Market Observations - Apr 25
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U.S. Wednesday Market Wrap: Stocks Take a Breath!
U.S. equity markets changed little on Wednesday as higher yields dampened investors’ enthusiasm from a strong slate of corporate earnings. The S&P squeezed out a 0.2% gain to close at 5,071. The DOW slipped 42 points or 0.11%, and the Nasdaq closed 0.1% higher. Treasury yields rose, pressuring stocks. Eight of the eleven S&P sectors closed green. Consumer discretionary +0.96% led, and technology -0.80% lagged.?The U.S. 10-year topped 4.67%, while the 2-year pushed slightly over 4.95%.
Mortgage rates pushed to new 2024 highs, stoking fears that the currently frozen housing market will not unthaw for the spring/summer busy season. Meanwhile, durable goods orders jumped in March thanks to a rebound in planes and autos but showed that most manufacturing remains mixed.
Nvidia acquires an A.I. workload management startup.?The semiconductor giant purchasing Run: ai for a reported $700 million, continuing to offer the startup’s products under the same business model. It’ll also invest in Run: ai’s product roadmap as part of Nvidia’s DGX Cloud A.I. platform. The two companies have been close collaborators since 2020 and?share a passion for?helping customers make the most of their infrastructure. And given the trends in tech, that’s only going to become more and more?important?in the years ahead.
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Overnight Asian Pacific markets are wary of tech stocks and mounting?currency volatility in Asia. Japan’s tech-heavy Nikkei slid over 2%, and South Korea’s Kospi lost 1.74%. Markets in Hong Kong and mainland China managed a minor positive performance.
European stocks edged lower as traders gave mixed views to earnings from companies like Nestle and Deutsche Bank. S.T. Micro dropped 3% after the company cut full-year sales guidance. Meanwhile, big M&A news in the mining sector powered the U.K.’s FTSE to new highs. BHP is looking to buy Anglo American for around?GBP31b.
U.S. stock futures are slightly lower in early trade, the Dow off 200 points or 0.5%, the S&P down 0.7%, and the Nasdaq 100 off 1%. Meta was down 12% in pre-market trading.
Treasury yields dip ahead of US GCP data. The 10-year is off 1bps to 4.648%, and the 2-year yields around 4.925%.
Gold prices are steady: Spot Gold +0.1% to $2,323.
Oil prices are marginally lower; WTI slipped 7 cents to $82.74.
The big focus this morning is the US GDP report. Estimates are looking for GDP to cool to around 2.5% in the first quarter from 3.4% in the fourth quarter of 2023. Friday’s March reading of the fed’s favored PCE inflation gauge will dominate anxious rates markets.
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