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HomeUncategorizedMarket Watch: U.S. Futures Decline with Salesforce Earnings in Focus.

Market Watch: U.S. Futures Decline with Salesforce Earnings in Focus.

Market Watch: S&P 500 futures contract experienced a 0.4% drop, while Nasdaq 100 futures and Dow futures both experienced a 0.4% and 0.4% drop respectively.

U.S. futures point lower following mixed Wall Street session, with traders monitoring inflation data. Salesforce’s Data Cloud unit’s quarterly results, American Airlines’ outlook cut, and BHP seeking extension over takeover negotiations.

 BHP-Anglo American deals

BHP Group has requested an extension in its takeover talks with Anglo American due to a deadline for the Australian miner to submit a formal offer. Anglo rejected a bid from BHP worth 38.6 billion pounds last week. BHP has proposed measures to alleviate Anglo’s concerns, including unbundling its platinum and iron ore assets in South Africa. Anglo American has said it will respond to BHP’s request in due time.

Salesforce Earnings

Salesforce is set to report its first-quarter earnings, with Wall Street likely to be interested in its Data Cloud division. The division is benefiting from a surge in interest in artificial intelligence. Data Cloud’s revenue reached $400 million, a 90% increase from the previous year. However, Salesforce faces challenges from economic uncertainty and a recovery in spending by small and medium-sized companies.

American Airlines cuts earnings outlook

American Airlines has lowered its second-quarter earnings outlook to $1.00 to $1.15, down from $1.15 to $1.45. The company also expects a 5% to 6% decrease in total revenue per available seat mile. Quarterly flying capacity is now expected to match 2023.

Economic Calendar

  • 7:00 MBA Mortgage Applications
  • 10:00 Richmond Fed Mfg. Index
  • 11:00 Survey of Business Uncertainty
  • 11:30 Results of $28B, 2-Year FRN Auction
  • 1:00 PM Results of $44B, 7-Year Note Auction
  • 1:45 PM Fed’s Williams Speech
  • 2:00 PM Fed’s Beige Book
  • 7:00 PM Fed’s Bostic 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.

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