stock market news

Stock futures retreated on Tuesday as investors braced for an update from the Fed that could dash hopes of interest-rate cuts this year.

This is one of the busiest weeks of earnings releases for the quarter, with more than 170 S&P 500 companies set to report their first-quarter results.

US stocks rose in premarket trading on Monday as traders looked forward to the Federal Reserve providing an update on when interest rates might fall.

Stocks dropped and bond yields rose as investors digested a tough reality of slowing GDP growth and stubbornly high inflation.

The US economy grew at an annualized rate of 1.6% in the first three months of the year, badly lagging expectations of 2.4%.

Meta Platforms will report earnings after the closing bell, with Microsoft and Alphabet on deck for Thursday.

Tesla shares popped over 12% early Wednesday. Investors have tech in focus as Meta gets ready to report after the bell and Microsoft due on Thursday.

Tesla will report earnings after the closing bell on Tuesday, followed midweek by Meta. The market broke a six-day losing streak on Monday.

The stock market is coming off a losing week, with investors taking chips off the table after a big first-quarter rally amid shifting rate-cut outlooks.

The losses in the stock market accelerated after Super Micro Computer announced earnings without preannouncing results.

"Iranian officials have said that this concludes the response and markets are hoping that the situation will de-escalate from here."

Investors were unimpressed with first-quarter earnings results from the mega-banks, with shares of JPMorgan declining by more than 6%.

"There seems to be a large number of persistent inflationary pressures, which may likely continue," Jamie Dimon said.

Wall Street was eager for good news from the banks on Friday after a hot inflation report dashed hopes of an imminent cut to interest rates.

Traders calmed down on Thursday after an unexpectedly hot inflation figure for March caused stocks to sell off on Wednesday.

Wall Street was focused on the release of monthly inflation data on Wednesday, as accelerating price growth could dash hopes for interest-rate cuts.

"Tomorrow's March CPI report will be paramount" in determining the Fed's next interest rate move, Macquarie strategist Thierry Wizman said.

The US economy added more jobs than expected in March, stoking fears that the Fed might delay cuts to interest rates given the inflation risks.

Fundstrat's Tom Lee said the PCE data "gives Powell and Fed more confidence that inflation is falling" faster than consensus.

The S&P 500 had its strongest first quarter since 2019, up nearly 11%. Rate-cut optimism and US economic strength pushed stocks to record levels.