FactSet U.S. Daily Market Preview
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US equity futures are indicating a higher open as of 04:45 ET. Light trade following the Easter weekend with a number of markets closed. Mainland China stocks rallied on Monday following a rebound in manufacturing activity which reinforced hopes around an economic recovery. Japan markets finished lower. Companies mentioned: Rakuten Group, Nippon Steel, US Steel
US equity futures are indicating a mostly flat open as of 04:45 ET. This follows mixed markets in Asia, while European equity markets are higher. Momentum has been limited this week with activity light ahead of the long Easter weekend. The market continues to benefit from central bank rate cut expectations, though positioning dynamics and overstretched indicators are limiting gains. The Fed's Waller reiterated earlier views that there’s no rush to cut interest rates, but still anticipates the first move this year. Companies mentioned: Take-Two, Embracer Group, Keysight, Spirent Communications, Viavi Solutions
US equity futures are indicating a higher open as of 04:45 ET. This follows mixed markets in Asia, while European equity markets are higher. Activity remains light ahead of the Easter holiday. The market continues to benefit from central bank rate cut expectations and a better macro backdrop. The Yen touched a new 34-year low against the dollar overnight. Companies mentioned: Walt Disney
US equity futures are indicating a higher open as of 05:00 ET. This follows mixed markets in Asia, while European equity markets are mixed. Geopolitical tensions are ratcheting higher after the US and UK accused China hackers of orchestrating a cyberespionage campaign against democratic institutions. Chinese regulators are urging banks to speed up loan approvals for "whitelist" real estate development projects.
US futures are pointing to a lower open as of 04:05 ET. European equity markets have opened in the negative territory, following mixed Asian markets. Central bank meetings have provided tailwind for risk assets. Economists see BOJ potentially hiking again as soon as July. BOJ members increasingly confident on inflation target with discussions revolving around ending NIRP. European policymakers also increasingly comfortable with June rate cut. Companies Mentioned: Blackstone, Qualcomm, Boeing, United Airlines
US futures are pointing to a higher open as of 04:05 ET. European equity markets have opened mostly in the negative territory, following largely weaker Asian markets. Risk appetite supported by dovish central banks. SNB unexpectedly cut rates and last remaining BoE hawks dropped rate hike votes as Governor Bailey backed expectation for more than one rate cut this year. Yuan under attack today, falling to four-month low. BOJ policy outlook continues to generate discussions. Companies Mentioned: Apple, Meta Platforms, Google
US futures are indicating a higher open as of 04:05 ET amid broad strength in overseas markets after Fed decision. European equity markets have opened in the positive territory, following mostly firmer Asian markets. Dovish takeaways from updated Fed dot plot. 2025 and 2026 median lowered to three cuts from four previously. Powell said Jan/Feb CPI prints didn't add to confidence on inflation, but reiterated first rate cut would be likely "at some point this year." Big day for European central bank decisions with possibility of dovish tweaks from SNB and Norges. BoE to leave policy on hold later. Companies Mentioned: Amazon, Apple
US futures are pointing to a lower open as of 04:05 ET. European equity markets have opened in the negative territory, following mostly firmer Asian markets. Fed to leave rates unchanged today. Updated dot plot to get most attention amid risk 2024 median shifts down to two rate cuts from three. Markets pricing in 70bps of easing in 2024 and less than 50% chance of June cut. Powell expected to repeat Fed is gaining confidence on inflation, but not there yet. BOJ rate hikes on the table in 2024, with real rates still deeply negative and yen depreciating. Companies Mentioned: Intel, Boeing, Spirit AeroSystems, Airbus
US equity futures are indicating a broadly unchanged open as of 05:00 ET. This follows mixed markets in Asia, while European equity markets are mixed. The Bank of Japan ended large-scale easing measures and raised rates for the first time since 2007, scrapping eight years of negative interest rates, yield curve control, ETF and J-REIT purchases. Nvidia has unveiled a new AI chip processor boasting significantly more power than the flagship Hopper lineup. Companies Mentioned: Nvidia, AstraZeneca, Fusion Pharmaceuticals
US futures are indicating a higher open as of 04:05 ET. European equity markets have opened in the positive territory, following mostly firmer Asian markets. Equity market sentiment remains bullish, despite sell-side warnings that room for further gains may be limited given extent of rally. Big week for central bank meetings and heavy macro calendar. Strong pay hike agreements between unions and large firms at Japan’s wage talks cementing expectations BOJ will end NIRP Tuesday. Companies Mentioned: Apple, Google, Uber Technologies, Meta Platforms, KKR, HashiCorp
