Market Outlook 🚀 - Earnings season goes into full swing

Stock futures rising

Inside.com Part of   Network April 17, 2023

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S&P 500: Last week, the S&P 500 closed up for the fourth time in the past five weeks and has gained 8.20% year to date.   The Dow Jones: The index has gained 2.26% year to date after rising around 1% last week. It has closed up for four consecutive weeks. NASDAQ: The NASDAQ Composite was the worst-performing of the major indexes in 2022 but has gained 17% so far this year.

Earnings Season Major companies that will report earnings in the first few days of this week: Monday Morning: Charles Schwab Tuesday Morning: Goldman Sachs, Bank of America, and Johnson & Johnson Tuesday Evening: Netflix, United Airlines Wednesday Morning: Morgan Stanley Wednesday Evening: Tesla

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US Markets U.S. stock futures rose over the weekend, ahead of earnings announcements this week. Investors will scrutinize bank earnings to get a good sense of their financial health following last month's bank turmoil.  The results of JPMorgan Chase and Wells Fargo, which were released last week, beat expectations.  The current 10 Year U.S. Treasury yield is set at 3.51380% Dow Jones  33,886.47 -0.42% S&P 500  4,137.64 -0.21% Nasdaq  12,123.47 -0.35% Russell 2000 1,781.15 -0.86% *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.

Canadian Markets According to a report by Mercer Canada, millennial renters need to save 50% more than homeowners to fund their retirement. To earn a reasonable retirement income, millennials who rent need to save eight times their salary to retire by 68. Those who own a home need to save 5.25 times their salary and can retire at 65. The high cost of living and the decline in housing affordability has locked many millennials out of the housing market. The report is based on a hypothetical millennial worker with a $60,000 starting salary who saves 10% of their wages but notes that many people would struggle to save that much.  TSX  20,579.91 0.07% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

European Markets European stock markets closed higher on Friday as traders digested U.S. economic data and the start of earnings season. The Stoxx 600 index gained 0.53%.  Banking stocks led gains with a 3% increase after some U.S. banks reported better-than-expected earnings. Utilities fell 1.5%, dragging down markets. Investors are concerned about the health of the real estate market as high interest rates impact mortgage costs, which is putting downward pressure on house prices.  Euro STOXX 50  4,390.75 0.63% UK (FTSE 100)  7,871.91 0.36% Germany (DAX)  15,807.50 0.50% France (CAC 40) 7,519.61 0.52% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices rose early on Monday morning due to OPEC+'s plans to cut production.  Brent and U.S. West Texas Intermediate gained $0.17 and $0.14, respectively, in the early hours of trading.  The International Energy Agency forecasts record high demand in 2023 of 101.9 million barrels per day (bpd), up 2 million bpd from last year, but warns that OPEC+ output cuts that will kick in later this year could affect supply.  Investors will try to assess the health of the Chinese economy since the country is the world's second-largest importer of crude oil.  Oil (NYSEARCA:OIL) 31.25 0.74% Gold (NYSEARCA:GLD) 186.36 -1.77% Silver (NYSEARCA:SLV) 23.31 -1.81% Corn (NYSEARCA:CORN) 25.11 1.37% Lumber (NASDAQ:WOOD) 72.06 -1.27% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currency Exchange Rates The U.S. Dollar has risen from a one-year low amid increased expectations of another interest rate hike in May. China’s offshore yuan fell over 0.1% to 6.8807 per USD. Investors are pricing in an 81% chance of an interest rate hike at the next Federal Reserve meeting in early May.  The University of Michigan released a report showing that short-term inflation expectations are rising.  UK (GBP) £0.81 0.13% Europe (EURO) €0.91 1.11% Canada (Canadian Dollar) $1.34 -1.16% Japan (Yen) ¥133.97 0.11% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.

Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.  He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.  Let's Connect Editor Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade.

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