Economic data released on Thursday were mixed for equities. The number of Americans filing for initial jobless claims in the past week rose by +6K to 214K, compared with the 211K expected. At the same time, the U.S. S&P Global manufacturing PMI rose to 54.0 in April, stronger than expectations of 52.5, and the S&P Global services PMI rose to 51.3, stronger than expectations of 50.5.
Today, investors will focus on the University of Michigan’s U.S. Consumer Sentiment Index, which is set to be released in a couple of hours. Economists anticipate that the final April figure will be revised higher to 48.5 from the preliminary reading of 47.6.
On the earnings front, notable companies such as Procter & Gamble (PG), HCA Healthcare (HCA), and Charter Communications (CHTR) are slated to release their quarterly results today. According to Bloomberg Intelligence, companies in the S&P 500 are expected to post an average +12% increase in quarterly earnings for Q1 compared to the previous year, marking the sixth consecutive quarter of double-digit growth.
Investors will then shift their attention to next week, which is set to be an exceptionally busy one. The Federal Reserve will announce its latest interest rate decision, five of the Magnificent Seven companies—Alphabet (GOOGL), Microsoft (MSFT), Amazon.com (AMZN), Meta Platforms (META), and Apple (AAPL)—will report earnings, and a wave of key economic data will be released, including the Fed’s preferred inflation gauge.
U.S. rate futures have priced in a 99.5% chance of no rate change and a 0.5% chance of a 25 basis point rate hike at next week’s FOMC meeting.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.31%, down -0.37%.
The Euro Stoxx 50 Index is down -0.84% this morning as stalled U.S.-Iran talks and escalating tensions in the Strait of Hormuz heightened investor concerns about a prolonged conflict. Oil prices climbed for a fifth consecutive day, fueling worries about risks to growth and a fresh inflation shock. “The longer the Strait remains shut, the greater the oil shock and the more distant the idea of Brent crude trading back to levels near $80 or below,” said ING economists. Defense stocks led the declines on Friday. Bank stocks also slumped. At the same time, technology stocks advanced, helped by an over +5% gain in SAP SE (SAP.D.DX) after the software maker posted better-than-expected Q1 profit and reiterated its 2026 cloud revenue guidance. The benchmark index is on track to post its first weekly loss in five weeks. The Ifo institute said on Friday that German business confidence dropped to a near six-year low in April as companies grappled with the impact of surging energy prices driven by the Middle East conflict. “The German economy is being hit hard by the Iran crisis,” said Ifo President Clemens Fuest. Separately, the INSEE statistics agency said that French consumer confidence declined sharply in April, posting its biggest drop since the start of the Ukraine war in 2022. “In April 2026, households’ views on their personal financial situation, both past and future, deteriorated significantly,” INSEE said. At the same time, data showed that U.K. monthly retail sales climbed in March, indicating that consumers have weathered the initial shock of the Middle East conflict well. In other corporate news, Tomra Systems ASA (TOM.O.DX) tumbled over -24% after the Norwegian recycling technology provider posted downbeat Q1 results.
U.K. Retail Sales, U.K. Core Retail Sales, France’s Consumer Confidence, and Germany’s Ifo Business Climate Index were released today.
U.K. March Retail Sales rose +0.7% m/m and +1.7% y/y, stronger than expectations of no change m/m and +1.3% y/y.
U.K. March Core Retail Sales rose +0.2% m/m and +1.7% y/y, compared to expectations of +0.2% m/m and +2.0% y/y.
The French April Consumer Confidence stood at 84, weaker than expectations of 88.
The German April Ifo Business Climate Index came in at 84.4, weaker than expectations of 85.7.
Asian stock markets today closed mixed. China’s Shanghai Composite Index (SHCOMP) closed down -0.33%, and Japan’s Nikkei 225 Stock Index (NIK) closed up +0.97%.
