Market Watch:- Dow futures contract lost 20 points or 0.1%, S&P 500 futures fell 7 points or 0.1%, and Nasdaq 100 futures dropped 16 points or 0.1%.
Stock futures decline amid corporate earnings, Amazon’s results, Paramount Global’s CEO Bob Bakish stepping down, and HSBC’s Noel Quinn retiring after nearly five years at the bank.
Amazon earnings
Amazon is set to release its quarterly results on Tuesday, with investors keen to see how AWS’s performance evolves. The company is focusing on AI-powered features to boost demand, but faces questions about how to turn its investments into sustained sales and profits. Analysts predict stable online customer expenditures, advertising in Prime Video, cost-cutting efforts, and reorganization of Amazon’s US logistics network could support total returns.
Paramount Global CEO step down
Paramount Global has appointed George Cheeks, Chris McCarthy, and Brian Robbins to the newly created Office of the CEO. Analysts argue that stable leadership is needed to navigate discussions with Skydance and combat competition. Skydance has offered to inject $3 billion in the combined company to pay down debt and repurchase stock.
HSBC CEO retire
HSBC CEO Noel Quinn will retire after nearly five years, announcing a significant transformation in the bank that improved its cash position and earnings. Quinn led a streamlining of operations, including the sale of Canadian and Argentine operations, and shifted focus to core consumer banking segments.
Economic Calendar
- FOMC meeting begins
- 8:30Â Employment Cost Index
- 9:00Â S&P CoreLogic Case-Shiller Home Price Index
- 9:00Â FHFA House Price Index
- 9:45Â Chicago PMI
- 10:00Â Consumer Confidence
- 3:00 PMÂ Farm Prices
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MFitch Ratings has downgraded China’s credit rating outlook to “Negative” from “Stable” due to concerns over growing public debt and slowing growth in the world’s second-largest economy. The agency affirmed China’s rating at A+, citing increasing risks to China’s public finance outlook. Concerns over slowing economic growth have grown in recent months, with Fitch expecting gross domestic product growth to fall to 4.5% in 2024.
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U.S. inflation data for February is expected to provide insights into the future direction of Federal Reserve monetary policy. The overall consumer price index (CPI) is expected to match the previous month’s pace of 3.1% annually, with the core CPI expected to slow to 3.7% from 3.9% in January. However, the month-on-month gauge is expected to shed light on price gains momentum.
Fed officials have made cooling inflation the main objective of interest rate hikes, which have brought borrowing costs to over two-decade highs. They suggest cuts may be coming later this year, but need more evidence that price growth is sustainablely easing back down to their 2% annualized target. Analysts at ING believe inflation is likely too hot for comfort.
U.S. inflation data for February is expected to provide insights into the future direction of Federal Reserve monetary policy. The overall consumer price index (CPI) is expected to match the previous month’s pace of 3.1% annually, with the core CPI expected to slow to 3.7% from 3.9% in January. However, the month-on-month gauge is expected to shed light on price gains momentum.
Fed officials have made cooling inflation the main objective of interest rate hikes, which have brought borrowing costs to over two-decade highs. They suggest cuts may be coming later this year, but need more evidence that price growth is sustainablely easing back down to their 2% annualized target. Analysts at ING believe inflation is likely too hot for comfort.