Better-than-Expected Earnings Boost Stock Futures

Results from Bank of America and Johnson & Jonson are in focus

Deputy Editor
Apr 18, 2023 at 9:08 AM
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Stocks futures are rising this morning, following better-than-expected first-quarter reports from Bank of America (BAC) and Johnson & Johnson (JNJ). The positive results suggest major corporations are withstanding the shaky economic backdrop.

Investors are also unpacking a smaller-than-expected 8.8% decline in building permits for March, while housing starts came in above estimates at 1.42 million. At last check, Dow Jones Industrial Average (DJIA) futures are up 45 points, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also higher.

Continue reading for more on today's market, including:

  • Schaeffer's Senior V.P. of Research Todd Salamone is watching a key SPX level.
  • Which bank name started this week's earnings barrage.
  • Plus, Goldman Sachs' reports quarterly results, and 2 stocks rising on bull notes.

futures Chart April 182023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 672,184 put contracts exchanged on Monday. The single-session equity put/call ratio and the 21-day moving average stayed at 0.65 and 0.78, respectively.
  2. Goldman Sachs Group Inc (NYSE:GS) is down 3.6% premarket, after missing first-quarter revenue estimates. The major bank name also took a $470 million loss tied to its Marcus unit sale. Coming into today, GS already sported a small year-to-date deficit.
  3. HSBC double-upgraded Nvidia Corporation (NASDAQ:NVDA) to "buy" from "reduce," citing better-than-expected pricing power in the company's artificial intelligence (AI) chips. Up 2.9% before the bell, Nvidia stock is nearly 85% higher in 2023.
  4. Sunrun Inc (NASDAQ:RUN) is up 3.9% in electronic trading, and cutting into a 14.4% year-to-date deficit, after KeyBanc upgraded the shares to "overweight" from "sector weight." The firm noted the residential solar energy firm stands to gain even more market share in California.    
  5. There's more economic data on tap this week.

Buzz 0418

Investors Unpack Economic Data Out of China

Markets in Asia finished on both sides of the aisle on Tuesday, as investors unpacked economic data out of China. The country’s gross domestic produce (GDP) rose by 4.5% in the first quarter, higher than analysts’ expectations of a 4% rise, while the economy expanded 2.9%. Plus, China’s retail sales bounced a higher-than-anticipated 10.6% in March. Japan’s Nikkei added 0.5%, while China’s Shanghai Composite tacked on 0.2%. Elsewhere, the South Korean Kospi and Hong Kong’s Hang Seng fell 0.2% and 0.6%, respectively.

European markets are higher at last glance, as the bourses await tomorrow’s inflation data out of the U.K. London’s FTSE 100 is up 0.2%, the French CAC 40 is 0.7% higher, and the German DAX is sporting a 0.6% lead.

 

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