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Pre-market futures are back down this morning, keeping the tone of a flattish trading week in positive territory but off Tuesday afternoon’s highs. The Dow is -271 points at this hour, -0.55%, while the S&P 500 and Nasdaq are both -0.31% — -22 points and -84 points, respectively. The small-cap Russell 2000 is currently -2 points, -0.06%.
The head of the U.S. Navy is stepping down “effective immediately” as skirmishes continue in the Strait of Hormuz today. It’s tempting to blame these occurrences on the temporary setback in equities futures, but the complexities in the Iran war continue to mount. We’re supposedly in a cease-fire position, but the Strait remains blocked by both Iranian and U.S. forces. It may be a while before all this is sorted out.
Weekly Jobless Claims Tick Up, Still in Good Shape
Thursday morning brings us the latest Initial Jobless Claims numbers, which ticked up to 214K from the expected 212K, and up a tad from the slightly upwardly revised 208K the prior week. From the December holiday season until now, we’ve definitely seen a step down in weekly jobless claims, below 220K. That said, this is the second week in a row on new claims increases.
Continuing Claims are also up two straight weeks, to 1.821 million from 1.809 million reported a week ago. These are still levels not seen since the lows back in September of 2024, so while jobless claims are flowing up slightly, they are still at rates consistent with a healthy job market. We know from other employment data, however, that this is not necessarily the case.
Q1 Earnings Update: TSLA, AAL, AXP & More
After yesterday’s close, TeslaTSLA posted surprises on both top and bottom lines for its Q1, with earnings of $0.41 per share beating the Zacks consensus by a solid nickel, and up nicely from the $0.27 per share reported in the year-ago quarter. This marks the third quarter in the past four where Tesla has beaten earnings estimates.
Revenues of $22.39 billion in the quarter came in ahead of expectations by +2.12%, and beyond the $19.34 billion reported a year ago. The European market has been good for electric vehicles (EVs), both with Tesla and Chinese EV makers. However, paying for xAI is taxing Tesla’s numbers, and as a result shares are trading down -3% ahead of the open.
Mostly we saw earnings beats for the companies reporting this morning. American AirlinesAAL reported a 5-cent better-than-expected loss to -$0.40 per share in the quarter. American ExpressAXP posted a +6% earnings beat to $4.28 per share. NextEra EnergyNEE saw profits go up to $1.09 per share — an +11% beat, while HoneywellHON and Union Pacific RailwayUNP outpaced expectations by +6% and +2.8%, respectively.
After today’s close, we’ll hear from IntelINTC and gold miner Newmont Corp.NEM, among several others. The heart of Q1 earnings season is here!
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Large verified clinician network supports recurring subscription revenue, while workflow and AI adoption expand utility, though monetization remains early still.
Citigroup’s organizational overhaul, international consumer banking business exits to focus on core operations and rising NII will aid financials. Solid liquidity supports capital distributions.
Strategic alliances and Morgan Stanley’s increased focus on wealth and investment management are expected to aid growth. Enhanced capital distribution activities reflect a solid balance sheet.
Procter & Gamble faces mounting risks from tariffs, supply chain disruptions, and global instability, adding uncertainty to its fiscal 2026 outlook despite portfolio resilience.
Intensifying competition, headwinds pertaining to international exposure and high level of goodwill and intangible assets are major headwinds for Cadence.
Sherwin-Williams faces headwinds from a weak demand environment. The slowdown in housing markets may affect results. High interest expenses and input costs are also a concern.
American Eagle is well placed on cost-reduction efforts and brand progress. In the second half, the company expects to cycle tariffs and advertising investments.
Advertising scale, broader entertainment formats, and technology-led product upgrades support revenue growth while disciplined margins and buybacks add cash durability.
Broadcom is a leading player in the semiconductor market based on its expanding product portfolio, multiple target markets, accretive acquisitions and strong cash flow.
Strength in the Energy Generation/Storage business, balance sheet strength, and focus on autonomous driving, robotics and artificial intelligence are set to drive Tesla.
Align Technology’s robust product line, balanced growth across all channels and consistent focus on international markets to drive growth bolster our confidence in the stock.
AbbVie’s Skyrizi and Rinvoq, are performing extremely well, bolstered by approval in new indications, which should support top-line growth in the next few years.
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