The stock market had a notable day, buoyed by a narrow tech-driven rally that propelled the S&P 500 to yet another record high. As investors eagerly anticipate upcoming economic indicators, the latest news will be delivered through the daily newsletter, Stocks @ Night, providing a comprehensive review of today’s market performance and a preview of what’s to come.
Key highlights for tomorrow include the release of initial jobless claims at 8:30 a.m. ET, which will be featured live on “Squawk Box.” Analysts estimate that initial claims will come in at 205,000, a slight rise from the previous week’s figure of 200,000. Prediction markets, including Kalshi, show significant support for numbers below 250,000, indicating a cautiously optimistic economic outlook.
Also scheduled for release at the same time is the retail sales data for April, with expectations set for a 0.5% gain. Interestingly, around 68% of Kalshi participants believe that the retail sales will exceed 0.4%, while only 27% foresee it surpassing 0.6%. This data will also be discussed in detail on “Squawk Box.”
In the realm of corporate reports, semiconductor services company Applied Materials is set to release its earnings after market close. The stock has already performed strongly, reflecting a 23% increase over the past three months, and it recently achieved a new high. Investors will be looking for insights into the company’s future performance.
Across the Atlantic, the British 10-year gilt yields have risen sharply, now firmly above 5%. This surge has drawn attention from analysts, particularly in light of increased pressure on UK Prime Minister Keir Starmer following disappointing results for his Labour Party in local elections. The last time gilt yields were this high was in 2008, a challenging year for global finance. The iShares MSCI United Kingdom ETF (EWU), which tracks top British stocks such as Lloyds and Rolls Royce, has experienced a decline of 2% over the past month but boasts a remarkable 22% gain over the last year.
In other market news, the chipmaker Cerebras, which specializes in artificial intelligence, is set to begin trading on the Nasdaq, with CEO Andrew Feldman scheduled to appear on “Squawk Box” to discuss the company’s prospects.
In the cryptocurrency sector, the U.S. Senate Banking Committee is considering groundbreaking legislation that would allow cryptocurrencies, including stablecoins, to function similarly to traditional bank accounts with interest payments. This proposal has garnered enthusiasm from the crypto community, as it could encourage more people to invest in interest-earning crypto assets. Bitcoin has rallied more than 8% over the past month, though it remains nearly 25% lower compared to a year ago. Meanwhile, Ether has remained relatively stagnant, down 16% from recent highs.
Lastly, CNBC and Kalshi have a commercial relationship that includes customer acquisitions and a minority investment, solidifying their commitment to providing comprehensive market insights.
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