March S&P 500 E-Mini Futures (ESH24) is up +0.07%, with Nasdaq 100 E-Mini futures March (NQH24) rose +0.15% this morning as investors braced for the release of new U.S. economic data.
Wall Street’s major indexes ended lower in Monday trading. Insulet Co., Ltd. (pod) plunged more than -8%, making it the top decliner on the S&P 500, adding to last Friday’s -6% decline after FY24 earnings growth estimates were lower than expected. . In addition, Alcoa (A.A.) fell more than -4% after making a $2.2 billion offer to acquire Australian joint venture partner Alumina. In addition, Moderna (mRNA) Shares fell more than -2% after HSBC downgraded the stock from hold to reduce with a price target of $86. On the bullish side, Domino’s Pizza Co., Ltd. (DPZ) rose more than 5% after reporting better-than-expected fourth-quarter domestic comparable sales. Additionally, Micron Technology Inc (Mu) rose more than +4% after Nvidia announced it had begun volume production of its high-bandwidth memory semiconductor HBM3E for use in its latest AI chips.
Economic data on Monday showed that U.S. new home sales rose 1.5% month-on-month to 661,000 in January, falling short of expectations of 680,000. At the same time, the U.S. received 1.489 million building permits in January, exceeding expectations of 1.47 million.
Meanwhile, US interest rate futures predict a 0.5% probability of a 25 basis point rate cut at the next central bank meeting in March, and a 17.4% probability of a 25 basis point rate cut at the end of the FOMC meeting in May. % is included.
In terms of revenue, Lowe’s (low), American Tower (AMT), AutoZone (Azo), and eBay (ebay) is scheduled to report quarterly numbers today.
All eyes are now on the US CB Consumer Confidence data which will be released in the next few hours. Economists’ average forecast is that the CB Consumer Confidence Index will be 114.8 in February, up from 114.8 previously.
Investors will also likely focus on US durable goods orders data, which was down 0.0% month-on-month in December. Economists expect the January figure to be -4.9% month-on-month.
Today we have US S&P/CS HPI Composite – 20 NSA. Economists expect the December figure to be +6.0% year-on-year, while the previous figure was +5.4% year-on-year.
US core durable goods orders data will also be closely monitored today. Economists expect this figure to be +0.2% month-on-month for January. In contrast, the previous value was +0.6% month-on-month.
Today, the US Richmond Manufacturing Business Index will also be announced. Economists expect February’s figure to be -4, compared with -15 previously.
In the bond market, the US 10-year yield was 4.264%, down -0.82%.
Euro Stoxx 50 futures rose +0.27% this morning as investors digested corporate earnings reports while awaiting this week’s inflation data that could affect the trajectory of interest rates. Rising mining stocks are leading the overall market rally. A survey on Tuesday showed that consumer sentiment in Germany is expected to improve in March due to rising income expectations, although consumer sentiment remains weak due to weak economic conditions. Meanwhile, market participants are expecting the Fed’s preferred inflation measure to be released on Thursday, and the euro area consumer price index on Friday. In company news, Bouygues (EN.FP) rose more than +6% after the French construction and telecommunications conglomerate posted annual operating profits that beat targets. Also, Abrdn Plc (ABDN.LN) rose around 2% after the British asset manager reported better-than-expected full-year adjusted operating profits and announced its intention to cut 500 jobs.
Germany’s GfK consumer climate data and French consumer confidence data were released today.
Germany’s March GfK Consumer Climate Index was -29.0, in line with expectations.
France’s consumer confidence index in February came in at 89, lower than the expected 92.
Asian stock markets closed in the green today. China’s Shanghai Composite Index (SHCOMP) ended at +1.29%, and Japan’s Nikkei 225 Stock Index (NIK) ended at +0.01%.
China’s Shanghai Composite Index ended higher today. Artificial intelligence stocks soared on Tuesday, boosted by the U.S. generative artificial intelligence boom. Sentiment toward AI companies has also increased following a record deal of about $2.5 billion between tech giants such as Alibaba Group and Alibaba Group to form Chinese generative artificial intelligence startup Moonshot AI. The funding round is being led by Tencent, Bloomberg News reported. Telecommunications equipment stocks and auto stocks also rose. Meanwhile, investors’ attention is mainly focused on February purchasing managers’ data due later this week, which is expected to provide further insight into the economic recovery in Asia’s largest economy. Additionally, market participants are awaiting the Chinese government’s annual general meeting in early March, where more supportive policy announcements are expected. In other news, foreign investors bought 12.2 billion yuan ($1.7 billion) worth of Chinese stocks through Stock Connect on Tuesday. In corporate news, Jing-Jin Electric Technologies Co Ltd rose more than +5% after winning a contract to manufacture 100,000 sets of three-in-one electric drive assembly equipment for an undisclosed European customer.
Japan’s Nikkei stock average index traded just above flat today, as the overnight Wall Street rally ended and the country’s slightly better-than-expected inflation data calmed the market. finished. Banking stocks and steel stocks outperformed on Tuesday, while retail and railroad stocks lagged. Government data released on Tuesday revealed that Japan’s core consumer inflation slowed for the third consecutive month in January but exceeded expectations and maintained the Bank of Japan’s 2% target. Meanwhile, Japanese government bond yields rose on Tuesday, with the two-year bond yield at one point reaching its highest level since 2011 as inflation rose faster than expected, helping the Bank of Japan to avoid an expected future negative interest rate regime. My confidence in breaking away has increased. A few months. Traders increased the probability that the Bank of Japan will end its negative interest rate policy by April to about 82% from 78% on Monday. Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, fell -4.72% to end at 20.40.
