Market Highlights π‘- 25 April 2024
* Global markets gain modestly as investors digest quarterly results
πΊπΈ S&P 500: 0.02% π
πΊπΈ Nasdaq: 0.10% π
πͺπΊ STOXX 600: -0.40% π
π―π΅ Nikkei 225 Index: 2.42% π
ππ° Hang Seng Index: 2.21% π
π¨π³ CSI 300 Index: 0.44% π
* U.S. markets were broadly higher on Wednesday, with the S&P 500 and Nasdaq Composite inching up 0.02% and 0.1%, respectively, as investors weighed the rise in U.S. Treasury yields amid positive corporate earnings, especially for technology giants rise.
* Asia-Pacific stocks broadly closed higher, with the CSI 300 and Hang Seng Composite rising 0.4% and 2.2%, respectively, as investors bet a recovery in corporate earnings will boost valuations ahead of a slew of company results this month.
π‘ Future events: π‘
* On Thursday we will release US unemployment claims and the merchandise trade balance.
* At the end of the week, Japan's Tokyo core consumer price index annual rate, Bank of Japan policy rate and U.S. core personal consumption expenditures price index monthly rate, University of Michigan consumer confidence index revised version will be released
π‘ Things you need to know today: π‘
1. The U.S. Senate overwhelmingly passed a bill that would ban TikTok's parent company, Chinese tech company ByteDance, from spinning off the popular short-video app within the next nine months to a year to ban TikTok from operating in the United States.
Tik Tok Ban?
2. Texas Instruments $Texas Instruments(TXN)$ soared on Wednesday, pushing chip stocks higher on optimism that chip demand will rebound after a long decline and the company forecast a strong second-quarter earnings.
Texas Instruments
3. Boeing $Boeing(BA)$ announced its first quarterly revenue decline in seven quarters, but the company beat Wall Street's downward forecasts after a mid-air accident in January slowed production of its best-selling jet.
Boeing
4. Meta $Meta Platforms, Inc.(META)$
Meta
5. Taiwan Semiconductor Manufacturing Co. $Taiwan Semiconductor Manufacturing(TSM)$ announced plans to begin production of a new chip manufacturing technology called "A16" in the second half of 2026, competing with long-time rival Intel $Intel(INTC)$ to produce the world's fastest chips.
β KEY TAKEAWAYS:
Investors are focused on company quarterly earnings, especially those of large-cap growth stocks, as well as first-quarter gross domestic product data on Thursday and March personal consumption expenditures (PCE) on Friday.
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