- Wall Street indices are trading mostly lower today, snapping a 4-day rally. S&P 500 drops 0.1%, Nasdaq trades 0.3% lower and small-cap Russell 2000 declines 0.8%. Dow Jones gains 0.2%
- Earnings reports continue to be key drivers of moves on US stocks
- Among today's post-earnings movers one can find ZoomInfo Technologies (-26%), Shopify (-19%), Uber Technologies (-8%) or Arista Networks (+7%)
- ARM Holdings and Airbnb are among companies scheduled to report results after Wall Street session closes today
- European stock market indices traded mostly higher today - German DAX gained 0.3%, UK FTSE 100 moved 0.5% higher, while French CAC40 rallied 0.7%
- SEK weakened after Riksbank announced a 25 basis point rate cut, in-line with expectations. The main Swedish interest rate was cut from 4.00 to 3.75%, the lowest level since Q2 2023. It was also the first Riksbank rate cut since early-2016
- Fed Collins said that monetary policy is moderately restrictive right now, but expects that demand will need to slow to get inflation to 2% target
- ECB Wunsch said he sees a path to start lowering rates this year
- According to Tokyo TV, Japan intervened twice on the FX market last week
- New Atlanta Fed GDPNow estimate for Q2 2024 came in at 4.2%, up from previous 3.3%
- German industrial production declined 0.4% MoM in March (exp. -0.6% MoM). On an annual, work-day adjusted basis production was 3.3% YoY lower, following a 5.3% YoY drop in February
- Spanish industrial production declined 1.2% YoY in March, following a 1.3% YoY increase in February
- Italian retail sales were flat month-over-month in March (0.0% MoM), in spite of an expected 0.2% MoM increase
- DOE report showed a 1.36 million barrel drop in US oil inventories (exp. -1.2 mb), a 0.92 million barrel build in gasoline inventories (exp. -1.4 mb) and a 0.56 million barrel build in distillate inventories (exp. -1.2 mb)
- Major cryptocurrencies traded lower today - Bitcoin drops 1%, Ethereum declines 1.5%, Ripple trades 1.1% lower and Dogecoin moves 2.7% lower
- Energy commodities trade mixed - US natural gas prices drop 2%, while oil trades 0.5% higher after recovering from earlier declines
- Precious metals trade mostly higher - gold gains 0.1%, silver adds 0.6% and platinum trades 0.4% higher. Palladium declines over 2%
- CHF and USD are the best performing major currencies, while JPY and AUD lag the most
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