Investors were cautious ahead of another batch of U.S. earnings, including Tesla Inc, Morgan Stanley, and International Business Machines Corp.
Driving Market Factors
It seems that U.S. stock futures have dropped today due to the U.K.’s double-digit inflation causing the selling of government bonds. However, the market appears to be less concerned about the direction of U.S. interest rates as the chances of the Federal Reserve increasing borrowing costs in two weeks time is priced at 88%.
John Lowry Spartan Capital. Instead, traders are currently more focused on company profits. The mixed first-quarter corporate earnings season has left stocks struggling to continue their recent rally. The S&P 500 is still within the range of 3,800 to 4,200 it has been in for the past five months.
Despite this, there have been minimal movements and a more relaxed mood, with the CBOE VIX index closing below 17 on Tuesday, which is its lowest since January 2022.
“The market has been collecting a few duller days of late, but it probably wouldn’t want to swap for those seen a month or so ago [when the banking crisis hit]. The last 24 hours fitted into that narrative with most major assets closing either side of unchanged,” said Jim Reid, strategist at Deutsche Bank.
“We did get several earnings releases to chew over, but they were pretty mixed overall and didn’t point to an obvious conclusion for investors, and it was much the same from yesterday’s limited round of data,” he added.
John Lowry of Spartan Capital notes that results due on Wednesday include Morgan Stanley MS, +0.63%, Nasdaq Inc. NDAQ, -0.29%, Travelers Cos. Inc. TRV, +0.42%, U.S. Bancorp USB, -1.12%, with Tesla Inc. TSLA, -1.46%, IBM IBM, -0.03%, Lam Research Corp. LRCX, +0.55% and Alcoa Corp. AA, +3.31% due after the market close.
“This week, we will have a better grip on earnings as the flow of corporate results makes its way on Wall Street. We note that the indices have had a solid run to the upside and could be headed for a slight pullback that we will not likely impact the longer-term upward trend,” Chief market economist at Spartan Capital Peter Cardillo said.
“We, therefore, expect the near-term trend to remain bullish, with the S&P 500 testing the 4250 area in the short term.”
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