Asia Stocks Set to Fall as Meta Drags on Big Tech: Markets Wrap

-- Asian equity markets were poised to open lower after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far.Biden’s New Chopper Is Demoted After Scorching White House Lawn

The Facebook parent reported revenue of $36.5 billion in the first quarter, an increase of more than 27% over the same period a year ago. It was a small beat, as analysts were looking for revenue of $36.1 billion on average, according to estimates compiled by Bloomberg. Profit more than doubled to $12.4 billion.“We encourage investors to focus on the positives,” said Tejas Dessai at Global X ETFs. “The company’s fundamentals continue to show strength, and that’s the key story.

Meantime, a JPMorgan Chase & Co. indicator is flashing a resounding buy signal in US stocks, after it hit a threshold that typically precedes better-than-average gains. For weeks, traders have been scaling back how many rate cuts they expect from the Fed amid a string of resilient economic data. Economists surveyed by Bloomberg predict gross domestic product likely cooled to around 2.5% in the first quarter, with the figures still potentially suggesting persistent inflationary pressures.

Chipotle Mexican Grill Inc. raised its full-year outlook as limited-time offers such as chicken al pastor helped boost demand, continuing a streak of positive results as other chains struggle to boost diner traffic. Amazon.com Inc. and Microsoft Corp.’s investments into artificial intelligence startups will get deeper scrutiny from the UK’s antitrust watchdog.Japan rate decision, Tokyo CPI, inflation and GDP forecasts, FridayS&P 500 futures fell 0.6% as of 8:17 a.m. Tokyo time. The S&P 500 was little changedThe yen was little changed at 155.

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Asia Stocks Set to Fall as Meta Drags on Big Tech: Markets WrapAsian equity markets were poised to open lower after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far.
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Stocks in Asia Set to Follow Wall Street Lower on Rate SpeculationStocks in Asia are expected to decline following Wall Street's lead as speculation grows that major central banks will maintain higher interest rates for a longer period. Economic data and a rally in commodities have contributed to this speculation. The opening of equities in Australia was down, while futures indicated declines in Japan and little change in Hong Kong. Skepticism about the pace of Federal Reserve easing has increased due to better-than-estimated data on US job openings and factory goods orders. This has led traders to project fewer rate cuts in 2024, causing 10-year yields to reach their highest levels since November. The repricing of central-bank bets, which had been ignored by US stocks during a recent rally, has now weighed on the market.
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Stock market today: Tesla surges after earnings, stocks cling to gains ahead of Meta's reportTesla's surge is putting Big Tech earnings center stage as investors look to megacaps to lift stocks.
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Tesla, Meta And Other Earnings Will Test Stocks’ Recent SelloffInvestors appear to be favoring value stocks over growth in the latest market downturn, which saw the biggest drop for US equities last week since the Silicon Valley Bank collapse.
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Asia Stocks to Rise as Tesla Buoys US Tech Giants: Markets Wrap(Bloomberg) -- Stocks in Asia were set to open higher after a US rally in tech heavyweights, whose high-stakes earnings are being seen by Wall Street...
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Asia Stocks to Rise as Tesla Buoys US Tech Giants: Markets WrapStocks in Asia were set to open higher after a US rally in tech heavyweights, whose high-stakes earnings are being seen by Wall Street investors as a major test of the bull run in equities.
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