- Wall Street indices slightly reduce yesterday's losses at the open
- Dollar loses, erasing yesterday's gains
- Bond yields rise
The last day of this week brings a slight recovery after yesterday's strong PMI readings. Following the publication of the macro report, we observed a return of capital to safe-haven assets like the dollar, and declines in stock indices and cryptocurrencies. Even better quarterly data published by Nvidia after Wednesday's session did not improve sentiment.
However, today, despite the shifting expectations regarding the first interest rate cuts, we see gains in stock indices again. The US500 is up 0.40% at the time of publication, returning above 5300 points, and the US100 is trading 0.50% higher around 18770 points. The recovery is supported by the weakening dollar, which is the weakest G10 currency today. The dollar index is down 0.25%, erasing all of yesterday's gains after strong US PMI readings.
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Source: xStation 5
US500
In the case of US500 contracts, the recovery is slightly smaller than that of the dollar. The US500 is up 0.40%, returning above 5300 points. Nevertheless, the most important resistance level for bulls remains around 5350.
Source: xStation 5
Company News:
Deckers Outdoor (DECK.US) surged nearly 13% following strong Q1 results. Total sales for the quarter increased by 21.2% year-over-year, with the UGG brand up 14.9% and the HOKA brand up 34.9%. For FY2025, the company expects sales to rise by 10% to $4.7 billion, with an anticipated EPS of $29.50 to $30.00.
Ross Stores (ROST.US): Ross Stores shares increased by 7.80% after reporting better-than-expected Q1 results and raising the FY2024 outlook. The company maintained its comparable sales growth forecast of 2% to 3% and projected EPS for the year to be $5.79–$5.98 per share, up from earlier guidance of $5.56. For Q2, comparable store sales are expected to increase by 2% to 3%, with an EPS range of $1.43 to $1.49.
Restaurant Brands International (QSR.US) gains 1.00% after Burger King announced it would bring back its $5 value meal in April, amid increased promotional offers in the fast-food industry. This move comes as McDonald's plans to launch its own $5 value meal in June, aiming to attract consumers back to their stores.
Lucid Group (LCID.US) gains also 1.00% after the luxury electric vehicle maker announced a restructuring plan. This plan involves reducing the workforce by 6%, or approximately 400 employees. CEO Peter Rawlinson emphasized the need to remain vigilant about costs while working towards delivering the world's best SUV and expanding their total addressable market.
Workday (WDAY) dips by 11% despite better-than-expected Q1 earnings, after the company lowered its FY2025 subscription revenue outlook to $7.7 billion-$7.725 billion, down from $7.73 billion-$7.78 billion. The company anticipates Q2 subscription revenue to be $1.895 billion and projects an adjusted operating margin of 24.5%.
Source: xStation 5
Intuit (INTU.US) fell by 7.60even though the company exceeded expectations in FQ3 and provided an optimistic revenue outlook for FQ4, forecasting 13%–14% growth to $3.06 billion–$3.10 billion. However, the company's adjusted EPS outlook for FQ4 was revised down to $1.80–$1.85, below the consensus estimate of $1.92.
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