S&P futures rise as investors shift focus to earnings
June S&P 500 E-Mini Futures (ESM24) The stock is trending up +0.39% this morning as market participants shunned Federal Reserve Chairman Jerome Powell's hawkish comments and focused on upcoming corporate earnings.
Wall Street's major indexes ended mixed in yesterday's trading session. Live Nation Entertainment (LYV) plunged more than -7%, making it the top decliner on the S&P 500 index, following a Bloomberg report indicating that the Justice Department is preparing to file an antitrust lawsuit against concert promoters over their Ticketmaster business. became. Also, Bank of America (BAC) fell more than -3% as the lender reported higher-than-expected net charge-offs in the first quarter. Also, Johnson & Johnson (JNJ) After first-quarter sales fell short of expectations, the stock fell more than -2%, making it the top decliner on the Dow Jones Industrial Average. On the bullish side, super microcomputers (SMCI) jumped more than 10% to become the top gainer on the S&P 500 after Loop Capital Markets raised its price target from $600 to $1,500. Additionally, UnitedHealth Group (UNH) was the Dow's top gainer, rising more than +5% after the health insurance company reported better-than-expected first-quarter results.
Economic data on Tuesday showed the number of U.S. building permits, an indicator of future construction, fell -4.3% month-on-month to 1.458 million in March, an eight-month low, down from expectations of 1.514 million. below. In addition, the number of housing starts in the United States in March decreased by 14.7% from the previous month to 1.321 million, the lowest level in seven months and lower than the expected 1.48 million. At the same time, US industrial production in March was in line with expectations, increasing +0.4% month-on-month.
Federal Reserve Chairman Jerome Powell said Tuesday that recent inflation data indicate it will likely take longer for the central bank to gain the confidence it needs to cut interest rates. Powell said the U.S. central bank could keep interest rates at current levels “for as long as necessary” if price pressures persist. “Given the strength of the labor market and the evolution of inflation to date, it is appropriate to allow more time for restrictive policies to take effect, and to let data and the evolving outlook guide us,” he said. Ta. Fed Vice Chairman Philip Jefferson also said he expects inflation to continue to slow at current interest rates. However, he noted that sustained price pressures would justify continued rises in borrowing costs over the long term. Mr. It would be appropriate to maintain it for a long period of time.”
U.S. interest rate futures have a 2.0% probability of a 25 basis point (bp) rate cut at the central bank's next meeting in May, and a 14.9% probability of a 25 basis point (bp) rate cut at its June meeting.
Meanwhile, tensions continue in the Middle East. Israel is considering how to respond to what has become the first attack on the Jewish state from Iranian territory. Saudi Arabia and the United Arab Emirates on Wednesday called for maximum “restraint” in the region to protect the region from “the dangers of war and its dire consequences.”
As Q1 earnings season accelerates, investors are looking forward to reading Abbott Laboratories (ABT), US Bancorp (USB), Kinder Morgan (KMI), Las Vegas Sands (LVS), CSX (CSX).
In terms of economic data, investors will be keeping an eye on US crude oil inventory statistics due later in the day. Economists estimate the figure to be 1.6 billion, compared to last week's figure of 5.841 million.
Additionally, market participants will be watching for speeches from Cleveland Fed President Loretta Mester and Fed President Michelle Bowman.
In the bond market, the yield on the benchmark 10-year US Treasury note was 4.647%, down -0.28%.
Euro Stoxx 50 futures rose +0.70% this morning as investors digested eurozone inflation data and positive corporate earnings reports from some of the region's largest companies. Mining stocks outperformed on Wednesday, while tech stocks stalled. Eurostat said on Wednesday that the eurozone's annual inflation rate fell to 2.4% in March from 2.6% in February, confirming preliminary data. Separately, the Office for National Statistics said on Wednesday that Britain's annual inflation rate slowed less than expected in March. Meanwhile, the International Monetary Fund on Tuesday revised down its economic growth forecast for the euro zone to 0.8% and 1.5% in 2024 and 2025, respectively, from its previous forecast of 0.9% in 2024 and 1.7% in 2025. Company News, Asml Holding (ASML.NA) fell more than -4% after reporting lower-than-expected new orders in the first quarter. At the same time, Adidas Ag (ADS.D.DX) rose more than +6% after the German sportswear giant raised its full-year outlook. Also, Volvo Ab (VOLVB.S.DX) rose more than +2% after the company posted strong first-quarter earnings.
Today, UK CPI, UK Core CPI, Euro Area CPI and Euro Area Core CPI data were released.
