Stock Futures Higher as Earnings, Economic Data Roll In

Durable goods orders for March were in line with expectations

Deputy Editor
Apr 24, 2024 at 9:26 AM
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Stock futures are mixed Wednesday following another winning session on Wall Street, as investors digest even more major corporate reports. Futures tied the Nasdaq-100 Index (NDX) sport triple digits, while S&P 500 Index (SPX) and Dow Jones Industrial Average (DJIA) futures are modestly higher.

On the economic data front, durable goods orders bounced 2.6% in March, which was in line with economists' expectations. Outside of new autos and passenger plans, however, order barely rose, flashing a sign of continued weakness in the manufacturing sector.

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

  • Schaeffer's Senior Quantitative Analyst Rocky White looks at large caps and their big moves.
  • Bank stock could have even more in the tank. 
  • Plus, 3 major earnings reports for investors to unpack. 

Futures Chart April 242024

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw nearly 1.6 million call contracts and 899,390 put contracts exchanged Tuesday. The single-session equity put/call ratio rose to 0.65, while the 21-day moving average held steady at 0.71.
  2. Tesla Inc (NASDAQ:TSLA) stock is 11.7% higher ahead of the open, after the electric vehicle (EV) manufacturer reported first-quarter financial results. Earnings, revenue, net income, and operating profit margin all fell short of expectations, though the stock is brushing off the dismal results after the company said it updated its "future vehicle lineup to accelerate the launch of new models." Coming into today, TSLA was down 41.8% in 2024.
  3. Shares of embattled aerospace name Boeing Co (NYSE:BA) are 3.3% higher before the bell, after the company reported a better-than-expected first quarter. Amid a crises surrounding Boeing's 737 Max jets, Boeing's quarterly losses and revenue were above estimates. Year to date, Boeing was down 35.1% coming into today. 
  4. Visa Inc (NYSE:V) sports a 2.3% premarket lead, looking to add to its 17.8% year-over-year gain. The blue-chip bank's fiscal second-quarter earnings and revenue topped expectations, thanks to rising payments volume and cross-border volume. 
  5. A barrage of earnings reports are due out this week, alongside the personal consumption expenditures (PCE) price index.  

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Asian Markets Enjoy Big Day of Gains

Asian stocks joined in on yesterday’s rally. Japan’s Nikkei added 2.4% even after producer prices in the service sector rose 2.3% in March, above the 2.2% gain from February. South Korea’s Kospi tacked on 2%, thanks to an outsized move from Samsung Electronics. Hong Kong’s Hang Seng added 2.2%, with artificial intelligence (AI) stock Sensetime Group leading the charge. China’s Shanghai Composite gained 0.8%.

Over in Europe, the rally is on as well. London’s FTSE 100 hit a fresh intraday record high, and was last seen up 0.6%. The French CAC 40 and German DAX are 0.5% and 0.2% higher at last check, respectively, the former brushing off a profit warning from luxury retailer Kering.

 

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