U.S. stocks futures indicated market rebound a day after a broad selloff. Investors remain cautious ahead of the consumer and wholesale inflation data in the next two days. Bargain hunters returned in Europe but Asian markets were cautious.
U.S. stock index futures to another day of losses after interest rates advanced, falling economic activities in China and Europe, and continued inflation pressures.
Asian markets were on the defensive with the Nikkei index in Tokyo down 2.2% and the ASX 200 in Sydney falling 1%. Shanghai lockdown is expected to extend till the end of May disrupting supply chains longer.
U.S. stocks extended losses for the second day in a row in a volatile session. Market averages quickly declined after two failed attempts to climb from the fall of 2% in the positive territory.
Live Nation Entertainment revenues soared as live concert industry rebounds. DoorDash continued its pandemic fueled growth. DraftKings lifted revenue outlook on growth in paying members. Zillow Group struggled with home flipping business.
CI
CI
U.S. stock indexes opened lower and quickly fell more in the early trading. The labor department reported April unemployment rate was 3.6% and payrolls expanded 428,000. Asian markets fell after top Chinese leaders doubled down on zero-Covid policy indicating longer supply chain disruptions.
U.S. market indexes plunged at least 3.5% after investors reevaluated Fed comments and its plan to restore price stability. With the slow pace of tightening, interest rates are expected to lag inflation for many more months or quarters and nudge the economy in stagflation.
Wayfair plunged after reporting a decline in sales and a quarterly loss. Shopify and Etsy fell after reporting slower growth. EPAM jumped on sales growth. Hain Celestial offered a weak sales outlook. Sprouts Farmers fell after estimating earnings and sales at the low end of previous guidance.
EPAM HAIN SHOP
EPAM HAIN SHOP
U.S. stocks erased most of the gains logged in the previous session after digesting comments from the Fed suggested its inability in controlling supply shocks, impacting energy prices, and supply disruptions. Despite record job openings, labor participation rate is not increasing.
The S&P 500 and the Nasdaq Composite index accelerated gains after the Fed Governor Powell said 75 basis points rate increase was not discussed in the policy meeting.
The Federal Reserve lifted its key rate by 50 basis points and announced a plan to shrink its portfolio of Treasurys and agency debts. The rate hike was the largest since May 2000.
U.S. stocks advanced and investors added positions ahead of the rate decision this afternoon. Investors are looking beyond a widely anticipated 50 basis points interest rate hike and hoping that the inflation has peaked.
CVS
CVS
U.S. stock indexes in volatile trading advanced as anxious investors await the Fed's rate hike decision tomorrow and comments indicating how far the central bank is willing to go by the year's end.