Oil surges to 2019 highs after Trump moves to block Iranian crude exports: Morning Brief

Tuesday, April 23, 2019

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WHAT TO WATCH

Tuesday’s docket of earnings announcements encompass a broad range of sectors, from industrial heavyweight United Technologies (UTX) to consumer goods companies including Coca-Cola (KO) and Procter & Gamble (PG), plus social media platforms Twitter (TWTR) and Snap (SNAP).

These companies report results amid signs throughout the first quarter pointing to strength in consumer spending, which could translate to solid results amid firms whose products or services directly or indirectly rely on the robustness of consumers’ wallets.

Retail sales jumped in March to the quickest pace since the end of 2017, while consumer confidence leapt in February before tempering somewhat in March. Jamie Dimon, CEO of JPMorgan Chase and Co., wrote in a widely read letter to shareholders earlier this month that “consumer and business confidence remains strong,” and “the consumer balance sheet and credit are in rather good shape.”

Likewise, industrial conglomerate and Dow component United Technologies reports quarterly results Tuesday amid a rebound in U.S. factory activity data versus the end of last year, with the Institute of Supply Management’s most recent reading on the manufacturing sector exceeding expectations for March.

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TOP NEWS

A row of pumpjacks is seen as U.S. Vice President Mike Pence, not pictured, tours a Diamondback Energy Inc. oil rig in Midland, Texas, U.S., on Wednesday, April 17, 2019. Pence gave remarks to employees regarding the impacts of the Administration's United States-Mexico-Canada Agreement. Photographer: Callaghan O'Hare/Bloomberg via Getty Images

Oil surges to 2019 highs after Trump moves to block Iranian crude exports: Crude oil prices surged on Monday, finishing the session at their highest levels this year after the Trump administration revoked waivers meant to facilitate the free flow of Iranian oil to U.S. allies. [Yahoo Finance]

Cain pulls name from consideration for Federal Reserve seat: Former pizza chain executive and presidential candidate Herman Cain has asked President Donald Trump not to nominate him for a seat at the Federal Reserve Board of Governors. [Yahoo Finance]

Medicare is too fragile to cover everybody: Bernie Sanders and several other prominent Democrats want to expand Medicare to cover the whole U.S. population. But a new update on the program’s finances shows the popular health plan for seniors can barely take care of the people it covers now. Medicare will begin to run short of money by 2026, according to the latest annual report published by the trustees who oversee the program. [Yahoo Finance]

The key number investors should watch in Snap's earnings report: Snap (SNAP) is expected to report fiscal first-quarter 2019 earnings on Tuesday afternoon, and Wall Street will be paying close attention to whether the app gains or loses users. [Yahoo Finance]

Starbucks' China challenger to raise up to $800M in U.S. IPO: Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, filed on Monday for a U.S. initial public offering (IPO) through which, sources said, it is looking to raise up to $800 million. [Reuters]

Tencent-backed live-streaming firm files for IPO: China's largest live-streaming platform DouYu International Holdings Limited, backed by social media and gaming giant Tencent Holdings Ltd, has filed for a U.S. initial public offering (IPO) of up to $500 million. [Reuters]

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