U.S. stock futures inch lower after yesterday’s rally, in which the broad-market index — the S&P 500 — recorded its best daily performance since November 2022. Wall Street suffered a major blow from last week’s Thursday to this week’s Monday, on concerns about the health of the U.S. economy, following the release of weak labor market data.
The situation was aggravated after the Bank of Japan unexpectedly hiked its benchmark interest rate. This raised an alarm bell for giant global institutional investors forcing them to unwind Yen-carry trade massively. The Yen-funded equity sell-off created panic in U.S. stock markets.
Nevertheless, as Yen-carry trade has been unwinded nearly 75% and this week’s weekly jobless claims data came in lower than expected, Wall Street rebounded significantly. All three major stock indexes were in the positive zone this week till the end of yesterday’s trading. Market participants seem reentered in line with the “buy-on-the-dip” strategy.
Meanwhile, on a positive note on the housing market, Freddie Mac reported that mortgage rates fell to their lowest level in over a year. The average rate on the 30-year fixed-rate mortgage decreased to 6.47% from 6.73% last week. The average rate on a 30-year fixed mortgage rate was 6.96% a year ago. Similarly, the average rate for the 15-year fixed mortgage was 5.63%, down from 5.99% last week. This mortgage rate was 6.34% a year ago.
On the other hand, the struggling aircraft behemoth The Boeing Co. BA has selected an outsider Robert “Kelly” Ortberg as its new CEO. The 64-year-old aerospace veteran has to completely revamp the company, which was once considered as a U.S. manufacturing pride. Over the last seven years, the aircraft manufacturer has been suffering from severe safety and security concerns as its aircrafts were subject to fatal crashes.
On the earnings front, Evergy Inc. EVRG reported second-quarter 2024 adjusted earnings per share of $0.90, missing the Zacks Consensus Estimate of $0.99. However, the electric power utility’s revenues came in at $1,447.50 million, surpassing the Zacks Consensus Estimate of $1,323.21 million. Evergy expects full-year earnings in the range of $3.73 to $3.93 per share.
Legend Biotech Corp. LEGN reported a second-quarter 2024 adjusted loss per share of $0.05, narrower-than the Zacks Consensus Estimate of a loss per share of $0.54. The clinical-stage biotech firm posted revenues of $186.52 million, beating the Zacks Consensus Estimate of $120.59 million.
The satellite and communication services provider EchoStar Corp. SATS reported disappointing second-quarter earnings results. Quarterly adjusted loss per share was $0.76, wider than the Zacks Consensus Estimate of a loss per share of $0.37. The company posted revenues of $3,952.75 million, lagging the Zacks Consensus Estimate of $3,976.14 million.
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