#SP500:
S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 53.5 this month. That was the highest level since last May and followed a final reading of 52.3 in March. It is at odds with growing signs that the economy is in danger of slipping into recession as higher interest rates begin to bite. Stocks ended the last week mostly lower as many value sectors gained traction for the second straight week with consumer staples and real estate leading the S&P 500 Index. The Federal Reserve remains set to raise interest rates at its May 2-3 meeting but key data between now and then, particularly a survey of bank lending officers, may shape how policymakers weight the risks facing the economy and whether to pause further increases.
Trading recommendation: buy 4093 and take profit 4187.
#WTI:
In India, refiners‘ crude oil processing stayed near record peaks in March, provisional government data showed, catering to solid seasonal demand in the world’s third biggest oil consumer. The prospect of tighter supply added support, with analysts expecting draws from inventories from next month, as a result of OPEC’s reduced output targets and rising Chinese demand. The foreseeable tightening of supply is likely to push prices up in the medium term. Money managers raised their net long U.S. crude futures and options positions by 11,736 contracts to 199,622 in the week to April 18, the U.S. Commodity Futures Trading Commission said.
Trading recommendation: buy 75.05 and take profit 79.50.
#Johnson:
The company beat revenue expectations by 4.8% and beat earnings expectations by 7.2%. Both numbers were also fractionally higher on a year-over-year basis as well. “Our first quarter results demonstrate strong performance across all three segments of our business and reflect the dedication of Johnson & Johnson colleagues around the world,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. The results remind investors that JNJ is one of the best consumer staples stocks that income-oriented investors can own. Speaking of that dividend, the company raised its dividend for the 61st consecutive year.
Trading recommendation: buy 160.00 and take profit 164.74.
