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.
Papa John's International reported a sharp decline in earnings after the pizza chain comparable store sales growth plunged and turned negative at locations owned.
PZZA
PZZA
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.
Shopify Inc reported quarterly revenues increased 22% but swung to net loss and guided lower revenue growth in the second-half. The company announced plans to acquire Deliverr for $1.2 billion.
SHOP
SHOP
Tripadvisor quarterly revenues surged and net loss shrank sharply as people begin to travel and dine outside.
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TRIP
Wayfair reported quarterly sales declined and a loss after fewer customers shopped on the online home furnishing platform.
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W
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.