How Nervous Are Investors Right Now?
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What’s in Today’s Report:
- Sentiment Update – How Nervous Are Investors Right Now?
- A Timely Chart: NVDA Falls to Target From Last Thursday’s Report
U.S. equity futures are tracking global markets higher after European economic data came in better than expected and traders optimistically look ahead to big-tech earnings.
The EU’s April PMI Composite Flash rose 1.1 points to 51.4 vs. (E) 50.8 thanks to a solid 52.9 Services sub-index print. The strong data is helping ease worries of stagflation and a weakening consumer which have been simmering so far in 2024.
Today, focus will be on economic data early with the PMI Composite Flash (E:51.9) release and New Home Sales (E: 670K) report due out this morning.
There are no Fed speakers today but the Treasury will hold a 2-Yr Note auction at 1:00 p.m. ET which could offer insight into any changes in Fed policy expectations (the risk to stocks is an auction with weak demand that sends the 2-Yr yield to-or-through 5%).
Earnings season also continues to pick up today with UPS ($1.33), GM ($2.06), LMT ($5.80), GE ($0.67), PEP ($1.52), and SHW ($2.25) reporting before the bell while TSLA ($0.49) and V ($2.43) will release results after the close.
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