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US Stock Futures Stable as Elon Musk Steps Down as Twitter CEO; Dow Jones Faces Fourth Consecutive Loss


Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.

US stock futures remained relatively stable on Thursday night, with the Dow Jones Industrial Average futures up 0.08%, while the S&P 500 and Nasdaq 100 futures increased by 0.12%. Elon Musk announced he would be stepping down as the CEO of Twitter, with Tesla’s shares increasing following the news.

On Thursday, the Dow Jones Industrial Average fell by over 200 points, or 0.66%, resulting in its fourth consecutive losing session. The decline was attributed to various factors, including Disney’s poor subscriber numbers and stress in the regional banking sector after PacWest Bancorp reported a drop in deposits. Investors remain concerned about a potential market downturn, despite weaker-than-expected wholesale prices data indicating easing inflation.

Investors are now waiting for preliminary consumer sentiment data and April import prices data, set to release on Friday. The Dow and S&P 500 are heading towards their second negative week in a row, while the Nasdaq Composite is on track for its third straight positive week.

Data by Bloomberg

On Thursday, the overall market experienced a slight decline of 0.17%. However, there were some sectors that performed well. Communication Services showed a positive growth of 1.65%, followed by Consumer Discretionary with a gain of 0.55% and Consumer Staples with a modest increase of 0.31%. On the other hand, several sectors saw decreases in their values. Financials declined by 0.20%, Health Care dropped by 0.34%, and Information Technology experienced a decrease of 0.45%. Industrials, Materials, Real Estate, Utilities, and Energy sectors all had larger declines, ranging from -0.65% to -1.24%.

Major Pair Movement

On Thursday, the trading market saw an increase in demand for the safe-haven currencies such as the US dollar and yen, as investors’ concerns over excess demand and inflation following pandemic reopenings faded. The yields of 10-year Treasuries declined by 4bp, due to several quarters of central bank tightening and yield curve inversion, which increased recession fears and reduced financial risk-taking. Moreover, there was an increase in demand for relatively high-yielding Treasuries and a decrease in regional banks’ pressure.

The Euro fell by 0.6%, and Sterling fell nearly 1% after the Bank of England (BoE) raised interest rates to 4.5%. However, this increase was oddly paired with higher than the previous inflation and growth forecasts, indicating the potential for a future slowdown. UK inflation remains above 10%, which is more than twice the new BoE projection. High beta and commodity-linked currencies experienced a decline due to the dollar’s risk-on rise and China demand doubts. Key risks ahead include US retail sales on Tuesday, as well as banks and the debt ceiling.

Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.

Economic Data

CurrencyDataTime (GMT + 8)Forecast
GBPGross Domestic Product14:000.0%
USDMonetary Policy Summary22:0063.0