Market Watch: Dow futures contract, S&P 500 futures, and Nasdaq 100 futures remained largely unchanged.
Stock futures are shaky, with Dow futures dwindling after a record high, while Reddit shares surged following a deal with OpenAI.
OpenAI has announced a partnership with Reddit
OpenAI has announced a partnership with Reddit, allowing it to use content from the platform for its ChatGPT chatbot. The deal allows OpenAI access to Reddit’s website, incorporates new AI features for users and mods, and collaborates on advertising. Reddit’s shares surged 11.5% following the announcement. OpenAI is also facing legal action from publishers.
Boeing CEO outgoing
Boeing shareholders are set to vote on whether outgoing CEO David Calhoun will retain his board seat. Investors have called for someone outside Boeing to replace Calhoun, arguing the current leadership structure lacks credibility. Boeing’s safety reputation was damaged by a mid-air breach, and shares have shed over a fourth of their value in 2024.
Chinese industrial production grew
Chinese industrial production grew 6.7% YoY in April, indicating a rebound in the manufacturing sector. However, weak consumer growth and retail sales growth missed expectations. The manufacturing sector received support from Beijing, including monetary stimulus.
Economic Calendar
- 10:00 E-Commerce Retail Sales
- 10:00 Leading Indicators
- 10:15 Fed’s Waller Speech
- 12:15 PM Fed’s Daly Speech
- 1:00 PM 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.