Market Overview

As we tiptoe into a new week, the stock market comes alive with prospects, akin to a musician harmonizing with a well-tuned instrument. Futures are on the ascent, with June S&P 500 E-Mini futures (ESM24) up +0.37% and June Nasdaq 100 E-Mini futures (NQM24) sporting a +0.54% growth. Investors are immersing themselves in recent inflation figures and eagerly eyeing U.S. labor market data, with a spotlight on the imminent nonfarm payrolls release come Friday.

Market Movers

In a tapestry of market movements, Wall Street’s recent performance was a blend of hues. The S&P 500 struck a high note, reaching new summits. Noteworthy climbs were witnessed, with Esteé Lauder (EL) soaring over +6%, spurred by Bank of America’s upbeat endorsement. Walgreens Boots Alliance (WBA) danced up more than +3% after a shining Q2 performance. RH (RH) stole the limelight, surging over +17% post a robust FY24 revenue forecast. On the flip side, MillerKnoll (MLKN) stumbled, dropping more than -18% following mixed Q3 results and subdued Q4 guidance.

Central Bank Insights

Fed Chair Jerome Powell’s melody resonated through the market as he shared insights on the U.S. economic symphony. Powell’s words, emanating from the San Francisco Fed, echoed optimism in line with February’s data. Caution lingers in the air, with Powell affirming the central bank’s prudent pace on rate adjustments. The stage is set for the upcoming FOMC meetings, with rate futures whispering of potential shifts but with a steady hand guiding the way.

Week Ahead

Drawing the curtain on the horizon, the week ahead promises a smorgasbord of economic morsels. Eyes are peeled for the U.S. Nonfarm Payrolls report come Friday, along with a cascade of additional data releases. Fed Chair Jerome Powell, accompanied by a chorus of other officials, is slated to grace the week with speeches and insights, painting a rich tapestry of economic discourse.

Global Market Update

Amidst the global market cacophony, Asia’s tune reverberates with China’s Shanghai Composite Index (SHCOMP) orchestrating a crescendo, Japan’s Nikkei 225 Stock Index striking a contrasting note. China’s economic sonnet, lauded by signs of revival, paves the way for market exuberance. Fortune favors the bold as Jonjee Hi-tech Industrial & Commercial waltzes into the spotlight, resurfacing with profits and a heartening tale for investors in shifting tides.

For the first time in four quarters, Chip-related, financial, and automobile stocks underperformed on Monday. The Bank of Japan’s closely-watched tankan survey revealed that sentiment among large Japanese manufacturers deteriorated during the three months to March, marking a significant decline in automaker sentiment. However, large Japanese non-manufacturers experienced a surge in business sentiment, reaching levels unseen in over three decades in the first quarter. Amidst these dynamics, Japanese Finance Minister Shunichi Suzuki warned against excessive yen depreciation on Monday, highlighting speculative currency market activities misaligned with economic principles.

Market Performance

CyberAgent faced a downfall of over -3% after announcing the anticipation of reversing a 3.3 billion yen extraordinary loss linked to Realgate’s market value decline, a company in which CyberAgent holds a stake. On the other hand, the Nikkei Volatility, reflecting the implied volatility of Nikkei 225 options, closed up by +5.82% to 19.65.

Japanese Tankan Survey Results

The Japanese Tankan Large Manufacturers Index surpassed expectations, standing at 11 in the first quarter. Simultaneously, the Japanese Tankan Large Non-Manufacturers Index soared to 34 in the first quarter, outperforming projections of 31.

Pre-Market U.S. Stock Movements

In pre-market trading, Torrid Holdings (CURV) climbed over +13% following a strong Q4 financial report, whereas Applied Therapeutics (APLT) experienced a decline of more than -14% after the U.S. FDA extended the review period for their New Drug Application for govorestat by three months.

AT&T (T) saw a pre-market fall of over -1% due to a data breach affecting millions of account holders, while Cameco (CCJ) rose by more than +1% after Goldman Sachs initiated coverage with a Buy rating and a $55 price target. Additionally, Devon Energy (DVN) surged over +2% after Wells Fargo upgraded the stock, and Bill (BILL) slid more than -3% following a downgrade by Wells Fargo.

You can explore more pre-market stock movement details here

Today’s U.S. Earnings Spotlight

Highlighted earnings for Monday, April 1st, include PVH (PVH), Sigma Lithium Resources (SGML), Ast Spacemobile (ASTS), Nano X (NNOX), Microvast Holdings (MVST), Natural Gas Services (NGS), Omeros (OMER), Sachem Capital (SACH), and Escalade (ESCA).

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Disclaimer: Oleksandr Pylypenko has no positions in the mentioned securities. The information provided here is for informational purposes only. Please refer to the Barchart Disclosure Policy for more details.

The opinions expressed in this article are solely those of the author and may not reflect the views of Nasdaq, Inc.