From Nasdaq:

Stock index futures this morning are modestly higher on mixed corporate earnings results. March E-Mini S&P 500 and Nasdaq 100 E-Mini futures are up. Verizon Communications is up more than +4% after forecasting 2024 adjusted EPS above consensus. Conversely, 3M Co is down more than -7% after forecasting 2024 adjusted EPS below consensus, and General Electric is down more than -3% after predicting weaker-than-expected Q1 profits. The markets are discounting the chances for a -25 bp rate cut at 1% at the next FOMC meeting on Jan 30-31 and 43% for that same -25 bp rate cut for the following meeting on March 19-20. (source: Barchart)

U.S. and European government bond yields are higher today. The 10-year T-note yield is up +1.9 bp at 4.124%. Overseas stock markets are mixed, with the Euro Stoxx 50 down -0.24%, China’s Shanghai Composite Index closed up +0.53%, and Japan’s Nikkei Stock Index closed down -0.08%. The Euro Stoxx 50 today is moderately lower. Mining stocks rose after iron ore prices climbed more than +2% on the prospects for stronger Chinese demand. (source: Barchart)

China’s Shanghai Composite Index recovered from a 3-3/4 year low and closed moderately higher today. Chinese stocks climbed due to prospects of additional stimulus measures and the announcement of a stock rescue package of about 2 trillion yuan ($278 billion). Japan’s Nikkei Stock Index today fell back from a nearly 34-year high and settled slightly lower as Japanese bond yields rose. (source: Barchart)

Airline stocks are climbing in pre-market trading, led by a +6% jump in United Airlines Holdings after reporting stronger Q4 adjusted EPS. Verizon Communications rose more than +4% in pre-market trading after forecasting 2024 adjusted EPS above consensus. 3M Co dropped more than -7% in pre-market trading after forecasting 2024 adjusted EPS below the consensus. U.S.-listed Chinese stocks are moving higher in pre-market trading after reports of measures to stabilize the stock market. (source: Barchart)

Earnings reports for 1/23/2024 include 3M Co, Verizon Communications, DR Horton, General Electric, Netflix, Texas Instruments, and more. (source: Barchart)



Read more: Markets Today: Stock Index Futures Modestly Higher on Mixed Corporate Earnings