The futures linked to the DOW JONES fell 0.09% to 39,090.9 points, while those of the S&P 500 lost a slight 0.01%, to 5,473 points. NASDAQ 100 futures fell 0.06% to 19,735 points.
The major New York indices come from experiencing a day from less to more yesterday, which allowed the S&P 500 to finally close with a rise of 0.2%. The tech-heavy Nasdaq added 0.5%, while the Dow Jones added just 15.64 points, or 0.04%.
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The market seems to have entered a waiting period before tomorrow’s release the personal consumption expenditure (PCE) price index, the Federal Reserve’s preferred inflation variable. Investors hope the report will show an easing of inflationary pressures that will underpin hopes of rate cuts in the second half of this year.
However, this Thursday’s macroeconomic agenda is not without interest either. Before the bell ringing, investors have known the third and final estimate of the GDP for the first quarter, with a growth of 1.4% of the US economy, one tenth more than previously estimated. They have also already met initial weekly unemployment benefit claims, which stand at 233,000, up from the previous week’s upwardly revised 239,000. The market had expected 236.00
Meanwhile, durable goods orders rose 0.1% in May compared to April, when they were expected to fall 0.25%. Throughout the New York morning, the data on homes pending sale will also be known.
On the political front, President Joe Biden will debate his rival Donald Trump in Atlanta on Thursdaywhich will be the first face-to-face meeting between the two candidates, who are very closely tied in the polls ahead of the November elections.
Another reason Wall Street seems to be losing some steam in recent days is that traders seem to be questioning whether AI stocks can continue to support the market in the second half of the year. The strategists surveyed by CNBC Pro they anticipate that the S&P 500 will likely end the year less than 1% above current levels.
“Right now, we are in this environment where the market is somewhat aligned with the Federal Reserve,” explains Brian Levitt, speaking to the CNBC. “And what it will probably take is for a greater expectation to come into this market that the inflation story is really behind us, that the Fed can lower rates and that there will be a soft landing.”
On the corporate front, Micron Technology is down more than 5% in the pre-market after investors appear to be overlooking better-than-expected results to focus on revenue forecasts that are actually in line with expectations. expected.
The company posted adjusted earnings per share of 62 cents versus the 51 cents expected, while revenue rose to $6.81 billion, compared with the $6.67 billion expected by analysts. Micron expects adjusted earnings per share of $1.08 on revenue of $7.6 billion in the current quarter. Analysts had expected earnings per share of $1.05 and revenue of $7.6 billion.
The Levi Strauss accounts have not been well received either, with a sharp drop of 12% in the value. The denim clothing maker reported adjusted earnings of 16 cents per share, compared to the 11 cents expected by analysts. Revenue amounted to 1.44 billion, slightly below the expected 1.45 billion.
Despite the increase in profits, Levi’s only reaffirmed its full-year forecastsThe company continues to expect full-year earnings per share to be between $1.17 and $1.27.
Walgreens Boots Alliance falls 11% before the bell after disappointing the market with its third quarter accounts and cutting its full-year adjusted profit outlook due to a “challenging” environment.
The pharmacy chain now expects fiscal 2024 adjusted earnings of between $2.80 and $2.95 per share. That compares with the previous outlook of between $3.20 and $3.35 per share. In its latest quarter, Walgreens posted adjusted earnings per share of 63 cents, versus the market’s expectation of 68 cents. Revenue increased 2.6% to $36.4 billion, in this case above the expected $35.94 billion.
Corporate earnings will continue tonight after the close with the accounts that Nike will present, among others.
Another of the day’s stars is Amazon, after the e-commerce giant surpassed the $2 trillion market capitalization barrier for the first time in history yesterday.
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Investors will also have to pay attention today to the price of the big banks, after all of them have passed the stress tests to which the Fed subjects them. Not only does it show the resistance of the entities in the face of a possible crisis, but This allows them to maintain their current shareholder remuneration policies.
Occidental Petroleum is also a protagonist, after it was learned that tycoon Warren Buffett invested another $435 million in the company between June 5 and 17. The oil company is one of the main bets of the Oracle of Omaha since it entered it for the first time in 2029.
In fixed income markets, bond yields also appear to be waiting for tomorrow’s inflation data before heading in a definitive direction. The ten-year bond offers a return in the secondary market of up to 4.329%, while the two-year bond pays 4.749%.
Oil prices are on the rise today, with US West Texas futures advancing 0.46% to $81.27 per barrel. The benchmark Brent in Europe rises 0.43% to $84.83.
The euro rises today by 0.20% against the dollar, leaving the exchange rate at 1.07 dollars for each community currency.
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