The Market News Today: Uber Earnings Report Looms, Investors Watchful

Traders Anticipating Uber Earnings Before the Opening Bell

Uber is expected to post earnings of 23 cents per share with revenue totaling $10.11 billion. Post-reporting, shares of Lyft and Uber rose in after-hours trading, indicating investor optimism. Emerson Electric is projected to announce quarterly earnings of $1.25 per share on a revenue of $4.29 billion. Meanwhile, Lyft reported stronger-than-expected first quarter sales and forecasts second-quarter gross bookings up to $4.1 billion, with an adjusted EBITDA between $95 million and $100 million.

 Dow Futures Flat as Wall Street’s Win Streak Continues

Dow Jones Industrial Average futures remained stable on Wednesday, following a record of the longest winning streak since December. The muted day on Wall Street saw minimal gains in the Dow and S&P 500, while the Nasdaq dipped slightly. Major movements were noted in after-hours trading, with significant rises in Lyft, Wynn Resorts, and Reddit following robust quarterly reports. Upcoming earnings and economic indicators, alongside Federal Reserve commentary, are anticipated to influence market trends.

U.S. Treasury Yields Rise Amid Rate Cut Speculation

U.S. Treasury yields edged higher Wednesday, with investors parsing Federal Reserve officials’ comments for clues on future interest rate adjustments. The 10-year Treasury yield slightly increased to 4.4733%, while the 2-year yield rose to 4.8386%. Fed speakers like Neel Kashkari and Tom Barkin provided insights, suggesting a cautious approach to rate cuts until disinflation is more apparent and inflation nears the 2% target. Investors continue to anticipate further remarks and economic data later in the week.

Oil Prices Dip on Increased U.S. Stockpiles

Oil prices declined in early Asian trading on Wednesday following reports of rising U.S. crude and fuel inventories, indicating weak demand. Brent crude dropped 21 cents to $82.95 a barrel, while West Texas Intermediate fell 13 cents to $78.25 a barrel. The increase includes a 509,000-barrel rise in crude stocks as per the American Petroleum Institute (API). This data precedes official government figures, which analysts expect to show a decrease in stockpiles.

Gold Prices Slip as Dollar Strengthens

Gold prices declined Wednesday, with spot gold down 0.1% to $2,311.07 per ounce, influenced by a strengthening dollar and anticipation of U.S. interest rate adjustments. The slight rise in the dollar index made gold costlier for holders of other currencies. Investors are keenly awaiting economic indicators and Federal comments for further monetary policy direction, with significant focus on the upcoming consumer price index data and the potential impact on rate decisions and gold’s allure as an inflation hedge.