tl;dr
Stock index futures climbed up on Thursday, a day after Qualcomm's (QCOM) results impressed investors, and Fed chief Jerome Powell's comments on the monetary policy leaned towards being dovish. S&P 500 futures (SPX) 0.6%, Nasdaq 100 futures (US100:IND) 1%, and Dow futures (INDU) 0.4%. Qualcomm (Q...
Stock index futures climbed up on Thursday, a day after Qualcomm's (QCOM) results impressed investors, and Fed chief Jerome Powell's comments on the monetary policy leaned towards being dovish. S&P 500 futures (SPX) 0.6%, Nasdaq 100 futures (US100:IND) 1%, and Dow futures (INDU) 0.4%. Qualcomm (QCOM) also fed into the investor sentiment, as it offered better-than-expected guidance on top of strong second-quarter results. But DoorDash (DASH) dragged, falling 12.1% in extended trading despite coming in ahead of consensus expectations with most of its key Q1 metrics. The 10-year Treasury yield (US10Y) fell 3 basis points to 4.62%. The 2-year yield (US2Y) dropped 2 basis points to 4.95%. The Fed said it plans to slow the pace of its balance sheet runoff and Powell pretty much ruled out the possibility of a rate hike as the next policy move. The interest rates also remained unchanged. The balance sheet plans were seen as dovish and helped offset other remarks from Powell that suggested policymakers had not gained enough confidence that inflation was heading towards their 2% target. Stocks rallied as Powell spoke, but the gains evaporated in the last half hour of trading. "The main flashes from the Fed last night were that while the FOMC made several hawkish tweaks, Powell signaled that rate hikes remained unlikely and the Fed announced a slightly-larger-than-expected slowing of QT," said Deutsche Bank's Jim Reid. It's hard to say it was a dovish meeting but given the recent inflation prints it could have been a lot more hawkish, Reid added. "Demand for liquidity was slowing significantly after the pandemic, requiring the Fed to shrink its balance sheet to match. Liquidity demand is now slowing less, so the Fed’s balance sheet can shrink more slowly," UBS's Paul Donovan said. "It seems that rather more investors than we thought were positioned for a serious hawkish pivot, which didn't happen," said Pantheon Macroeconomics. Traders are also bracing for Apple's (AAPL) Q2 earnings, slated to land after the bell. On the economic front, the Challenger job-cut report and initial jobless claims are expected before the bell, and the economists expect the latter to rise to 212K. The Q1 nonfarm productivity is also due before market hours, and is forecasted to come at 0.8% on a quarterly basis. The March trade balance will also hit at the same hit, and is expected to show a deficit of $69.50B. "We will lose no sleep over today's productivity report, which likely will show that nonfarm output per hour fell at a quarter-on-quarter annualized rate of about 0.5% in Q1," Pantheon Macro added.
More about Qualcomm Incorporated
Qualcomm Incorporated Summary Qualcomm Incorporated is an American multinational corporation headquartered in San Diego, California, and incorporated in Delaware. It creates semiconductors, software, and services related to wireless technology. It owns patents critical to the 5G, 4G, CDMA2000, TD-SCDMA and WCDMA mobile communications standards.
Sector: Manufacturing
Industry: Radio & TV Broadcasting & Communications Equipment
Market Cap: $183.15 billion
Current Price: $23.38
Price Change: $3.15 ( 7.02%)
52-Week Range: $32.53
Dividend Yield: 0.214
Revenue: $36.29 billion
EPS: $171.75
P/E Ratio: 0.245
Beta: 0.05
More about DoorDash Inc. Class A Common Stock
DoorDash Inc. Class A Common Stock Analysis DoorDash Inc. Class A Common Stock Analysis Summary
Company Overview: DoorDash, Inc. operates a logistics platform that connects merchants, consumers, and merchants in the United States and internationally. The company is headquartered in San Francisco, California.
Industry: TRADE & SERVICES
Sector: SERVICES-BUSINESS SERVICES, NEC
Stock Symbol: 52694446000
Previous Close: -1.42
Current Price: 21.98
Price Change: -0.0646
Market Cap: $8,635,000,000
52-Week High: 137.48
52-Week Low: 0
Relative Strength Index (RSI): 0.267
More about Apple Inc
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