tl;dr
Stock index futures edged up on Friday, with Nasdaq 100 futures leading the pack helped by a boost from Alphabet's (GOOGL) and Microsoft's (MSFT) quarterly results, while investors brace for key inflation data later today. S&P 500 futures (SPX) 0.7%, Nasdaq 100 futures (US100:IND) 1.1%, and Dow fu...
Stock index futures edged up on Friday, with Nasdaq 100 futures leading the pack helped by a boost from Alphabet's (GOOGL) and Microsoft's (MSFT) quarterly results, while investors brace for key inflation data later today. S&P 500 futures (SPX) 0.7%, Nasdaq 100 futures (US100:IND) 1.1%, and Dow futures (INDU) 0.1%. The 10-year Treasury yield (US10Y) down 2 basis points to 4.69%. The 2-year yield (US2Y) unchanged at 5.00%. Investor sentiment improved on Friday as Big Tech seemed to head towards a recovery after Google-owner Alphabet (GOOGL) and Microsoft (MSFT) both beat Q1 top and bottom line estimates after the bell on Thursday on AI strength. GOOGL was up 11.7%, while GOOG up 11.4% in premarket trade, and MSFT was up 4.1%. "It’s been a volatile 24 hours in markets, but in spite of a selloff yesterday, there’s increasing positivity this morning thanks to strong results from Microsoft and Alphabet," said Deutsche Bank's Jim Reid. Investors will now keep their eyes peeled on the March core personal consumption expenditures price (PCE) index - the Federal Reserve's preferred inflation gauge - scheduled to be released before the bell. Economists expect the index to rise 2.6% year-over-year, and 0.3% on a monthly basis. Q1 GDP data released on Thursday showed "the worst of both worlds" - decelerating economic growth and sticky inflation. While GDP rose at its slowest pace in two years, Q1 PCE price index came in much hotter. "Whichever way you crunch the numbers, this clearly isn't the sort of inflation momentum where the Fed could be comfortable cutting rates," said Reid. "Markets struggled yesterday, as challenging data and poor earnings led to a notable selloff. That meant investors pushed back the timing of rate cuts yet again." The inflation picture will probably not be getting better any time soon, with markets expecting Friday's March PCE deflator print surprising to the upside. "Markets exhibited a naïve belief in the accuracy of economic data yesterday. Q1 GDP will probably be revised stronger and hinted at future consumer strength. The data does put more focus on today’s personal spending figures - and in particular the personal consumer expenditure deflators," said UBS' Paul Donovan.
More about Alphabet Inc Class A
Alphabet Inc. Class A Summary Alphabet Inc. Class A Summary
Alphabet Inc. is an American multinational conglomerate headquartered in Mountain View, California. It was created through a restructuring of Google on October 2, 2015, and became the parent company of Google and several former Google subsidiaries. The two co-founders of Google remained as controlling shareholders, board members, and employees at Alphabet. Alphabet is the world's fourth-largest technology company by revenue and one of the world's most valuable companies.
Key Financials
Sector: Technology
Services: Computer Programming, Data Processing, etc.
Market Cap: $1,989,634,294,000
PE Ratio: 27.48
Dividend Yield: None
EPS: 5.79
52-Week High: $1,166.71
52-Week Low: $0.56
Volume: 307,393,987,000
Beta: 1.35
More about Microsoft Corporation
Microsoft Corporation is an American multinational technology company which produces computer software, consumer electronics, personal computers, and related services. Its best known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite, and the Internet Explorer and Edge web browsers. Its flagship hardware products are the Xbox video game consoles and the Microsoft Surface lineup of touchscreen personal computers. Microsoft ranked No. 21 in the 2020 Fortune 500 rankings of the largest United States corporations by total revenue; it was the world's largest software maker by revenue as of 2016. It is considered one of the Big Five companies in the U.S. information technology industry, along with Google, Apple, Amazon, and Facebook.
Industry: TECHNOLOGY
Sector: SERVICES-PREPACKAGED SOFTWARE
Market Cap: 303.95 billion
Current Price: $37.05
Change: 2.86
Change (%): 11.04%
Volume: 30.61 million
EPS: $0.363
Shares Outstanding: 2.275 billion
Float: 462.44 million
Short Interest: 0.332
Short Ratio: 0.176
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.