FXStreet reports that Jennifer Lee from the Bank of Montreal (BMO) recaps the U.S. retail sales data, which has just been released. 

“U.S. retail sales plunged 8.7% in March, the biggest decline ever (data started in 1967), and sit 6.2% below a year ago.” 

“Sales of cars, furniture, and sporting goods were down over 20%, clothing sales were torn in half, restaurants and bars saw sales shattered by 26%... you get the idea.”

“Online shopping jumped 3.1%, the largest in over a year. General merchandise stores surged a record 6.4%. Health care and personal care stores jumped a record 4.3%, as consumers stocked up on medicine. Grocery stores were up over 25% as consumers rushed to stock up on the food. Interestingly, and surprisingly, core sales rose 1.7% in the month, the largest since January 2019.”

“The Empire State Manufacturing Survey took a 56.7 pt dive to a record low -78.2, which is 31.2 in ISM-adjusted terms.”

U.S. stock-index futures fell on Wednesday as investors assessed the latest earnings reports and macro data, revealing the damage done by the coronavirus.

Global Stocks:

(company / ticker / price / change ($/%) / volume)

Ford Motor (F) initiated with a Neutral at Goldman; target $5

General Motors (GM) initiated with a Neutral at Goldman; target $24

Tesla (TSLA) initiated with a Buy at Goldman; target $864

MasterCard (MA) downgraded to Hold from Buy at Jefferies; target lowered to $275

Visa (V) downgraded to Hold from Buy at Jefferies; target lowered to $180

Citigroup (C) reported Q1 FY 2020 earnings of $1.05 per share (versus $1.87 per share in Q1 FY 2019), missing analysts' consensus estimate of $1.44 per share.

The company's quarterly revenues amounted to $20.713 bln (+11.6% y/y), beating analysts' consensus estimate of $18.977 bln.

C fell to $44.10 (-2.91%) in pre-market trading.

Goldman Sachs (GS) reported Q1 FY 2020 earnings of $3.11 per share (versus $5.71 per share in Q1 FY 2019), missing analysts' consensus estimate of $3.36 per share.

The company's quarterly revenues amounted to $8.743 bln (-0.7% y/y), beating analysts' consensus estimate of $7.920 bln.

GS fell to $174.50 (-2.09%) in pre-market trading.

Bank of America (BAC) reported Q1 FY 2020 earnings of $0.40 per share (versus $0.70 per share in Q1 FY 2019), missing analysts' consensus estimate of $0.60 per share.

The company's quarterly revenues amounted to $22.767 bln (-1.0% y/y), generally in line with analysts' consensus estimate of $22.584 bln.

BAC fell to $23.13 (-2.53%) in pre-market trading.

FXStreet reports that analysts at Credit Suisse believe that, if the S&P 500 moves below its pivotal long-term 200-week average on a sustained basis, there is clearly a risk we may be seeing a more significant bear trend develop.

“Even though the S&P 500 is back above its 200-week average, we continue to view this as a corrective rebound, with major levels of what we expect to be tough resistance seen at 2855/2934, including the price gap from early March and 61.8% retracement of the Q1 collapse.”

“Above 2934 though should see a test of the 200-day average at 3015, but with a weekly close above here needed to suggest this is in fact not a corrective rally and a more important low is already in place.”

“Below 2447 is needed to mark an end to the recovery and a resumption of the downtrend, with support then seen back at 2192 and eventually 2030/2000.”

UnitedHealth (UNH) reported Q1 FY 2020 earnings of $3.72 per share (versus $3.73 per share in Q1 FY 2019), beating analysts' consensus estimate of $3.65 per share.

The company's quarterly revenues amounted to $64.400 bln (+6.8% y/y), generally in line with analysts' consensus estimate of $64.250 bln.

The company also reaffirmed guidance for FY2020, projecting EPS of $16.25-16.55 versus analysts' consensus estimate of $16.22.

UNH rose to $276.00 (+2.03%) in pre-market trading.