Kazuya Fujiwara, fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities, said, “Following the inflation report, there are increasing expectations that the Bank of Japan will end its negative interest rate policy as early as March, which is a factor in selling bonds.” said.
Japan’s January national core CPI was +2.0% year-on-year, exceeding expectations of +1.9% year-on-year.
Premarket US Stock Mover
Hims Hers Health Inc (Hims) soared approximately +18% in pre-market trading after the telehealth platform posted better-than-expected Q4 EPS and announced above-consensus revenue guidance for fiscal 2024.
Zoom Video Communications Co., Ltd. (ZM) +12% in pre-market trading after the communications software company reported strong fourth-quarter results, provided solid first-quarter guidance and announced a new $1.5 billion buyback program. It rose.
Unity Software Co., Ltd. (U) plunged more than -14% in pre-market trading after the company reported mixed fourth-quarter results and provided a weaker-than-expected FY24 revenue outlook.
Workday Co., Ltd. (weekdays) fell more than -7% in pre-market trading after the back-office software company gave a weak full-year subscription revenue outlook and announced plans to acquire startup Hiredscore.
Roku Co., Ltd. (Roku) The stock fell more than -3% in pre-market trading after Wells Fargo downgraded the stock from equal weight to underweight with a $51 price target.
You can see more pre-market stock mover here
Today’s US Earnings Spotlight: Tuesday – February 27th
Lowe’s (LOW), American Tower (AMT), Bank of Montreal (BMO), Republic Services (RSG), Bank of Nova Scotia (BNS), AutoZone (AZO), Sempra Energy (SRE), American Electric Power (AEP), Constellation Energy (CEG), Alcon (ALC), Agilent Technologies (A), Extra Space Storage (EXR), Coupang LLC (CPNG), Devon Energy (DVN), Splunk (SPLK), eBay (EBAY), Axon Enterprise (AXON)) , Bentley (BSY), First Solar (FSLR), JM Smucker (SJM), Ovintiv (OVV), Smith&Nephew SNATS (SNN), Gaming & Leisure Properties (GLPI), Ryan Specialty Group Holdings (RYAN), Permian Resources (PR) ), Universal Health Services (UHS), Henry Schein (HSIC), CheMed (CHE), Jones Lang LaSalle (JLL), Light Wonder (LNW), Vaxcyte (PCVX), BWX Tech (BWXT), Acadia Healthcare (ACHC), Pinnacle West (PNW), Cytokinetics Inc (CYTK), Klaviyo (KVYO), Norwegian Cruise Line (NCLH), Darling Elements (DAR), Masimo (MASI), Civitas Resources (CIVI), Shift4 Payments Inc (FOUR), CAVA Group (CAVA), Beacon Roofing (BECN), Macy’s Inc. (M), Sealed Air (SEE), Federal Signal (FSS), Inter Parfum (IPAR), Soterra Health (SHC), Boston Beer (SAM), Perrigo (PRGO) , Urban Outfitters (URBN), Acadia (ACAD), Progyny (PGNY), California Resources (CRC), Credo Technology Holdings (CRDO), Nelnet (NNI), Tricon Capital Group (TCN), Sabra (SBRA), Liquor tion Pharmaceuticals (RXRX), Carter’s (CRI), ICF International (ICFI), Flywire (FLYW), Millicom (TIGO), Integral Ad Science Holdings LLC (IAS), Grocery Outlet (GO), Gulfport Energy Operating (GPOR), agilon health ( AGL), ICU Medical (ICUI), Procept Biorobotics (PRCT), Par Pacific Holdings (PARR), Bumble (BMBL), Privia Health Group (PRVA), Ambarella (AMBA), Zeta Global Holdings (ZETA), Vizio Holding (VZIO) ), Rocket Lab USA (RKLB), Alphatecs (ATEC), Syndax Pharmaceuticals (SNDX), Delek Logistics Partners LP (DKL), Array (ARRY), Myriad Genetics (MYGN), Zai Lab (ZLAB), Apollo Medical (ASTH), Stagwell (STGW), Huron (HURN), Atlas Energy Solutions (AESI), Delek US Energy (DK), Global Net Lease (GNL), Supernas (SUPN), Cracker Barrel Old (CBRL), National Vision (EYE), Kura Oncology Inc (KURA), Xencor Inc (XNCR), Ready Capital (RC), Thoughtworks Holding (TWKS), Xenia Hotels & Resorts Inc (XHR), LeMaitre Vascular (LMAT) , Lemonade (LMND), PAR Technology (PAR), Ligand (LGND), Safety Insurance (SAFT), Easterly Government Properties (DEA), Diamond Offshore Drilling (DO), Revolve (RVLV), Hyster Yale Material Handling (HY).
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On the date of publication, Oleksandr Pirypenko did not have any positions (directly or indirectly) in any securities mentioned in this article. All information and data in this article is for informational purposes only. For more information, please see his Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
