Composer Andrew Lloyd Webber has been popping up all over British television during lockdown. From documentaries to competitions, Lloyd Webber has been making the case that the devastated theater business needs to recover as COVID-19 restrictions are lifted.
It helps to know some Lloyd Webber for the call of the day. Rich Ross, a technical analyst at Evercore ISI, says the megacap technology stocks are poised to break out. He calls the grouping FAAANTM (say it out loud — get it?), referring to Facebook
“‘The Music of the Night’ has returned for Big Tech and ‘all I ask of you’ is that you overweight large cap tech when it is underloved and angry after months of consolidation with MSFT, GOOGL and FB all breaking out to all-time highs,” says Ross.
Seven months of consolidation and relative underperformance have left sentiment and positioning light, and set up for what he says will be a spring surge. In conjunction with a double bottom technical formation in the dollar, trillions of dollars in liquidity, and a slowing rise in interest rates and oil, he says the Nasdaq-100
exchange-traded fund will close the underperformance against the S&P 500
and reach 450 by year-end.
A megatech breakout isn’t bad news for the S&P, however, given that they account for over 21% of the index.
Besides the FAANTM grouping — and he says Apple is poised to surge out of its base at the 200-day moving average, and that Amazon can reach $5,200 — he also highlights other tech stocks including graphics chip maker Nvidia
chip equipment maker Lam Research
communications chip maker Broadcom
and microchip maker Advanced Micro Devices
he adds, can get to $750 “PDF” — a reference to the software format it has popularized, which he says can also stand for “pretty darn fast” — after it takes out the $500 level.
Inflation and streaming in the spotlight
Producer price data at 8:30 a.m. Eastern could be of interest given the focus on whether inflation will accelerate. China’s producer-price index rose by the highest in nearly three years in March.
shares rose nearly 3% in Tokyo, after Sony Pictures said it will stream its movies exclusively on Netflix’s
Jeans maker Levi Strauss
raised its earnings and sales guidance and lifted its dividend.
Household products maker WD-40
may see pressure after reporting worse-than-expected results, with the company noting supply-chain constraints it expects to resolve in the second half of its fiscal year.
Prince Philip has died aged 99, Kensington Palace announced. Here’s a look back at his dramatic life.
Yields edge higher
saw little movement in the early hours.
Taiwan’s worst drought in 56 years led to a man recovering a phone he dropped in a lake a year earlier. The phone still works.
A software mistake led a flight to take off some 1,200 kilograms (2,646 pounds) heavier than expected, as all female passengers using the title “Miss” were classified as children. The flight’s operator, Tui
was one of the worst-performing large-cap stocks in Europe after launching a €350 million convertible bond.
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