The Market News Today: Boeing Braces for Loss, Meta Expects Strong Q1

Boeing Braces for Quarterly Loss Before the Bell; Meta Platforms Eyes Strong Q1 Revenue After Close

Before the bell, Boeing expects its seventh straight quarterly loss, with analysts projecting a $1.76 per share loss and $16.23 billion in revenue for the period ending March 31. CEO Dave Calhoun faces questions about production stabilization and leadership succession. After the close, Meta Platforms anticipates strong Q1 results, fueled by AI investments, with analysts forecasting $36.1 billion in revenue, a 26.1% YoY increase, and earnings of $4.31 per share.

S&P 500 Futures Edge Up as Earnings Season Continues

S&P 500 futures gained ground as investors analyzed corporate updates. Tesla surged over 13% post-market with a focus on more accessible EVs, but missed forecasts. Visa and Texas Instruments soared on robust earnings. Over 20% of S&P 500 firms have exceeded estimates. Markets saw a second consecutive rally on Tuesday, with the Dow climbing 260 points. Earnings reports are awaited from Boeing and Hasbro before the bell, followed by Meta Platforms, Ford, Chipotle, and IBM after close. Morning durable goods data will also be monitored.

Gold Prices Confined by U.S. Economic Indicators, Fed Decisions

Gold prices showed minimal movement, remaining within a narrow band as traders anticipated U.S. economic data’s influence on the Federal Reserve’s rate trajectory. Despite a slight increase to $2,325.23 per ounce, the overall market stance was cautious. The anticipation of upcoming GDP and PCE reports has heightened, potentially impacting the dollar and bond yields, which inversely affects gold’s attractiveness. As global tensions ease, gold maintains its position, fluctuating between $2,300 and $2,350, pending new economic catalysts.

Oil Prices Hold Steady Amid US Inventory Drop, Middle East Tensions

Oil prices remained stable Wednesday, supported by an unexpected decline in U.S. crude inventories and ongoing Middle Eastern conflicts. Brent and West Texas Intermediate each rose by 26 cents, reflecting a robust demand outlook despite geopolitical uncertainties. The significant drop in stockpiles by over 3 million barrels, against an expected increase, suggests strong consumption. Markets await further data, with potential rate cuts and geopolitical developments continuing to influence global oil dynamics and pricing forecasts.

Grayscale Moves Forward with Ether ETF Filings

Grayscale has filed with the U.S. Securities and Exchange Commission to convert its Ethereum Trust into an ETF and to create a new Ethereum Mini Trust with presumably lower fees. These steps follow the earlier approval of bitcoin ETFs, though the SEC has yet to green-light an ethereum ETF. With Grayscale leading the charge, the crypto industry awaits next month’s potential update, despite widespread skepticism about approval.