The personal consumption expenditures (PCE) index rose 2.8% last month
Wall Street is attempting to overcome yesterday's selloff, as earnings from tech giants including Alphabet (GOOGL), Microsoft (MSFT), and Intel (INTC) boost broader-market sentiment. The Federal Reserve's preferred inflation gauge, the personal consumption expenditures (PCE) price index, rose 2.8% last month -- sightly above estimates.
Futures tied to the tech-heavy Nasdaq-100 Index (NDX) are up 170 points, while Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures are also above fair-market value. For the week, all three major indexes are looking to turn in healthy wins.
Continue reading for more on today's market, including:
- Use this trading strategy to navigate earnings season.
- An affordably priced airline stock to consider.
- Plus, more on how Big Tech firms fared in the earnings confessional.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw nearly 1.4 million call contracts and 932,452 put contracts exchanged Thursday. The single-session equity put/call ratio fell to 0.68, while the 21-day moving average stayed at 0.71.
- Alphabet Inc (NASDAQ:GOOGL) stock sports a 12% premarket lead after its quarterly report. The Google parent reported first-quarter earnings and revenue that bested estimates, and said its board approved a repurchase plan of up to $70 billion in stock. Separately, the company issued its first dividend. Over the last 12 months, GOOGL added 50.4%.
- Shares of Microsoft Corp (NASDAQ:MSFT) are up 6.1% in 2024, and looking to add to that with a 3.7% gain ahead of the open. The software giant's fiscal third-quarter earnings and revenue beat estimates, thanks to revenue from Azure and other cloud services.
- Intel Corp (NASDAQ:INTC) stock is 8.3% lower before the bell, on track extend a 30.1% year-to-date deficit. The semiconductor firm posted first-quarter revenue that missed expectations, and its second-quarter outlook came in below investors' estimates as well.
- Expect a host of earnings reports and plenty of employment data next week.
Barrage of Economic Updates in Japan
Asian stocks rose across the board, with Japan in focus amid currency, central bank, and inflation developments. The Nikkei added 0.8%, as the yen fell against the U.S. dollar in the wake of the Bank of Japan (BoJ) keeping interest rates steady. BoJ governor Kazuo Ueda noted that the weaker yen could be a reason to adjust monetary policy going forward. Meanwhile, Tokyo’s headline inflation data arrived at 1.8%, compared to 2.6% in March. Rounding out the region, resurgent tech stocks helped Hong Kong’s Hang Seng gain 2.1%, while China’s Shanghai Composite climbed 1.2% and South Korea’s Kospi tacked on 1.1%.
European bourses are also enjoying momentum, with tech and construction stocks leading the charge. London’s FTSE 100 was last seen up 0.5%, buoyed by a post-earnings move from lender NatWest. The French CAC 40 and German DAX are 0.4% and 0.8% higher, respectively, at last check.