From Nasdaq.:

Asia-Pacific markets close mixed as they respond to yesterday’s Fed comments and China’s market stabilization efforts. Major European markets are lower, while U.S. futures point to a higher open. Fed Chair Powell states the need for further confirmation of inflation path to 2% target. Many reports including 4Q 2023 Productivity & Unit Labor Cost are expected today. Apple, Amazon, and Meta Platforms to report December quarter results after the market close today.

China’s manufacturing PMI is slightly better than December’s low, new work shrank for the 8th month in a row, export sales also lower. Caixin China General Manufacturing PMI remains at 50.8, indicating growth in factory activity for the third straight month. Eurozone manufacturing PMI rises to 46.6. S&P Global UK Manufacturing PMI is revised lower to 47. Flash data shows the inflation rate in the Euro Area inched lower to 2.8% YoY in January 2024 from December’s 2.9%.

The Bank of England leaves interest rates unchanged after today’s monetary policy meeting. Later today, the usual weekly jobless claims data and natural gas inventory figures are expected, along with the December Construction Spending report and Big Tech earnings after the market close. The market indicators year-to-date are: Dow Jones Industrial Average: 1.22%, S&P 500: 1.59%, Nasdaq Composite: 1.02%, Russell 2000: -3.93%.

Altria, Cardinal Health, Eaton, Gildan Activewear, Honeywell, Lazard, Merck, Parker-Hannifin, Quest Diagnostics, Stanley Black & Decker, and Tractor Supply are set to release earnings before equities begin trading later this morning. Pre-market breadth is healthy today as 239 names in the S&P 500 have traded hands so far this morning, Qualcomm sees better than expected December quarter results and extended agreements with Samsung and Apple. Qorvo bested December quarter expectations and sees healthier channel inventories. Wolfspeed delivered better than expected results for its December quarter but guided current quarter revenue below market forecasts. Kulicke & Soffa reported solid December quarter results but issued downside guidance for the current quarter, while Meritage results came in ahead of consensus forecasts and Tesla will move to hold a shareholder vote to transfer the state of incorporation to Texas. Hyundai Motor and Iveco Group announced a supply agreement for an IVECO-badged all-electric light commercial vehicle.



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