U.S. stocks rebounded in choppy trading, and weekly jobless claims rose to the highest level since August 2023. The Bank of England held its key lending rate steady, and the central bank raised hopes for a rate cut in the near future. Japan's real wages declined for the 27th month in a row. China's trade surplus shrinks, but exports rise faster than expected.
U.S. investors looked beyond rate uncertainty and reacted positively to the latest corporate results. The U.S. trade deficit hovered near a 10-month low. European markets traded sideways amid deeper manufacturing sector woes. Chinese electric vehicle makers reported mixed sales in April amid fierce competition.
Major averages on Wall Street advanced as investors awaited earnings from leading tech companies and the Fed's rate decisions later in the week. In Europe, inflation in Germany held steady but accelerated in Spain. Positive earnings supported the market's advance in China. The presumed government intervention lifted the Japanese yen.
U.S. major averages on Wall Street turned lower as investors reacted to the latest batch of earnings. IBM declined 9% after falling short of revenue growth expectations, and Meta Platforms plunged 14% after the company's second-quarter revenue outlook disappointed some investors.
LUV META CMG AAL IBM
LUV META CMG AAL IBM
Major indexes on Wall Street turned lower after rate expectations faded following another strong set of economic data. The yield on Treasury notes edged higher. European markets erased morning gains. In Asia, the yen continued to hiver near a three-decade low, and indexes in mainland China edged lower.