Market Watch: The S&P 500 futures contract experienced a 0.1% decrease, while Nasdaq 100 futures gained 33 points and Dow futures slipped 101 points.
Stock futures mixed after record highs for S&P 500 and Nasdaq Composite, Tesla CEO Elon Musk’s $56 billion pay package approved, and Adobe shares spiked following annual financial guidance lift.
Roaring Kitty appears to almost double GameStop (NYSE:GME) holdings
Keith Gill, known as “Roaring Kitty,” has raised his holdings in GameStop, reportedly owning over 9 million shares and over $6 million in cash. This represents 2.1% of GameStop’s 426 million outstanding shares. Gill also no longer owns the 120,000 strike call options he disclosed in a three-year absence from Reddit.
Elon Musk Pay
Tesla shareholders approved Elon Musk’s $56 billion compensation package and the company’s reincorporation into Texas from Delaware. The decision was influenced by retail investors’ praise for Musk’s leadership and institutional investors’ concerns over the pay deal’s size. The move comes after a Delaware judge ruled against Musk’s pay package earlier this year.
Adobe Outlook
Adobe has raised its annual earnings guidance following better-than-expected second-quarter results, causing a 14% surge in shares. The company reported adjusted earnings of $4.48 a share and revenue of $5.31 billion for the three months ended May 31, compared to analysts’ forecasts of $4.39 and $5.29 billion.
Economic Calendar
- 8:30 Import/Export Prices
- 10:00 Consumer Sentiment
- 1:00 PM Baker-Hughes Rig Count
- 2:00 PM Fed’s Goolsbee Speech
- 7:00 PM Fed’s Cook Speech
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Recent data indicating a possible cooling in the U.S. economy have alleviated some persistent inflation concerns, fueling hopes that the Federal Reserve will start to bring interest rates down from more than two-decade highs as soon as September. Along with the Dow, the benchmark and tech-heavytouched record marks last week.
The durability of the strength on Wall Street will likely be tested by a fresh batch of corporate results this week, including quarterly returns from artificial intelligence darling Nvidia (see below). Durable goods and consumer sentiment data will also be in focus as markets hunt for more evidence that growth is moderating enough to give the Fed justification for rolling out rate cuts this year.
Recent data indicating a possible cooling in the U.S. economy have alleviated some persistent inflation concerns, fueling hopes that the Federal Reserve will start to bring interest rates down from more than two-decade highs as soon as September. Along with the Dow,
The durability of the strength on Wall Street will likely be tested by a fresh batch of corporate results this week, including quarterly returns from artificial intelligence darling Nvidia (see below). Durable goods and consumer sentiment data will also be in focus as markets hunt for more evidence that growth is moderating enough to give the Fed justification for rolling out rate cuts this year.
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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.