From Nasdaq: 2024-05-14 11:37:44

US stocks opened mixed this morning as S&P 500 is up +0.04%, Dow Jones is up +0.16%, and Nasdaq 100 is down -0.02%. Apr core producer prices rose more than expected, signaling potential for extended interest rate hikes. EU and US officials set to provide further guidance on economic outlook.

Apr PPI final demand rose +2.2% y/y, meeting expectations, while the ex-food and energy PPI increased +2.4% y/y, slightly stronger than expected. Q1 earnings outperform estimates with a projected +6.5% y/y increase. Odds for a -25 bp rate cut are minimal for upcoming FOMC meetings.

Overseas markets display a mix of gains and losses. European bond yields vary with the German ZEW economic growth index up to 47.1, exceeding projections. Stock movers include Walgreens Boots Alliance, Tesla, On Holding AG, and Stellantis NV with notable gains. Marathon Petroleum and Axon Enterprise suffer losses amid reports and ratings adjustments.

Interest rates fluctuate with 10-year T-notes up +5 ticks and yields down -2.4 bp. European bond yields exhibit mixed movements. US stock movers like Paysafe rise more than +24%, while Merchants Bancorp and StoneCo experience declines in response to announcements and earnings reports. Numerous companies are set to release Q1 earnings on May 14, 2024.



Read more at Nasdaq: Stocks Mixed as US PPI Report Signals Sticky Price Pressures