UK March CPI was reported at +3.2% y/y, beating expectations of +3.1% y/y.
UK core CPI in March was +4.2% year-on-year, beating expectations of +4.1% year-on-year.
Eurozone March CPI was in line with expectations, +0.8% month-on-month and +2.4% year-on-year.
Eurozone core CPI in March was +1.1% month-on-month and +2.9% year-on-year, in line with expectations.
Asian stock markets were mixed and calm today. China's Shanghai Composite Index (SHCOMP) ended up +2.14%, while Japan's Nikkei 225 Stock Index (NIK) ended at -1.32%.
China's Shanghai Composite Index closed sharply higher today after the country's top securities regulator explained new securities trading rules following a slide in small-cap stocks. Technology and semiconductor stocks led the gains on Wednesday. Small-cap stocks also rose. The China Securities Regulatory Commission announced on Tuesday that the latest delisting rules target so-called “zombie” companies or “bad actors” in the market, but not small-cap stocks. Guo Ruiming, director-general of the China Securities Regulatory Commission, said in a question-and-answer statement that the changes are “unlikely to have any impact on the market in the short term.” The watchdog added that the regulatory changes could result in just over 100 companies being delisted by 2025. Meanwhile, UBS raised its forecast for China's real GDP growth in 2024 to 4.9% from 4.6% on Wednesday, citing an improvement in the first quarter. Economic indicators and solid export outlook. In corporate news, Youon Technology rose about +10% after announcing a share buyback plan worth 20 million yuan, up from 10 million yuan.
Japan's Nikkei Stock Average ended lower today, falling below the 38,000 yen level for the first time in two months, as Fed Chairman Jerome Powell's hawkish comments and tensions in the Middle East weighed on sentiment. Chip stocks underperformed on Wednesday after ASML Holding's first-quarter new orders fell short of analysts' expectations. Finance Ministry data on Wednesday showed Japan's trade deficit fell by more than half in March as exports beat expectations for the fourth consecutive month. Meanwhile, the South Korean Ministry of Finance said in a statement on Wednesday that the finance ministers of Japan and South Korea expressed “grave concern” over the recent depreciation of their currencies and warned them to take appropriate measures to deal with the sharp fluctuations. I told him that I did. In corporate news, chemical company Resonac Holdings rose about 12% after raising its full-year earnings outlook. Japan Display also rose +10% after a Tokyo Stock Exchange filing showed the company is ramping up production of its eLEAP organic light-emitting diode technology ahead of a December launch. . Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, rose +3.08% to 22.77.
Japan's trade balance for March was reported at 366.5 billion yen, higher than the expected 299.9 billion yen.
Japan's exports in March were +7.3% year-on-year, exceeding the expected +7.0% year-on-year.
Japan's March imports were -4.9% y/y, lower than the expected -4.7% y/y.
Premarket US Stock Mover
United Airlines (UAL) rose more than +4% in premarket trading after the airline reported better-than-expected first-quarter results.
JB Hunt (JBHT) fell more than -7% in premarket trading after the trucking company reported weaker-than-expected first-quarter results.
On track (OTRK) plunged more than -15% in pre-market trading after reporting lackluster fourth-quarter results and providing a below-consensus first-quarter earnings outlook.
Urban Outfitters (URBN) Shares fell more than -3% in pre-market trading after Jefferies downgraded the stock from Hold to Underperform with a price target of $32.
Medical Property Trust (MPW) rose more than +1% in pre-market trading after Deutsche Bank upgraded the stock from sell to hold with a price target of $5.
You can see more pre-market stock mover here
Today's US Earnings Spotlight: Wednesday – April 17th
Abbott Labs (ABT), Prologis (PLD), CSX (CSX), US Bancorp (USB), Travelers (TRV), Crown Castle (CCI), Kinder Morgan (KMI), Las Vegas Sands (LVS), Discover (DFS), Equifax (EFX), Citizens Financial Group Inc (CFG), Rexford Inl Rty (REXR), First Horizon National (FHN), First Industrial RT (FR), Alcoa (AA), Wintrust (WTFC), Synovus (SNV ), Ozk Bank (OZK), FNB (FNB), Liberty Oilfields (LBRT), SL Green (SLG), Cohen Stairs (CNS), BankUnited (BKU), Triumph Bancorp (TFIN), Banner (BANR), Monarch ( MCRI), Brandywine (BDN).
more stock market news from bar chart
On the date of publication, Oleksandr Pirypenko I had no position (directly or indirectly) in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. Please see the Barchart Disclosure Policy for more information. here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Summarize this content to 100 words
June S&P 500 E-Mini Futures (ESM24) The stock is trending up +0.39% this morning as market participants shunned Federal Reserve Chairman Jerome Powell's hawkish comments and focused on upcoming corporate earnings.
