June 18, 2024

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U.S. Stocks May Give Back Ground Following Recent Strength

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After moving sharply higher over the past several sessions, stocks may move back to the downside in early trading on Thursday. The major index futures are currently pointing to a slightly lower open for the markets, with the S&P 500 futures down by 0.1 percent.

A negative reaction to earnings news from Walmart (WMT) may weigh on the markets, with the retail giant plunging by 6.1 percent in pre-market trading.

Walmart reported better than expected fiscal third quarter results but forecast full-year earnings toward the low end of analyst estimates.

Networking giant Cisco Systems (CSCO) is also seeing substantial pre-market weakness after reporting fiscal first quarter results that beat estimates but cutting its full-year revenue forecast.

However, the futures regained some ground following the release of the latest batch of U.S. economic data, including a Labor Department report showing jobless claims climbed by much more than expected in the week ended November 11th.

The Labor Department said initial jobless claims rose to 231,000, an increase of 13,000 from the previous week’s revised level of 218,000.

Economists had expected jobless claims to inch up to 220,000 from the 217,000 originally reported for the previous week.

A separate report from the Labor Department showing U.S. import and export prices both fell by more than expected in the month of October may also add to recent optimism about inflation and the outlook for interest rates.

The report said import prices slid by 0.8 percent in October after climbing by an upwardly revised 0.4 percent in September.

Economists had expected import prices to decrease by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.

Meanwhile, the Labor Department said export prices slumped by 1.1 percent in October after rising by a downwardly revised 0.5 percent in September.

Export prices were expected to decline by 0.5 percent compared to the 0.7 percent increase originally reported for the…



2023-11-16 08:50:18

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