The meeting between President Xi and Biden is over. Bloomberg commented: Biden saying Chinese leader Xi Jinping as a dictator is “extremely wrong,” Foreign Ministry spokeswoman Mao Ning said Thursday at a regular press briefing in Beijing. The dictator remark will probably overshadow what looks like some cut-through on some very important areas, namely controlling fentanyl and on both militaries talking to each other. China may choose to ignore it... or not."
The number of Americans filing for jobless benefits for the first time last week jumped to 231k (from an upwardly revised 218k), up to its highest since August. Treasury ETF TLT is up 1.31% as 10 year yield is down to 4.453%.
Dow component Walmarts (WMT) Non-GAAP EPS of $1.53 beats by $0.01, revenue of $160.8B beats by $2.26B, raises FY23 and Adj EPS guidance. However, WMT is down over 7.26% after CEO said will lower prices for the holiday season on general merchandise item where it is seeing deflation in prices. Dow component Cisco (CSCO) slashed its annual guidance reporting despite better than expected fiscal first quarter results amid signs of slowing demand for new orders of network hardware. Stock is down 11.64%. Palo alto Network (PANW) shares falls 6% after posting solid first quarter results but issing second quarter and full year billing guidance below estimates.
Major market indexes are trading in narrow range today. It is surprisingly stable consider WMT, CSCO and PANW all down big after earning reports in addition to recent strong run on the market. Treasury yields come down big may have helped. If the stock market can consolidate for a few day longer like today, another up leg may ensue. S&P 500 support is 4450 and resistance is 4541.
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