Stock Futures Claw Higher After Earnings, Jobs Data

Jobs data implied the labor market remains resilient

Deputy Editor
Apr 18, 2024 at 9:19 AM
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After the three major indexes yesterday saw additional losses, futures tied to the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are above fair-market value, as more quarterly reports roll in. So far, more than 11% of SPX components have reported earnings, with mostly positive results.

In other news, jobless claims for last week came in at 212,000, staying within a range not consistently seen since the 1960s. The flat reading implies the labor market is still resilient, with layoffs and unemployment both lower than expected. 

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

Futures Chart April 182024

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw nearly 1.1 million call contracts and more than 1.3 million put contracts exchanged Wednesday. The single-session equity put/call ratio surged to 1.13, while the 21-day moving average stayed at 0.71.
  2. Shares of Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) are 3.2% lower before the bell, despite the semiconductor name beating earnings and revenue estimates for the first quarter. An earthquake in Taiwan led it to scrape some of its wafers, however. TSM is up 33.7% this year.
  3. DR Horton Inc (NYSE:DHI) sports a 5.2% premarket lead, looking to overcome a 4.1% year-to-date deficit after earnings. This rise follows the home builders' fiscal second-quarter financial report, in which the company beat earnings and revenue expectations.
  4. Casino name Las Vegas Sands Corp. (NYSE:LVS) reported first-quarter profits of 66 cents per share, beating analyst estimates thanks to strong growth in Singapore, as well as a revenue beat. LVS is brushing off the results, down 4.7% ahead of the open, due to disappointing Macau results.
  5. Speeches from multiple central bank presidents are slated to close out the week.

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Asian Markets Stage Comeback

Asian markets bounced back today, with airline stocks as notable winners across the board thanks to falling oil prices. South Korea’s Kospi paced the region with a nearly 2% win, thanks to outsized moves from small caps. Japan’s Nikkei snapped a three-day skid to tack on 0.3%, after a Bank of Japan (BoJ) member noted their pace of rate hikes would be slower than its global peers.  Hong Kong’s Hang Seng rose 0.8%, while China’s Shanghai Composite finished just above breakeven.

European bourses are also mostly higher, at last check. London’s FTSE 100 is up 0.2% as the British pound outpaces the U.S. dollar, the French CAC 40 is 0.3% higher, and the German DAX is flat.

 

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