Stock Futures Brush Off GDP Data Amid Upbeat Earnings

Meta Platforms reported better-than-expected first-quarter results

Deputy Editor
Apr 27, 2023 at 9:10 AM
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Strong first-quarter results from Facebook parent Meta Platforms (META) are boosting stock futures Thursday. At last glance, futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) sport triple-digit leads, while S&P 500 Index (SPX) futures are also in the black.

Elsewhere, U.S. gross domestic product (GDP) rose 1.1% in the first quarter, compared to Wall Street's expectations of a 2% rise. Weekly jobless claims fell unexpectedly as well, coming in at 230,0000 while analysts anticipated a rise to 249,000 from last week's reading of 245,000.

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

futures Chart 2 April 272023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 993,294 million put contracts exchanged on Wednesday. The single-session equity put/call ratio fell to 0.87 and the 21-day moving average stayed at 0.77.
  2. Meta Platforms Inc (NASDAQ:META) is 11.8% higher premarket, after the company saw its first revenue increase after three-straight declines. The Facebook parent's profits and second-quarter forecast also beat analyst expectations. The shares are looking to extend their 2023 outperformance, already up 74% year-to-date.
  3. Merck & Co Inc (NYSE:MRK) is up 2.3% in electronic trading, after the drugmaker's first-quarter revenue fell 9% year-over-year following a steep drop in sales of its Covid-19 antiviral treatment molnupiravir. Earnings per share, meanwhile, beat Wall Street's forecasts. Coming into today, MRK was up 2.2% year-to-date.
  4. American Airlines Group Inc (NASDAQ:AAL) sports a fractional year-to-date lead, and is up 0.9% before the bell following the company's first-quarter earnings report. American Airline recorded a profit for the quarter, after flight demand and revenue outmaneuvered higher costs.
  5. For economic data today, pending home sales are on tap.

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Investors Eye BoJ Policy Meeting

Asian markets finished Thursday higher, with all eyes on the Bank of Japan’s (BoJ) first policy meeting led by new governor Kazuo Ueda, where a loose monetary policy is expected to continue for now. Meanwhile, Japan will also lower the health classification of Covid-19 from 2 to 5 starting on May 8, putting it at the same level as the seasonal flu. China’s Shanghai Composite led the region’s gains with a 0.7% win, while Japan’s Nikkei tacked on 0.2%, and Hong Kong’s Hang Seng and the South Korean Kospi both added 0.4%.

European bourses are mostly higher, apart from London’s FTSE 100, which is inching marginally lower. Strong earnings from Deutsche Bank (DB) and US Bancorp (USB) are boosting the bank sector. The French CAC 40 is up 0.4% midday, while the German DAX rises 0.2%.

 

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