Stock Index Futures Tick Lower Ahead of More Fed Speak, Nvidia Earnings Awaited
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Stock index futures are down this morning as investors await further comments from Federal Reserve officials and Nvidia earnings later in the week. In yesterday's trading session, Wall Street's major indexes closed mixed. Norwegian Cruise Line climbed over +7% after raising its full-year adjusted EPS forecast. Micron Technology advanced about +3% after an upgrade from Morgan Stanley. Nvidia gained over +2% after four brokerages raised their price targets. On the bearish side, JPMorgan Chase fell more than -4% after CEO Jamie Dimon said the bank wouldn't repurchase much stock at 'these prices.' Atlanta Fed President Raphael Bostic said the US economy is slowing down, and he expects only one rate cut this year. Fed Vice Chair for Supervision Michael Barr stated that the central bank should keep interest rates steady. Fed Vice Chair Philip Jefferson said the US April inflation data were 'encouraging.' Cleveland Fed President Loretta Mester believes three rate cuts in 2024 are not appropriate. U.S. rate futures have priced in a 3.6% probability of a 25 basis point rate cut at the June FOMC meeting and a 22.8% chance of a 25 basis point rate cut at July's policy meeting. In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.429%, down -0.18%. The Euro Stoxx 50 futures are down -0.47% this morning. Germany's PPI fell more than expected in April, marking the 10th consecutive month of producer deflation. Eurozone trade surplus rose in March. Asian stock markets closed in the red. China's Shanghai Composite Index closed down -0.42% and Japan's Nikkei 225 Stock Index closed down -0.31%. China's Shanghai Composite Index closed lower as optimism surrounding Beijing's property stimulus measures faded. Commodity and mining stocks underperformed. Japan's Nikkei 225 Stock Index closed moderately lower as investors took a breather after recent gains. Real estate and machinery stocks led the declines. Palo Alto Networks slumped over -8% in pre-market trading after issuing disappointing sales and billings guidance. Sunnova Energy fell over -1% after being downgraded by Piper Sandler. Larimar Therapeutics surged more than +21% after the FDA lifted a partial clinical hold on the company's nomlabofusp clinical program. HP Inc. gained about +0.8% after being upgraded by Barclays. Lowe's, Autozone, Toll Brothers, Macy's, and Urban Outfitters are set to report their quarterly figures today.

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