US futures are pointing to a lower open as of 04:05 ET. European equity markets have opened in the negative territory, following the mostly negative performance the prior day and largely weaker Asian markets today. Resilient macro a key cushion for stocks amid hawkish repricing of Fed pivot expectations. BoE expected to stand pat next week, with first cut expected in Q3. BOJ tightening expectations concentrate around March rate hike. Companies Mentioned: Fisker, United Airlines
US equity futures are indicating a higher open as of 04:45 ET. This follows mixed markets in Asia, while European equity markets are higher. The market awaits the next batch of US data, following Tuesday's CPI report. Today we get the PPI which feeds into the Fed's preferred inflation gauge, and Retail Sales which will show the strength of the US consumer. In Asia, BOJ tightening speculation continues to mount with the Nikkei reporting the board to discuss scrapping the NIRP at next week's meeting. Companies Mentioned: Archer-Daniels-Midland, Walt Disney
US equity futures are indicating a largely flat open as of 04:45 ET. This follows mixed markets in Asia, while European equity markets are higher. The market has shaken off another hotter-than-expected core CPI print. The street had already been talking about some upside risk in recent days, however the broader disinflation trend is still intact, though slower. In Europe, the ECB is set to unveil a new operational framework. Companies Mentioned: China Vanke, Nissan, Honda
US equity futures are indicating a higher open as of 05:00 ET. This follows mixed markets in Asia, while European equity markets are higher. Markets are in a holding pattern ahead of US CPI today, amid some concerns about another hotter-than-expected print. Bank of Japan tightening speculation continues, with reports noting growing internal support for a March rate hike. Companies Mentioned: Boeing, Oracle
US futures are pointing to a lower open as of 04:05 ET. European equity markets have opened in the negative territory, following mixed Asian markets. Risk appetite turning softer as markets react to US employment data. Focus will shift to tomorrow's US CPI report for February, where a miss could go with the softer employment report. BOJ policymakers warming to idea of March rate hike. Companies Mentioned: Harpoon Therapeutics, Merck, Alaska Air Group, Delta Air Lines, Boeing
US equity futures are indicating a slightly higher open as of 04:45 ET. This follows higher markets in Asia, while European equity markets have opened mixed. Mixed takeaways from Fed Chair Powell's Senate Banking Committee testimony on Thursday, in which he said the Fed is not far from achieving confidence on the inflation trajectory. This comes ahead of nonfarm payrolls data later today, which is forecast to show a step down in headline employment, no change to the jobless rate and moderation in hourly earnings growth. Companies Mentioned: Apple, HelloFresh
US futures are pointing to a lower open as of 04:05 ET. European equity markets have opened in the negative territory, following mixed Asian markets. Fed Chair Powell reiterated it will be appropriate to begin dialing back policy restraint at some point this year, though also said Fed still needs greater confidence inflation is moving sustainably towards 2%. ECB policy set to remain on hold. Tone likely to remain cautious. Majority of sell-side economists still see June move. Companies Mentioned: Intel, Apple
US equity futures are indicating a higher open as of 04:45 ET. This follows mixed markets in Asia, while European equity markets are largely higher. Markets are somewhat in a holding pattern with the focus on Fed Chair Powell's semi-annual testimony later today. Powell is widely expected to reiterate the Fed needs to see more evidence inflation is returning to target and that it can be patient on rate cuts. Companies Mentioned: Lucid Group, JM Financial
US equity futures are indicating a lower open as of 05:00 ET. This follows mostly lower markets in Asia, while European equity markets are softer. Markets are turning defensive, as investors await several key catalysts. China unveiled a 2024 growth target of around 5% and a deficit target of 3%, as expected. Today's economic calendar features ISM services PMI. Companies Mentioned: Viavi Solutions, Spirent Communications, Advanced Micro Devices
US futures are indicating a lower open as of 04:05 ET. European equity markets have opened in the positive territory but are now narrowly mixed, following mostly higher Asian markets. Equity markets push higher despite tone-down in central bank rate cut expectations. Better market sentiment pinned on upbeat US macro data. ECB set to leave policy on hold. Earnings picture in Europe not as bad as feared, while forward-looking Eurozone data also supportive. Companies Mentioned: Macy's, Terran Orbital, Lockheed Martin
