Stocks Tread Water Before the Open as Investors Brace for U.S. Economic Data
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Stock futures are mixed as investors await U.S. economic data. Yesterday, major indexes on Wall Street closed higher, with Cintas and Merck & Company among the top gainers. Fed Governor Christopher Waller stated that there is no urgency to cut interest rates, but market expectations for rate cuts may need to adjust. U.S. rate futures have priced in an 8.7% chance of a rate cut in May and a 55.4% chance in June. Today, focus is on the final U.S. GDP reading, U.S. Chicago PMI, U.S. Pending Home Sales, U.S. Michigan Consumer Sentiment Index, and U.S. Initial Jobless Claims. In the bond markets, U.S. 10-year rates are at 4.228%. In Europe, the Euro Stoxx 50 futures are up, while the U.K.'s GDP fell by 0.3% in Q4. In Asia, China's Shanghai Composite Index closed higher, and Japan's Nikkei 225 closed lower. Pre-market U.S. stock movers include GameStop, Google, MillerKnoll, Sprinklr, and Citi. Today's U.S. earnings spotlight includes Walgreens Boots, BRP Inc, Semtech, and Oxford Industries.

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