Upcoming Earnings and Reports
Stock Market News Today
S&P/Case-Shiller House Price Index Impact over the Market
U.S. Stock Indices Performance
U.S. stock indices are showing mixed performance today amid the release of new economic data. The latest updates have impacted investor sentiment and market movements.
- Dow Jones Industrial Average (DJIA): Gained 0.04% in futures trading this morning.
- S&P 500 (SPX): Down 0.05% in futures trading this morning.
- Nasdaq Composite: Down 0.02% in futures trading this morning.
Yesterday, the DJIA increased by 0.67%, while the S&P 500 and Nasdaq Composite declined by 0.31% and 1.09%, respectively. The decline was driven by significant drops in major technology stocks like Nvidia (NVDA), Super Micro Computer (SMCI), Qualcomm (QCOM), and Broadcom (AVGO).
Key Economic Data
S&P/Case-Shiller House Price Index:
- April Year-over-Year: Home prices increased by 7.2%, exceeding the expected 7%.
- Month-over-Month: Prices rose by 1.4%, following a 1.6% increase in the previous month.
Consumer Confidence:
- June Reading: Came in at 100.4, slightly above the forecast of 100 but lower than May's reading of 101.3.
- Historical Context: Consumer confidence has fluctuated within a sideways trading range over the past two years, and the June 2023 reading was 110.1.
Sector-Specific Updates
Technology Sector:
- Major Sell-Off: A significant sell-off in semiconductor and AI stocks affected the broader market.
- Notable Declines: Nvidia (NVDA) fell by 7%, Super Micro Computer (SMCI) by 8.7%, Qualcomm (QCOM) by 5.5%, and Broadcom (AVGO) by 4%.
After-Market Activity:
- Pool Corp. (POOL): Stock dropped by 11% after lowering its full-year earnings outlook.
- SolarEdge Technologies (SEDG): Fell by 13% due to plans to issue $300 million in convertible notes.
Upcoming Earnings and Reports
Investors are eagerly anticipating several key economic reports and earnings releases today:
- Economic Reports: Consumer Confidence for June, the Richmond Fed Index, and the House Price Index.
- Earnings Releases: FedEx (FDX), Carnival (CCL), and TD SYNNEX (SNX) are scheduled to announce quarterly results.
Treasury Yields and Commodities
- U.S. 10-Year Treasury Yield: Currently around 4.24%.
- WTI Crude Oil Futures: Trading lower, near $81.59 per barrel.
International Markets
European Stocks:
- Opened lower as investors remain cautious following the U.S. tech sell-off.
Asia-Pacific Markets:
- Mixed Performance:
- China: Stock market closed lower due to global semiconductor and AI stock declines. Shenzhen Component and Shanghai Composite indices fell by 0.44% and 0.83%, respectively.
- Japan: Major indices rose with the Nikkei up 0.95% and Topix up 1.72%, supported by a slowdown in service producer inflation in May.
- Hong Kong: Hang Seng index slightly increased by 0.05%.
Summary
Today's stock market activity reflects mixed performance amid the release of significant economic data and continued volatility in the technology sector. Investors are closely monitoring economic indicators and corporate earnings reports to gauge market direction. The recent tech sell-off has had a global impact, influencing both U.S. and international markets.