From Nasdaq.: 2024-04-08 07:26:02

Stock futures are mixed this morning, with S&P 500 E-Mini futures down -0.03% and Nasdaq 100 E-Mini futures up +0.04%. Wall Street saw positive gains on Friday, with chip stocks and Grindrod Shipping Holdings leading the way. On the economic front, U.S. unemployment dropped to 3.8% in March, and average hourly earnings rose +4.1% y/y.

The job market showed strength in March with nonfarm payrolls adding 303K jobs, beating consensus. The U.S. rate futures have priced in a 4.5% chance of a rate cut in May and a 46.2% probability of a cut in June. The first-quarter earnings season begins this week, with big banks like JPMorgan Chase and Citigroup releasing reports.

U.S. Treasury Secretary Janet Yellen emphasizes the need for China to shift its economic policies in future discussions. German exports were stronger at +2.1% m/m in February, while Eurozone investor confidence improved in April. Asian markets closed mixed, with China’s Shanghai Composite down -0.72% and Japan’s Nikkei 225 up +0.91%. Domestic tourism in China during the Qingming holiday exceeded 2019 levels.

In corporate news, Nihon Enterprise saw a +9% increase in profits for the fiscal nine months, leading to a boost in forecasts. Pre-market U.S. stock movers include Tesla rising over +3% after announcing the Robotaxi unveiling on August 8th, and Kroger Company dropping over -1% after a downgrade from Exane BNP Paribas. Skyworks Solutions slid -1% after a KeyBanc downgrade, while BJ’s Wholesale gained +1% after a Goldman Sachs upgrade. Fastly climbed over +4% after a Piper Sandler upgrade, and Applied Materials rose over +1%.

Investors are bracing for a busy week, with key data releases, earnings reports, and the European Central Bank interest rate decision. ECB President Christine Lagarde’s remarks will be closely monitored, with markets expecting a 25 basis point cut in June. Fed officials will be making appearances, and Fed minutes from the March meeting will be released. Chinese economic data and inflation numbers will be key for markets, while Japanese workers’ real wages and current account data showed declines and an extended surplus, respectively.



Read more at Nasdaq.: Stocks Set to Open Mixed as Investors Await U.S. Inflation Data and Big Bank Earnings