Market Watch: The Dow futures contract, S&P 500 futures, and Nasdaq 100 futures remained largely unchanged.
Stock futures remain flat as markets evaluate Federal Reserve interest rate cuts. Uber and Arm Holdings’ quarterly earnings reports are due, while Toyota’s profit nearly doubles due to hybrid demand.
Uber, Arm earnings
Uber Technologies and Arm Holdings are set to release their quarterly earnings, with investors closely monitoring revenue and booking figures. Arm Holdings, a UK-based chip designer, will focus on royalty and license revenues. Reddit’s shares soared after offering upbeat revenue guidance, while Rivian Automotive’s plan to manufacture 57,000 electric vehicles in 2024 was below analysts’ expectations.
Toyota Earning
Toyota Motor reported a significant increase in its annual profit, driven by increased demand for its hybrid offerings. However, the company also reported a drop in operating income for the year, indicating weaker sales due to softer economic conditions.
USA revoked Huawei license
The US has revoked licenses allowing Intel and Qualcomm to send chips used in Huawei Technologies’ laptops and handsets. The move comes as the Biden administration faces increasing pressure from Republican legislators to crack down on the business, which has already imposed restrictions on the sale of US technology to Huawei.
Economic Calendar
- 7:00 MBA Mortgage Applications
- 10:00 Wholesale Inventories (Preliminary)
- 10:30 EIA Petroleum Inventories
- 11:00 Fed’s Jefferson Speech
- 11:45 Fed’s Collins Speech
- 1:00 PM Results of $42B, 10-Year Note Auction
- 1:30 PM Fed’s Cook Speech
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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.