Wall Street's major indexes ended mixed in yesterday's trading session. Live Nation Entertainment (LYV) plunged more than -7%, making it the top decliner on the S&P 500 index, following a Bloomberg report indicating that the Justice Department is preparing to file an antitrust lawsuit against concert promoters over their Ticketmaster business. became. Also, Bank of America (BAC) fell more than -3% as the lender reported higher-than-expected net charge-offs in the first quarter. Also, Johnson & Johnson (JNJ) After first-quarter sales fell short of expectations, the stock fell more than -2%, making it the top decliner on the Dow Jones Industrial Average. On the bullish side, super microcomputers (SMCI) jumped more than 10% to become the top gainer on the S&P 500 after Loop Capital Markets raised its price target from $600 to $1,500. Additionally, UnitedHealth Group (UNH) was the Dow's top gainer, rising more than +5% after the health insurance company reported better-than-expected first-quarter results.
Economic data on Tuesday showed the number of U.S. building permits, an indicator of future construction, fell -4.3% month-on-month to 1.458 million in March, an eight-month low, down from expectations of 1.514 million. below. In addition, the number of housing starts in the United States in March decreased by 14.7% from the previous month to 1.321 million, the lowest level in seven months and lower than the expected 1.48 million. At the same time, US industrial production in March was in line with expectations, increasing +0.4% month-on-month.
Federal Reserve Chairman Jerome Powell said Tuesday that recent inflation data indicate it will likely take longer for the central bank to gain the confidence it needs to cut interest rates. Powell said the U.S. central bank could keep interest rates at current levels “for as long as necessary” if price pressures persist. “Given the strength of the labor market and the evolution of inflation to date, it is appropriate to allow more time for restrictive policies to take effect, and to let data and the evolving outlook guide us,” he said. Ta. Fed Vice Chairman Philip Jefferson also said he expects inflation to continue to slow at current interest rates. However, he noted that sustained price pressures would justify continued rises in borrowing costs over the long term. Mr. It would be appropriate to maintain it for a long period of time.”
U.S. interest rate futures have a 2.0% probability of a 25 basis point (bp) rate cut at the central bank's next meeting in May, and a 14.9% probability of a 25 basis point (bp) rate cut at its June meeting.
Meanwhile, tensions continue in the Middle East. Israel is considering how to respond to what has become the first attack on the Jewish state from Iranian territory. Saudi Arabia and the United Arab Emirates on Wednesday called for maximum “restraint” in the region to protect the region from “the dangers of war and its dire consequences.”
As Q1 earnings season accelerates, investors are looking forward to reading Abbott Laboratories (ABT), US Bancorp (USB), Kinder Morgan (KMI), Las Vegas Sands (LVS), CSX (CSX).
In terms of economic data, investors will be keeping an eye on US crude oil inventory statistics due later in the day. Economists estimate the figure to be 1.6 billion, compared to last week's figure of 5.841 million.
Additionally, market participants will be watching for speeches from Cleveland Fed President Loretta Mester and Fed President Michelle Bowman.
In the bond market, the yield on the benchmark 10-year US Treasury note was 4.647%, down -0.28%.
Euro Stoxx 50 futures rose +0.70% this morning as investors digested eurozone inflation data and positive corporate earnings reports from some of the region's largest companies. Mining stocks outperformed on Wednesday, while tech stocks stalled. Eurostat said on Wednesday that the eurozone's annual inflation rate fell to 2.4% in March from 2.6% in February, confirming preliminary data. Separately, the Office for National Statistics said on Wednesday that Britain's annual inflation rate slowed less than expected in March. Meanwhile, the International Monetary Fund on Tuesday revised down its economic growth forecast for the euro zone to 0.8% and 1.5% in 2024 and 2025, respectively, from its previous forecast of 0.9% in 2024 and 1.7% in 2025. Company News, Asml Holding (ASML.NA) fell more than -4% after reporting lower-than-expected new orders in the first quarter. At the same time, Adidas Ag (ADS.D.DX) rose more than +6% after the German sportswear giant raised its full-year outlook. Also, Volvo Ab (VOLVB.S.DX) rose more than +2% after the company posted strong first-quarter earnings.
Today, UK CPI, UK Core CPI, Euro Area CPI and Euro Area Core CPI data were released.
UK March CPI was reported at +3.2% y/y, beating expectations of +3.1% y/y.
