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To start the final trading day of an uncommonly volatile week — even as we now exist in a market with higher volatility overall — pre-market futures are down at this hour: the Dow is -130 points, the Nasdaq is -10 and the S&P 500 is down -13 points. The Dow is still positive for the month of April, but the Nasdaq has dropped -1.3% this week, and remains in the red for the month. The S&P is about breakeven.
After the market opens, we’ll see new PMI Manufacturing and Services data for April. Both metrics are expected to have notched down slightly, though we are off the January lows of the cycle and, barring a major surprise one direction or the other, should retain levels right near the median of the last 12 months. Production and delivery in the U.S. economy come in fairly clearly with these monthly reports.
Continuing the parade of Q1 earnings, American Express (AXP - Free Report) beat expectations on its bottom line by 12% with earnings of $2.73 per share, just a penny below the year-ago quarter. Revenues of $11.74 billion topped estimates by +0.43%. Chairman and CEO Stephen Squeri sees “continued business momentum,” and personal credit card use is up notably among Millennials. Shares are up modestly in early trading, and still up more than +10% year to date.
Verizon (VZ - Free Report) also posted Q1 results ahead of today’ open, with earnings of $1.35 per share exactly aligned with the Zacks consensus, making it three out of four positive surprises on the bottom line. Sales in the quarter came in at $33.55 billion, +0.51% from expectations and above the $328.78 billion reported in the year-ago quarter. Shares are selling the news, however, -3.5% ahead of the opening bell.
Next week, in addition to Q1 earnings season hitting full throttle, we’ll see an impressive number of economic reports, regarding housing and home prices, durable goods orders, weekly jobless claims and a big Personal Consumption Expenditure (PCE) report a week from today. All of this will be grist for the mill when the Fed reconvenes the following week.
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Volatile Markets Seek Positive Earnings Surprises
To start the final trading day of an uncommonly volatile week — even as we now exist in a market with higher volatility overall — pre-market futures are down at this hour: the Dow is -130 points, the Nasdaq is -10 and the S&P 500 is down -13 points. The Dow is still positive for the month of April, but the Nasdaq has dropped -1.3% this week, and remains in the red for the month. The S&P is about breakeven.
After the market opens, we’ll see new PMI Manufacturing and Services data for April. Both metrics are expected to have notched down slightly, though we are off the January lows of the cycle and, barring a major surprise one direction or the other, should retain levels right near the median of the last 12 months. Production and delivery in the U.S. economy come in fairly clearly with these monthly reports.
Continuing the parade of Q1 earnings, American Express (AXP - Free Report) beat expectations on its bottom line by 12% with earnings of $2.73 per share, just a penny below the year-ago quarter. Revenues of $11.74 billion topped estimates by +0.43%. Chairman and CEO Stephen Squeri sees “continued business momentum,” and personal credit card use is up notably among Millennials. Shares are up modestly in early trading, and still up more than +10% year to date.
Verizon (VZ - Free Report) also posted Q1 results ahead of today’ open, with earnings of $1.35 per share exactly aligned with the Zacks consensus, making it three out of four positive surprises on the bottom line. Sales in the quarter came in at $33.55 billion, +0.51% from expectations and above the $328.78 billion reported in the year-ago quarter. Shares are selling the news, however, -3.5% ahead of the opening bell.
Next week, in addition to Q1 earnings season hitting full throttle, we’ll see an impressive number of economic reports, regarding housing and home prices, durable goods orders, weekly jobless claims and a big Personal Consumption Expenditure (PCE) report a week from today. All of this will be grist for the mill when the Fed reconvenes the following week.