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Apr 30 | Daily Finance News

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U.S. STOCK PICKS

  • Stocks traded into the red Tuesday after higher-than-expected wage data raised fresh inflation concerns ahead of the Federal Reserve’s rate decision on Wednesday.
  • The employment cost index, a measure of wages and benefits, added 1.2% in the March quarter, above the 1% consensus estimate from economists polled by Dow Jones. Treasury yields jumped following the data.
  • There’s plenty of economic news on the docket this week, with Fed policymakers convening for their two-day policy meeting on Tuesday. The central bank is broadly anticipated to keep interest rates steady, but traders worry Fed Chair Jerome Powell’s post-meeting comments will lean more hawkish after the recent spate of hotter inflation reports.
  • The busiest week of corporate earnings is set to continue with Amazon and Apple reporting their quarterly results Tuesday and Thursday, respectively. The April jobs report is also expected at the end of this week, preceded Wednesday by releases on job openings and private sector employment growth.
  • McDonald’s earnings miss estimates as diners pull back, Middle East boycotts hit sales.
  • Musk lays off Tesla senior executives in fresh job cuts, The Information reports.
  • Eli Lilly beats on quarterly profit, hikes full-year guidance on strong sales of Zepbound, Mounjaro.
  • Coca-Cola tops earnings estimates, hikes revenue outlook on higher prices.
  • PayPal lifts 2024 profit forecast as spending stays resilient, margins improve.

CANADA MARKET

  • Canada's gross domestic product increased by 0.2% in February, less than market expectations, and the economy likely expanded at a 2.5% annualized rate in the first quarter, data showed on Tuesday.

Apr 30 | Daily Finance News

Read All AiF Insight and Opinions

U.S. STOCK PICKS

Closing: 4:00 PM EST

*All information sourced from news portals such as CNBC, Yahoo Finance, Reuters, etc.

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