From Nasdaq: 2024-04-30 12:38:55

The market sees moderate declines with the S&P 500, Dow Jones, and Nasdaq all down. Labor costs push bond yields higher, affecting stocks. Corporate earnings are mixed, with GE Healthcare and F5 Inc. down while Corning and Eli Lilly are up. Overall, Q1 earnings are beating expectations, supporting stocks.

US economic data, like the employment cost index rising, affects Fed rate cut expectations. The US Q1 employment cost index exceeded expectations. The US housing market is strong, with the S&P CoreLogic home price index up 6.38% y/y.

Mixed economic activity in China may impact global growth. The manufacturing PMI exceeds expectations but the non-manufacturing PMI falls. Investors are unsure about rate cuts at the upcoming FOMC meeting, with markets weighing in at a 2% chance of a cut.

European bond yields rise, reflecting economic strength. Eurozone GDP and CPI data are higher than expected. German retail sales surge 1.8% m/m. In the US, T-note prices are down on strong labor cost data and increased government debt sales.

GE Healthcare and F5 Inc. lead S&P 500 and Nasdaq drops while Corning, Eli Lilly, and NXP Semiconductors report positive results. Trane Technologies and 3M Co see gains while Tesla announces job cuts. Today marks earnings reports from companies like 3M Co, Amazon, Coca-Cola, PayPal, and more.



Read more at Nasdaq: Stocks Weaken as Rising US Wage Costs Curb Fed Rate Cut Expectations