Categories U.S. Markets News

Market: Stocks to open lower ahead of Trump’s decision on N-deal

US futures are pointing to a lower open today after ending higher on Monday, as investors are cautious ahead of President Donald Trump’s decision on Iran nuclear deal. As oil prices fell by 1% to $70 a barrel, traders are betting that Trump would withdraw from the US-Iran agreement.

The S&P futures declined 0.23% to 2,663.75, Dow futures inched down 0.19% to 24,256, and Nasdaq fell 0.24% to 6,809.50 at 9:07 am ET. Elsewhere, shares at Asian markets closed positive on Tuesday, while European stocks are trading in the red.

On the European economic front, data from the National Statistics Office showed that Malta’s industrial production declined 4.8% on year in March after falling 7.5% in February. Statistics Austria report revealed that Austria’s foreign trade balance turned to a surplus of EUR 0.02 billion in February from a shortfall of EUR 0.93 billion last year. Hungarian Central Statistical Office data showed that Hungary’s industrial production growth slowed to 1.9% in March from 4.1% in February.

State Secretariat for Economic Affairs report revealed that Switzerland’s unemployment rate fell to 2.7% in April from 2.8% in March. Destatis data showed that Germany’s exports rose 1.7% on month in March after falling 3.1% in February, and Germany’s industrial production rose 1% on month in March after falling 1.7% in February. Statistics Norway data revealed that Norway’s industrial production growth eased to 0.2% in March from 1.8% in February. Central Bureau of Statistics data showed that Dutch consumer price inflation slowed to 0.9% in April from 1% in March.

On the Asian economic front, data from the Directorate General of Budget, Accounting and Statistics showed that Taiwan’s consumer price inflation accelerated to 1.98% in April from 1.58% in March. Australian Bureau of Statistics report revealed that Australia’s retail sales remained stable in March after rising 0.6% in February. General Administration of Customs data showed that China’s exports climbed 12.9% and imports surged 21.5% on year in April. Ministry of Internal Affairs and Communications data revealed that average of household spending in Japan declined 0.7% on year in March after falling 0.9% in February.

U.S. stock market snapshot
U.S. stock market snapshot

On May 7, US ended higher, with Dow up 0.39% to 24,357.32. Nasdaq advanced 0.77% to 7,265.21, and the S&P 500 gained 0.35% to 2,672.63. Traders remained positive to the Labor Department’s monthly employment report. It is expected that the Federal Reserve will lift interest rates next month, but not at an aggressive pace due to subdued wage growth.

Meanwhile, key economic events scheduled for today include Labor Department’s job openings and labor turnover survey, National Federation of Independent Business’ small business optimism index, and Redbook data. Federal Reserve Chair Jerome Powell will give a speech at the Swiss National Bank and International Monetary Fund High Level Conference.

Key companies reporting earnings today include Arena Pharmaceutical (ARNA), Oclaro (OCLR), MoneyGram International (MGI), Dish Network (DISH), Denbury Resources (DNR), Ligand Pharmaceuticals (LGND), Henry Schein (HSIC), Perrigo (PRGO), Crocs (CROX), Jacobs Engineering Group (JEC), Myriad Genetics (MYGN), CA Technologies (CA), Energen (EGN), Electronic Arts (EA), Walt Disney (DIS), Twilio (TWLO), TripAdvisor (TRIP), Papa John’s International (PZZA), Monster Beverage (MNST), Marriott International (MAR), and The Wendy’s Co. (WEN).

On the corporate front, Zillow Group (ZG) stock fell 8.26% in the premarket after brokerage firm downgraded the shares to “sector perform” from “outperform”. Veeco Instruments (VECO) stock jumped 14.04% in the premarket after better-than-expected first-quarter earnings. Snap Inc. (SNAP) stock rose 1.49% in premarket trading after finance chief Andrew Vollero said he will be leaving the company and Amazon’s (AMZN) vice president of finance Tim Sloan will assume the role. Hertz Global Holdings (HTZ) stock fell 9.16% before the opening bell following a wider-than-expected first-quarter loss.

Crude oil futures are down 0.83% to $70.14. Gold is trading down 0.21% to $1,311.40, while silver is up 0.12% to $16.51. On the currency front, the US dollar is trading down 0.01% at 109.069 yen. Against the euro, the dollar down 0.42% to $1.1871. Against the pound, the dollar is down 0.39% to $1.3506.

Most Popular

HPE Earnings: Hewlett Packard Q1 2024 profit drops but beats Street view

Information technology solutions provider Hewlett Packard Enterprise (NYSE: HPE) on Thursday reported lower earnings and revenues for the first quarter of 2024. Earnings, however, exceeded analysts’ forecasts. First-quarter profit, excluding

After entering FY24 on a high note, Costco is all set to report Q2 results

Costco Wholesale Corporation (NASDAQ: COST) stands out in the retail space for its unique business model that enables the warehouse behemoth to grow store traffic and market share constantly. Currently,

Hormel (HRL) expects continued momentum from its foodservice business in FY2024

Shares of Hormel Foods Corporation (NYSE: HRL) soared over 13% on Thursday after the company delivered better-than-expected earnings results for the first quarter of 2024 and reaffirmed its outlook for


Add Comment
Viewing Highlight