IND - Nasdaq S&P Dow futures are unchanged; yields gain with more earnings due out

2023-04-17 07:37:58 ET

Stock futures were mostly unchanged on Monday morning while the earnings calander ramps up this week. Wall Street investors watched bank earnings post positive numbers on Friday and look ahead today towards figures from Bed Bath & Beyond ( BBBY ), Charles Schwab ( SCHW ) along with others.

Early on and Nasdaq futures ( NDX:IND ) were flat, while S&P futures ( SPX ) and Dow futures ( INDU ) both gained 0.1% .

In the bond market, Treasury yields have picked up. The longer end U.S. 10-Year Treasury yield ( US10Y ) was higher by 2 basis points to 3.54% and the shorter end 2-Year U.S Treasury yield ( US2Y ) had picked up 4 basis point to 4.14%. At the same time the dollar index ( DXY ) was also up by 0.1% as it trades near the 101.70 level.

Looking over at the economic calander and investors are awaiting data before the bell from the Empire State Manufacturing Survey, along with NAHB Housing Market Index data which comes after the start of trading.

Economists expect the Empire State Manufacturing Survey to come in at -18 as it previously provided a -24.6 reading.

NAHB Housing Market Index data is expected to arrive at 44 which would be in line to the previous report which also came in at 44.

Regarding earnings, Morgan Staley came out stated: “Consensus expects 5% sales growth but -8% earnings growth for 1Q as negative operating leverage cuts into margins. Estimates for 1Q23 have been lowered 15% from the 2022 peak with 6% of that reduction coming since the beginning of the year. Investor focus is likely to be on credit availability, consumer spending, margins, and forward guidance, in particular.”

Among active stocks, shares of Prometheus Biosciences jumped 70% after Merck agreed to acquire the clinical-stage biotech for $10.8B in cash.

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