Stocks futures were little changed Tuesday morning, indicating Wall Street was taking a breather from the regular session’s monster rally, after a trifecta of good news propelled the Dow and S&P 500 Index to their best day in over a month.
The Dow popped into slightly positive territory Tuesday morning after Walmart shares rose on the back of strong quarterly results. However, this was outweighed by declines in shares of peer Dow components including Home Depot, which fell after reporting weaker than expected quarterly profit.
Moderna’s (MRNA) success with a potential coronavirus vaccine converged with more states reopening and the Federal Reserve pledging more support for the recovery to boost blue-chips and tech stocks. The S&P 500 closed at its highest in over two months.
States and cities are gradually relaxing restrictions that have sent the economy into a tailspin. The cautious moves have been enough to spark market hopes for a relatively brisk economic revival, and along with the potential for an effective COVID-19 treatment, have been enough to blunt the impact of ugly U.S. economic data.
Elsewhere, traders have decided not to fight the Federal Reserve, which insists it still has the ammunition to backstop the economy, even as it’s already pledged trillions at the market to contain the coronavirus fallout. Federal Reserve Chairman Jerome Powell said the central bank can still do more to soften the economic blow of the coronavirus pandemic, telling CBS’s 60 Minutes that a recovery is possible in the second half of the year.
“There's a lot more we can do,” Powell said. “We've done what we can as we go. But I will say that we're not out of ammunition by a long shot.”
The brisk rally that’s carried stocks off March’s multi-year lows has made some analysts nervous that investors are being too optimistic, given that there’s neither an approved coronavirus treatment or vaccine on the immediate horizon.
The plunge in consumer spending has been amplified by the unprecedented loss of jobs, highlighted by the latest report on initial unemployment claims, which on Thursday showed a greater than expected 2.981 million Americans filed for first-time unemployment benefits last week. This brought the total number of new claims filed since the week ended March 20 to a staggering 36.5 million.
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8:30 a.m. ET: Housing starts hit lowest level since 2015 in April
Housing starts tumbled more than expected in April, signaling a persistently tough housing market amid the coronavirus pandemic.
New housing starts fell by 30.2% over March to a seasonally adjusted annual rate of 891,000, or the lowest level since February 2015. Consensus economists had expected housing starts to drop by 26% to 900,000. March’s starts were revised up to 1.276 million, constituting an 18.6% decline over the prior month.
Building permits, which serve as a proxy for future home-building, also fell in April over March, but at a slower pace than expected. These dropped 20.8% to a seasonally adjusted annual rate of 1.074 million, versus a drop of nearly 26% to 1 million expected. This extended a 5.7% month-over-month decline in building permits in March.
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7:43 a.m. ET: Stock futures hug the flat line, paring earlier losses after mixed earnings
Here were the main moves in markets, as of 7:43 a.m. ET Tuesday:
S&P 500 futures (ES=F): down 3.25 points, or 0.11%, to 2,944.75
Dow futures (YM=F): up 8 points, or 0.03%, to 24,515.00
Nasdaq futures (NQ=F): up 11.25 points, or 0.12%, to 9,336.75
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7:33 a.m. ET: Home Depot delivers weak profit growth despite strong sales, suspends full-year guidance
Home Depot (HD) reported stronger than expected quarterly comparable sales growth, with this metric rising 6.4% versus 4.5% expected.
However, the home improvement giant’s bottom-line results missed expectations, with earnings per share of $2.08 short of estimates by 17 cents, and EBITDA falling about 11% over last year. This came as Home Depot incurred pre-tax expenses of about $850 million to roll out coronavirus-related new measures to support associates, including adding additional paid time off and weekly bonuses for hourly workers in stores and distribution centers.
Home Depot also joined a host of other companies in withdrawing its full-year guidance, citing a lack of visibility due to the coronavirus.
“While sales trends were strong at the end of the first quarter and into the first two weeks of the second quarter, as a result of the uncertainty related to the duration of Covid-19 and its impact on the broader economy, the Company is suspending its previously communicated fiscal 2020 guidance,” the company said in a statement.
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7:23 a.m. ET: Walmart posts better than expected Q1 sales, profit; stock nears record high
Walmart (WMT) posted first-quarter results that topped consensus expectations on both the top and bottom lines, as the retailer benefited from a consumer run on home goods sparked during the coronavirus pandemic.
Adjusted earnings per share of $1.18 on revenue of $134.6 billion each beat estimates, which were for adjusted EPS of $1.12 and sales of $132.48 billion. U.S. comparable same-store sales, excluding gas, grew 10%, or better than the 8.6% rise expected.
E-commerce sales surged 74% during the first-quarter, with both online grocery pickup and delivery services contributing to the gain.
Shares of Walmart jumped about 5% to about $134 per share shortly after reporting results. The gains, if held into the regular session, would mark a fresh record high for the stock.
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7:09 a.m. ET Tuesday: Stock futures slip, indicating lower open
Here were the main moves in markets, as of 7:11 a.m. ET Tuesday:
S&P 500 futures (ES=F): down 11.5 points, or 0.39%, to 2,936.50
Dow futures (YM=F): down 90 points, or 0.37%, to 24,417.00
Nasdaq futures (NQ=F): down 12.25 points, or 0.13%, to 9,313.25
Crude (CL=F): +$0.77 (+2.42%) to $32.59 a barrel
Gold (GC=F): +$2.40 (+0.14%) to $1,736.80 per ounce
10-year Treasury (^TNX): -2.3 bps to yield 0.719%
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6:00 p.m. ET Monday: Stock futures flatten after big rally
Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:15 p.m. ET:
S&P 500 futures (ES=F): 2,946.00, off -2.00 (-0.07%)
Dow futures (YM=F): 24,507.00, flat
Nasdaq futures (NQ=F): 9,332.50+7.00 (+0.08%)
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https://news.google.com/__i/rss/rd/articles/CBMiU2h0dHBzOi8vY2EuZmluYW5jZS55YWhvby5jb20vbmV3cy9zdG9jay1tYXJrZXQtbmV3cy1saXZlLW1heS0xOS0yMDIwLTIyMTYzNDQyNC5odG1s0gFbaHR0cHM6Ly9jYS5maW5hbmNlLnlhaG9vLmNvbS9hbXBodG1sL25ld3Mvc3RvY2stbWFya2V0LW5ld3MtbGl2ZS1tYXktMTktMjAyMC0yMjE2MzQ0MjQuaHRtbA?oc=5
2020-05-19 11:44:00Z
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