Futures suggest Wall Street will halt a four-day losing streak as Apple gains after results
Stock futures on Friday point to Wall Street snapping a four-day losing streak, helped by strength in Apple shares after the tech giant’s results — though doubtless the nonfarm payrolls report will have something to say about this.
True, there are reasons to be positive, says the Goldman portfolio strategy research team led by Peter Oppenheimer. The bank’s economists see developed economies growing at a below-trend pace, but avoiding recession as low unemployment supports consumption. In the U.S., the ISM manufacturing index increased above consensus expectations in April, for example.
“One risk is that there is a recession -– or at least the market prices a higher probability of one -– perhaps if unemployment starts to rise because of bank lending tightening. Our U.S. strategists expect that under these conditions, S&P 500 earnings per share would fall to $200 and the S&P 500 would decline to 3150,” says Goldman.
Fifth, the recent better-than-expected results season is priced in and earnings growth will not be great in coming quarters. Markets Stock-index futures ES00 YM00 NQ00 are firmer and so are government bond yields TMUBMUSD10Y . The dollar DXY is little changed while oil CL.1 rallies and gold GC00 dips.
The earnings season is starting to wind down, but on Friday we’ll still get, among others, AMC Entertainment AMC , Warner Bros Discovery WBD , and CBOE CBOE , all before the opening bell.
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