China’s Shanghai Composite Index closed lower today as the lack of meaningful progress toward a resolution of the Middle East conflict dented risk appetite. While U.S. President Trump said Israel and Lebanon would extend their ceasefire by three weeks, tensions in the Middle East remained high. Iran indicated it would keep the Strait of Hormuz shut, while Trump said he had ordered the U.S. military to “shoot and kill” Iranian vessels laying mines in the vital waterway. Also adding to the negative sentiment, the White House accused China of stealing intellectual property from U.S. AI labs on an industrial scale. Telecommunications, cloud computing, and defense stocks led the declines on Friday. At the same time, semiconductor stocks rallied after DeepSeek rolled out preview versions of its long-awaited V4 model. The release raised expectations of stronger demand for Made-in-China chips. DeepSeek said it had validated one of V4’s key efficiency techniques on both Nvidia GPUs and Huawei’s Ascend NPUs. Despite Friday’s drop, the benchmark index posted its third consecutive weekly gain. Elsewhere, China’s finance ministry issued its first batch of 30-year special government bonds at a yield of 2.20% on Friday, the lowest for that tenor since November 2025, as concerns over inflation stemming from the Middle East conflict eased. “While geopolitical risks have continued to ebb and flow since late March, the market is increasingly treating ‘fighting to promote talks’ as the base case,” boosting sentiment for ultra-long bonds, according to Huachuang Securities analysts. In corporate news, Eoptolink sank over -11% after the optical module firm reported weaker-than-expected Q1 earnings.
Japan’s Nikkei 225 Stock Index closed higher and hit a new record high today as optimism about tech sector earnings outweighed mounting concerns that the U.S. and Iran were making little progress toward restarting peace talks. Chip-related stocks were among the biggest gainers on Friday after U.S. peer Intel jumped in extended trading on a strong outlook. Energy and industrial stocks also advanced. Limiting gains, healthcare and automobile stocks slid. The benchmark index notched a third straight weekly gain. Government data released on Friday showed that Japan’s core consumer inflation accelerated for the first time in five months in March as the impact of the Middle East conflict drove up energy costs. While government measures such as price caps and the release of oil reserves may help contain the impact of rising energy prices, inflation is still likely to rise this year as companies pass higher production costs on to consumers. Separately, data showed that a key gauge of Japan’s service-sector inflation rose 3.1% in March from a year earlier, fueled by a 42.1% surge in ocean freight transportation costs, underscoring the price pressures stemming from the closure of the Strait of Hormuz. The data are among the factors the Bank of Japan will examine at next week’s policy meeting, where the board is widely expected to refrain from raising interest rates amid heightened geopolitical uncertainty but signal its readiness to hike to counter rising price pressures. Elsewhere, Japanese Finance Minister Satsuki Katayama on Friday reiterated that recent yen moves have been “extremely volatile and speculative,” stressing that the government stands ready to take decisive action in the currency market. In corporate news, Daiichi Sankyo plunged over -10% after the drugmaker postponed the release of its earnings results. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed up +9.11% to 29.59.
The Japanese March National Core CPI rose +1.8% y/y, stronger than expectations of +1.7% y/y.
The Japanese March Corporate Services Price Index rose +3.1% y/y, stronger than expectations of +3.0% y/y.
Pre-Market U.S. Stock Movers
Intel (INTC) jumped over +29% in pre-market trading after the chipmaker reported Q1 results that blew past Wall Street estimates and delivered a blockbuster Q2 sales forecast.
Chip stocks climbed in pre-market trading following Intel’s upbeat results and guidance, with Advanced Micro Devices (AMD) surging more than +10% and Arm Holdings (ARM) rising over +8%.
Comfort Systems USA (FIX) advanced more than +7% in pre-market trading after the company posted stronger-than-expected Q1 results.
Hims & Hers Health (HIMS) rose over +3% in pre-market trading after JPMorgan initiated coverage of the stock with an Overweight rating and $35 price target.
Coursera (COUR) plunged over -11% in pre-market trading after the company reported a wider GAAP loss in Q1 and issued below-consensus Q2 revenue guidance.
You can see more pre-market stock movers here
Today’s U.S. Earnings Spotlight: Friday – April 24th
The Procter & Gamble Company (PG), HCA Healthcare (HCA), Norfolk Southern (NSC), Charter Communications (CHTR), BioMarin Pharmaceutical (BMRN), Moog Inc. (MOG.A), Flagstar Bank, National Association (FLG), Gentex (GNTX), Sensient Technologies (SXT), First Hawaiian (FHB), The Western Union Company (WU), Stellar Bancorp (STEL), First Mid Bancshares (FMBH), First Community Bankshares (FCBC), Newegg Commerce (NEGG), First Financial (THFF), Apogee Enterprises (APOG), Peapack-Gladstone Financial (PGC), Universal Health Realty Income Trust (UHT), Flushing Financial (FFIC), Ponce Financial Group (PDLB), Mesabi Trust (MSB), PCB Bancorp (PCB), Aldel Financial II (ALDF), Northeast Community Bancorp (NECB), Hawthorn Bancshares (HWBK), Princeton Bancorp (BPRN).
On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
