U.S. stock futures took a bit of a dip on Tuesday night as investors braced for an important retail sales report and more earnings announcements from the first quarter.
The Dow Jones Industrial Average futures declined by 159 points, about 0.4%. The S&P 500 and Nasdaq 100 futures followed suit, slipping 0.7% and 1.1%, respectively.
In after-hours trading, shares of Nvidia fell over 6%. This drop occurred after the company revealed a $5.5 billion quarterly charge related to exporting its H20 graphics processing units to China and other countries.
These shifts came after a quieter day where all three major indices ended slightly down. The Dow lost nearly 156 points, or 0.4%; the S&P 500 dropped 0.2%; and the Nasdaq Composite was marginally lower. Since the U.S. administration announced new tariffs on April 2, the Dow and Nasdaq have each seen declines of about 4.4%, while the S&P 500 has dropped 4.8%.
Mohamed El-Erian, chief economic advisor at Allianz, cautioned against complacency in the market. He explained on CNBC’s "Closing Bell: Overtime" that the underlying issues remain unresolved. The ongoing tensions between the U.S. and China and the challenges posed by the Federal Reserve may lead to more volatility ahead.
Looking ahead, Wednesday will bring a key retail sales report. Analysts expect a 1.2% increase in sales for March, a notable rise from February’s 0.2%. This data is particularly significant as consumers express concerns about inflation and economic stability. Investors will also be keeping an eye on industrial and manufacturing production figures.
Wednesday’s earnings season will feature reports from companies like Travelers, U.S. Bancorp, Abbott Labs, ASML, and Citizens Financial. These updates will offer more insight into the current economic landscape as companies navigate ongoing challenges.
As the market reacts to these developments, one thing is clear: both investors and consumers are watching closely, eager to gauge the effects of the latest economic trends. According to a recent survey by Pew Research, 78% of Americans are worried about inflation, highlighting the widespread concern about rising prices and economic uncertainty.
For more detailed insights on earnings and economic indicators, you can read reports from trusted sources like Reuters here.
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