(News Bulletin 247) – The New York Stock Exchange is expected to open in the red on Thursday morning in a climate penalized by a new series of disappointing results from big names in the stock market, including Tesla and AT&T.
Half an hour before the opening, futures on major US indices fell 0.5% to 0.8%, suggesting a difficult start to the session.
Investors are very unfavorable to the latest publication from Tesla, which unveiled last night a quarterly turnover in line with expectations, but disappointed in terms of its margins and its operating profit.
Futures contracts indicate that the title of the American automaker specializing in electric vehicles should drop more than 8% in early trade.
‘The group had assured that its gross margin would remain above 20%, but it fell back below this threshold in the first quarter’, worries a trader.
‘And things should not work out in view of the price cuts recently announced by the manufacturer,’ he continues.
Another unconvincing publication, AT&T announced this morning that its free cash flow had dried up sharply over the first three months of the year, with a division by more than two.
Following the publication of these figures, the title lost more than 5% in pre-market quotations.
On the macroeconomic front, investors became aware, one hour before the opening, of several statistics which had only a moderate impact on the markets.
Expected to rise slightly, the Philadelphia Fed index plunged from -23.2 in March to -31.3 this month, to return to its lowest level since May 2020.
The weekly jobless claims increased by 5,000 the week of April 10 to stand at 245,000 against 240,000 the previous week, which confirms that the job market is easing a little.
Renewed concerns about the health of the economy and corporate results weighed on oil prices, which fell 1.7% to 77.8 dollars despite the weakening of the greenback.
As for rates, the yield on 10-year Treasuries fell sharply, around 3.54%, in a context of return of risk aversion which is benefiting safe havens.
Wall Street will react at the start of the session to two new activity indicators, namely the index of leading indicators from the Conference Board as well as sales of existing homes.
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