- Summary:
- Nasdaq futures continues higher after sharp gains yesterday as it is helped by strong earnings reports from some of the major technology companies.
Nasdaq futures continues higher after sharp gains yesterday as it is helped by robust earnings reports from some of the major technology companies. Tesla, Facebook and Microsoft rallied on better earnings while Google earnings came mixed, but the stock also pushed higher.
US weekly jobless claims came in at 3.84 million below the market consensus of 4 million, and now the total jobless claims have surpassed 30 million in the last 6 weeks. The Continuing Jobless Claims came in at 17.992M below the forecasts of 19.238M on April 17. Another hit came from personal spending, which fell 7.5% in March marking the biggest monthly fall in 60 years. Market expectations were for a drop of 5%; the previous reading was at 0.2%.
The US Gross Domestic Product for the first quarter came in at -4.8% below the market expectations of -4.0%. That was the first negative quarter since Q1 2014 and signalled the start of the recession, while the second quarter would be worse than the first. The Personal consumption slumped -7.6% below the forecasts of -3.6.
The Dow Jones futures are 0.55% lower at 24,428. The Nasdaq futures are 0.22% higher at 9,056 while the S&P futures are 0.50% lower at 2,925.
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European Stocks Retreat As ECB Keeps Rates Unchanged
European markets retreat today after the ECB kept the interest rates unchanged as was widely expected by analysts. ECB announced new refinancing operations in May as the eurozone GDP fell by 3.8% in the Q1. The Eurozone March unemployment rate came in at 7.4% below the expectations of 7.8%. DAX Index is 0.90% lower at 11,001. The CAC 40 is 0.68% lower at 4,638. The FTSE Mib is 1.01% lower at 17,886. Italy’s first-quarter GDP came in at -4.7% below the expectations of -5.4%. FTSE 100 is 1.65% lower at 6,014.
Cryptocurrencies Mixed but Bitcoin Trades Higher
Cryptocurrencies are trading mixed by midday. Ripple price is 3.72% lower at 0.2184 Bitcoin price pare gains bulls in control above $8,500. Ethereum is 1.81% lower at 211.76, while Litecoin is 3.62% higher at 47.08.
Crude Oil Price Extend Gains
Brent crude oil price is 10.17% higher at $22.54 as the partial reopening of the economy would increase demand. The WTI June delivery futures rallies to $17.35 per barrel adding over 17%. Gold price retreat as risk appetite returns to markets while the Silver price is 2.48% lower at $14.87.
In the foreign exchange markets, South African rand gains steam amid S&P rate downgrade. EUR/USD is 0.02% higher at 1.0873. USDCHF is 0.18% lower for the second day at 0.9715. NZDUSD is 0.03% lower at 0.6131. AUDUSD is 0.51% lower at 0.6519. Japanese yen is stronger against the greenback. Canadian dollar off the rails as 3 catalysts push crude oil price higher.