UK core CPI in March was +4.2% year-on-year, beating expectations of +4.1% year-on-year.
Eurozone March CPI was in line with expectations, +0.8% month-on-month and +2.4% year-on-year.
Eurozone core CPI in March was +1.1% month-on-month and +2.9% year-on-year, in line with expectations.
Asian stock markets were mixed and calm today. China's Shanghai Composite Index (SHCOMP) ended up +2.14%, while Japan's Nikkei 225 Stock Index (NIK) ended at -1.32%.
China's Shanghai Composite Index closed sharply higher today after the country's top securities regulator explained new securities trading rules following a slide in small-cap stocks. Technology and semiconductor stocks led the gains on Wednesday. Small-cap stocks also rose. The China Securities Regulatory Commission announced on Tuesday that the latest delisting rules target so-called “zombie” companies or “bad actors” in the market, but not small-cap stocks. Guo Ruiming, director-general of the China Securities Regulatory Commission, said in a question-and-answer statement that the changes are “unlikely to have any impact on the market in the short term.” The watchdog added that the regulatory changes could result in just over 100 companies being delisted by 2025. Meanwhile, UBS raised its forecast for China's real GDP growth in 2024 to 4.9% from 4.6% on Wednesday, citing an improvement in the first quarter. Economic indicators and solid export outlook. In corporate news, Youon Technology rose about +10% after announcing a share buyback plan worth 20 million yuan, up from 10 million yuan.
Japan's Nikkei Stock Average ended lower today, falling below the 38,000 yen level for the first time in two months, as Fed Chairman Jerome Powell's hawkish comments and tensions in the Middle East weighed on sentiment. Chip stocks underperformed on Wednesday after ASML Holding's first-quarter new orders fell short of analysts' expectations. Finance Ministry data on Wednesday showed Japan's trade deficit fell by more than half in March as exports beat expectations for the fourth consecutive month. Meanwhile, the South Korean Ministry of Finance said in a statement on Wednesday that the finance ministers of Japan and South Korea expressed “grave concern” over the recent depreciation of their currencies and warned them to take appropriate measures to deal with the sharp fluctuations. I told him that I did. In corporate news, chemical company Resonac Holdings rose about 12% after raising its full-year earnings outlook. Japan Display also rose +10% after a Tokyo Stock Exchange filing showed the company is ramping up production of its eLEAP organic light-emitting diode technology ahead of a December launch. . Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, rose +3.08% to 22.77.
Japan's trade balance for March was reported at 366.5 billion yen, higher than the expected 299.9 billion yen.
Japan's exports in March were +7.3% year-on-year, exceeding the expected +7.0% year-on-year.
Japan's March imports were -4.9% y/y, lower than the expected -4.7% y/y.
Premarket US Stock Mover
United Airlines (UAL) rose more than +4% in premarket trading after the airline reported better-than-expected first-quarter results.
JB Hunt (JBHT) fell more than -7% in premarket trading after the trucking company reported weaker-than-expected first-quarter results.
On track (OTRK) plunged more than -15% in pre-market trading after reporting lackluster fourth-quarter results and providing a below-consensus first-quarter earnings outlook.
Urban Outfitters (URBN) Shares fell more than -3% in pre-market trading after Jefferies downgraded the stock from Hold to Underperform with a price target of $32.
Medical Property Trust (MPW) rose more than +1% in pre-market trading after Deutsche Bank upgraded the stock from sell to hold with a price target of $5.
You can see more pre-market stock mover here
Today's US Earnings Spotlight: Wednesday – April 17th
Abbott Labs (ABT), Prologis (PLD), CSX (CSX), US Bancorp (USB), Travelers (TRV), Crown Castle (CCI), Kinder Morgan (KMI), Las Vegas Sands (LVS), Discover (DFS), Equifax (EFX), Citizens Financial Group Inc (CFG), Rexford Inl Rty (REXR), First Horizon National (FHN), First Industrial RT (FR), Alcoa (AA), Wintrust (WTFC), Synovus (SNV ), Ozk Bank (OZK), FNB (FNB), Liberty Oilfields (LBRT), SL Green (SLG), Cohen Stairs (CNS), BankUnited (BKU), Triumph Bancorp (TFIN), Banner (BANR), Monarch ( MCRI), Brandywine (BDN).
more stock market news from bar chart
On the date of publication, Oleksandr Pirypenko I had no position (directly or indirectly) in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. Please see the Barchart Disclosure Policy for more information. here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
https://www.nasdaq.com/articles/sp-futures-climb-as-investors-shift-focus-to-earnings S&P futures rise as investors shift focus to earnings