US futures are pointing to a higher open as of 04:05 ET. European equity markets have opened in the positive territory, following a strong session in Asia. Equity market sentiment positive after yesterday's US PCE toned down fears of more hawkish Fed stance. Absence of upside surprise from the report viewed positive. Market-implied odds of June rate cut unchanged and futures still pricing in 75 bps of easing in 2024, in line with Fed. Companies Mentioned: Fortune Brands Innovations, Clarus, Wincanton, GXO Logistics
US equity futures are indicating a lower open as of 04:45 ET. This follows mixed trading in Asia, whilst European equity markets are higher. No change in the broader market sentiment. The hawkish repricing of Fed pivot expectations and stretched positioning among the higher-profile overhangs. The market awaits impetus from macro data, with attention on the US PCE inflation data later today and Eurozone CPI on Friday. Companies Mentioned: Alibaba, OpenAI
US equity futures are indicating a lower open as of 04:45 ET. This follows lower markets in Asia, whilst European equity markets are mixed. The market is consolidating recent gains ahead of key macro updates later this week, which include the US PCE inflation data on Thursday and Eurozone CPI on Friday. More talk of stretched positioning as a near-term overhang, along with focus on narrow leadership. Companies Mentioned: Apple, Mitsubishi, Yum Brands
US equity futures are indicating a slightly higher open as of 05:00 ET. This follows mixed markets in Asia, while European equity markets are mixed. Equity markets are consolidating after the recent move to fresh highs. The paring back in Fed rate cut expectations has had limited impact on equity markets, although there is more focus on narrow leadership. French President Macron has refused to rule out putting troops on the ground in Ukraine. Companies Mentioned: Broadcom, Shein
US futures are pointing to a lower open as of 04:05 ET. European equity markets have opened in the negative territory, following mixed Asian markets. No change in broader market themes. Recent central bank speak has seen Fed officials continuing to highlight need for more evidence on inflation, driving another round of hawkish pivot repricing. Markets now pricing in three rate cuts in 2024, in-line with Fed's median outlook. Markets also pricing in 2024 ECB rate cuts of less than 100 bps and toned down BoE rate cut expectations. Companies Mentioned: Broadcom, KKR, Ford, Walt Disney, Reliance Industries
US equity futures are indicating a mostly flat open as of 04:45 ET. This follows markets trading higher in Asia, whilst European equity markets have opened mixed to higher. Strength in tech stocks has continued with NIVDIA's earnings still driving sentiment. This has seen several leading indices hit new record highs. The market has largely shrugged-off more cautious Fedspeak. Companies Mentioned: General Motors, Standard Chartered
US equity futures are indicating a higher open as of 04:45 ET. This follows markets trading higher in Asia, whilst European equity markets have also opened stronger. Fairly unsurprising January FOMC minutes noted most officials flagged the risks of cutting rates too early, with only "some" policymakers warning of downside risks of maintaining higher rates for too long. NVIDIA reported Q4 top and bottom line beats, with Data Center revenue exceeding lofty expectations. Companies Mentioned: NVIDIA, Mondelez International, Mercedes-Benz Group
US equity futures are indicating a lower open as of 04:45 ET. This follows mixed markets in Asia, whilst European equity markets have also opened mixed. Markets are awaiting key catalysts later on Wednesday. NVDA is due to reports its Q4 numbers, with the stock up over 50% since last quarter's earnings. January FOMC minutes are expected to push back against expectations around the Fed's rate cut path and reinforce the higher-for-longer bias. Companies Mentioned: Meta, Microsoft, Apple, Disney, Sony
US equity futures are indicating a lower open as of 05:00 ET. This follows mixed markets in Asia, while European equity markets are mixed. The disinflation narrative is still largely intact despite firmer than expected US CPI and PPI releases. Fed rhetoric is still supportive of rate cuts, but there is less than a 50% chance for a May move. China left the 1Y LPR unchanged as expected while reducing the 5Y LPR by a larger-than-anticipated 25 bp, indicating Beijing's clear intention to focus on stimulating the property market. Companies Mentioned: Capital One Financial, Discover Financial, S&P Global, Apple, Intel
US futures are indicating a higher open as of 04:05 ET. European equity markets have opened in the positive territory, following a strong Asian trade. Market continues to take encouragement as officials from Fed, BoE and ECB have noted disinflation process remains on track, but there remains caution. Europe optimism is also supported by upbeat earnings, yield stabilization and positive strategist commentary. Companies Mentioned: Apple, DraftKings, Nike
