Stocks rise before open on Fed announcement of no rate hikes, key earnings reports pending.

From Nasdaq: 2024-05-02 07:14:41

June S&P 500 E-Mini futures (ESM24) and June Nasdaq 100 E-Mini futures (NQM24) are up this morning as Fed Chair Jerome Powell signals no interest rate hikes in the near future. Wall Street closed mixed yesterday, with CVS and Starbucks posting big losses, AMD disappointing, and TECH and Amazon beating expectations. U.S. economic data showed private payrolls rising, JOLTS job openings declining, ISM manufacturing index edging down, and construction spending falling. Rate futures imply low chance of rate cut in June but higher chance in July. Key earnings reports and economic data expected today. Euro Stoxx 50 futures are down this morning, Eurozone manufacturing activity deepens, ECB gains more confidence in inflation targeting by mid-2025. ING, Standard Chartered, and Shell report positive Q1 results, while Vestas Wind posts surprise loss. Spanish, French, German, and Eurozone manufacturing PMI data released today. Japan’s Nikkei 225 closes down amid yen volatility and mixed Wall Street performance. Japan’s Consumer Confidence index slips in April, yen weakens, Bank of Japan minutes show support for market-based rates. Sumitomo Corp projects profit increase, announces buyback. Carvana, IAC, Qualcomm, and The Trade Desk make pre-market moves.



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