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The S&P 500 futures are down 9 points and are trading 0.2% below fair value. The Nasdaq 100 futures are down 34 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 127 points and are trading 0.4% below fair value.
There’s a negative bias in the equity futures market after a big run so far in 2023. Entering today, the S&P 500, Nasdaq, and Dow are up 4.2%, 5.9%, and 3.5%, respectively, this year. So, this morning’s weakness is likely due to some profit-taking activity.
In addition, earnings reports from Morgan Stanley (MS), Goldman Sachs (GS), Silvergate Capital (SI), and Citizens Financial Group (CFG) are receiving mixed reactions from market participants.
Tesla (TSLA) is offering a measure of support to the equity futures market with a 2.4% gain while a sizable loss in Microsoft (MSFT) weighs on the broader market after Reuters reported Microsoft will likely receive a warning from the EU about its Activision (ATVI) purchase.
The IMF’s Managing Director Kristalina Georgieva told CNBC in an interview “…we expect growth to bottom out this year and 2024 to be a year in which we finally see the world economy on an upside.”
Germany’s ZEW Economic Sentiment survey (16.9 vs. expected -15.0; last -23.3) turned positive for the first time in nearly a year, reflecting a significant improvement in growth expectations.
China’s Q4 GDP came in better than feared at 0.0% quarter/quarter versus an expected 0.8% decline. China’s National Bureau of Statistics said that the Chinese economy has been stabilized in 2022 and an improvement is expected to take place in 2023.
Treasury yields are inching higher. The 2-yr note yield is up two basis points to 4.23%. The 10-yr note yield is up six basis points to 3.56%. The U.S. Dollar Index is flat at 102.17.
WTI crude oil futures are up 0.6% to $80.33/bbl and natural gas futures are up 5.9% to $3.83/mmbtu.
The Empire State Manufacturing Index fell to -32.9 in January (Briefing.com consensus -8.5) from -11.2 in December.
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Originally Posted January 17, 2023 – Poised for a lower start following mixed earnings reports
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