场正面的是UVXY很平静，没有多大动作。

。美国已经提高了对中国进口产品2000亿美元的关税，而特朗普表示，已经开始程序对另外3250亿美元的中国商品征收25％的关税。中国表示会报复。特朗普表示，双边会谈以非常“融洽”的方式进行，谈判继续将于周五晚些时候在华盛顿恢复。--- BBC

。美国银行策略师提供三种交易结果以及它们对标准普尔500指数意味着什么：谈判成功 - 标准普尔500指数飙升至3,000点，其中包括交通运输股，半导体股，德国DAX指数，韩国KOSPI指数以及全球银行会受益最多。推迟协议 - 标准普尔500指数下跌至2,775，然后反弹。在这种情况下，策略师建议抛售股票市场波动性指标 -  Cboe波动率指数VIX。没有协议 - 美联储将被迫降息（基于贸易战将导致经济和市场混乱的观点）标准普尔500指数跌至2,600以下，投资者退出科技股，新兴市场等风险较高的资产债务和投资级公司债券。 ---Market Watch

。4月消费者价格指数：+ 0.3％对比+ 0.4％的预期，+ 0.4％之前。核心CPI + 0.1％对比+ 0.2％的共识，+ 0.1％之前。 ---Seeking Alpha

。“我们认为，由于担心为所有人的医疗保险而对管理式医疗和更广泛的服务方面的抛售/表现不佳的程度极端且过度。虽然我们对MCO有所保留，但我们认为风险/回报现在更加有利，并且不赞同持续的“过度”和“不确定性”的观点。相反，我们看到一些持续的复苏，因为更现实的观点占上风，投资者对低可能性的头条新闻和单一的政治言论变得更加麻木，基本面基本保持稳定，目前估值大幅下挫。我们正在将ANTM，CNC和UNH升级为买入（从中性）并维持对CI和HUM的买入评级。 ---花旗银行通过CNBC

“我们正在将福特（F）的投资评级从中性上调至买入，这取决于我们认为福特刚刚开始实现更可持续的收益变化（在2020年更是如此），这得益于有利的产品节奏的结合在全球重新设计的重要美国/ NA市场和重组工作中。面对艰难的周期/宏观，我们相信这个自助转型的故事将开始在投资界获得更多信誉，并改善执行并且通信可以让福特的倍数随着时间的推移而恢复。随着我们的升级，我们将我们的预测，以及我们的目标价从13美元提高到14美元。 ---美国银行通过CNBC

“Pinterest（PINS）的用户群和收入增长速度超过了我们覆盖范围内的任何公司。其国内用户群（MAU）虽然已经比Twitter多出了25％，但可能会继续改善，我们预计国际MAU增长将更加显着。为了分析和评估公司，我们使用Twitter作为我们的指导和参考; PINS的每次访问参与度与Instagram相当。“ --- Numura通过CNBC