Stock Futures Fall Despite Strong Earnings Results

General Motors, McDonald's, and PepsiCo reported earnings today

Deputy Editor
Apr 25, 2023 at 9:10 AM
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Futures on U.S. equities were lower Tuesday, even after General Motors (GM), McDonald's (MCD), and PepsiCo (PEP) posted better-than-expected results. At last glance, Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures are all solidly in the red. Elsewhere, U.S. President Joe Biden announced his reelection bid.

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

  • Bears are still in control, according to Schaeffer's Senior V.P. of Research Todd Salamone.
  • Why call traders love this storage stock.
  • Plus, First Republic deposits drop; Spotify beats subscriber estimates; and UPS whiffs on revenue. 

futures Chart April 252023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 741,814 million put contracts exchanged on Monday. The single-session equity put/call ratio fell to 0.57 and the 21-day moving average moved down to 0.77.
  2. First Republic Bank (NYSE:FRC) is down 22% premarket, after the company reported a 41% drop in deposits in the first quarter. In addition, the bank plans to cut 20% of its workforce. Coming into today, FRC was already down nearly 89.8% over the last 12 months.
  3. Spotify Technology SA (NYSE:SPOT) is up 6.1% before the bell and on track to add to its 66.5% year-to-date lead, after the streaming giant beat subscriber expectations for the first quarter. Profits, however, fell well below analyst forecasts.
  4. United Parcel Service, Inc. (NYSE:UPS) delivered profits that were in line with Wall Street's expectations, but revenue fell short as retail sales in the U.S. decelerated. Down 4.5% in electronic trading, UPS is set to pull dangerously close to its year-over-year breakeven level.
  5. The S&P Case-Shiller home price index, new home sales, and consumer confidence data are due out today.


Hong Kong Unemployment Rate Hits More Than 3-year Low

Japan’s Nikkei was the only winner amongst Asian markets on Tuesday, adding 0.09%. Hong Kong’s Hang Seng fell 1.7%, despite reports that Hong Kong’s unemployment rate fell to 3.1% in the first quarter – its lowest level since Oct. 2019. Meanwhile, South Korea’s gross domestic product (GDP) grew 0.8% year-over-year in the first quarter, while automaker Hyundai Motor scored a 92% year-on-year jump in net profit. Nevertheless, the South Korean Kospi and China’s Shanghai Composite finished the day down 1.4% and 0.3%, respectively.

European markets are lower as well, as investors pore over a slew of earnings reports. Both the mining and banking sectors leading the losses, at last glance. London’s FTSE 100 is down 0.4%, the French CAC 40 is off 0.6%, and the German DAX is marginally lower.


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