Market Watch:- Dow futures contract fell 120 points, S&P 500 futures dropped 21 points, and Nasdaq 100 futures fell 108 points.
Wall Street may open lower due to Israeli strikes and volatile trading in crude and cryptocurrency markets, while Netflix faces scrutiny for halting quarterly membership numbers reporting.
Netflix dips despite impressive new subscriber base
Netflix reported impressive new subscriber numbers in Q1, adding 9.33 million users, beating analyst expectations. However, the company warned that paid net additions would slow sequentially. Netflix will stop reporting quarterly membership numbers and average revenue per membership starting next year with Q1 2025 earnings. The company projected revenue of $9.49 billion for the current quarter, slightly below analyst expectations.
Bitcoin‘s volatile sesion
Bitcoin, the world’s largest cryptocurrency, experienced volatile trade on Friday, with its market capitalization standing at $1.23 trillion. The cryptocurrency traded 6% higher at $64.950.0, a 6% increase from its low of $59,693 earlier. The upcoming ‘halving’ event, expected to occur with block no. 840,000 generation, will cut the reward for mining Bitcoin by half and reduce the rate of new Bitcoin generation.
Goldman Sachs CEO
Norway’s $1.6 trillion sovereign wealth fund, one of the world’s largest investors, is pushing Goldman Sachs to split the CEO and board chair roles, currently held by David Solomon. Proxy advisors Institutional Shareholder Services and Glass Lewis have recommended supporting the resolution at Goldman’s annual meeting. The Goldman board disagrees, and Solomon can cite the bank’s recent results to support his governance.
Economic Calendar
- 10:30 Fed’s Goolsbee Speech
- 1:00 PMÂ Baker-Hughes Rig Count
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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.