US opening: indices rebound thanks to a weak dollar

  • Wall Street indices slightly reduce yesterday’s opening losses
  • The dollar loses ground, erasing the previous day’s gains
  • Bond yields rise

The last day of this week is marked by a slight recovery after the good results of the PMI index yesterday. Following the publication of the macroeconomic report, we observed a return of capital to safe haven assets such as the dollar, and declines in stock indices and cryptocurrencies. Even the better quarterly data released by Nvidia after Wednesday’s session did not improve sentiment.

However, today, despite changing expectations for early interest rate cuts, we are once again seeing gains in stock indexes. The US500 index is up 0.40% at the time of publication, returning above 5300 points, and the US100 index is up 0.50% around 18770 points. The recovery is supported by the weakening dollar, which is the weakest currency in the G10 today. The dollar index is down 0.25%, erasing all yesterday’s gains after the good results of the US PMI index.

Source: xStation 5

US500

In the case of US500 contracts, the recovery is slightly lower than that of the dollar. The US500 is up 0.40%, returning above 5300 points. Nevertheless, the most important resistance level for the bulls remains around 5350.

Source: xStation 5

Business News

Outdoor Deckers (DECK.US) jumped nearly 13% following good first quarter results. Total sales for the quarter increased 21.2% year over year, with the UGG brand up 14.9% and the HOKA brand up 34.9%. For fiscal 2025, the company expects sales to increase 10% to $4.7 billion, with anticipated EPS of $29.50 to $30.00.

Ross Stores (ROST.US): Shares of Ross Stores rose 7.80% after reporting better-than-expected first-quarter results and raising its outlook for fiscal 2024. The company maintained its forecast for comparable sales growth of 2% to 3%. % and forecast EPS for the year of $5.79 to $5.98 per share, up from the previous forecast of $5.56. For the second quarter, same-store sales are expected to increase 2% to 3%, with an EPS range of $1.43 to $1.49.

Restaurant Brands International (QSR.US) gains 1.00% after Burger King announced it would reinstate its $5 meal in April, amid an increase in promotional offers in the fast food sector. The move comes as McDonald’s plans to launch its own $5 meal in June, in a bid to lure consumers back into its stores.

Lucid Group (LCID.US) also gains 1.00% after the luxury electric vehicle maker announced a restructuring plan. This plan involves a workforce reduction of 6%, or around 400 employees. CEO Peter Rawlinson highlighted the need to remain vigilant on costs while working to deliver the world’s best SUV and expand their total addressable market.

Workday (WDAY) drop 11% despite better-than-expected first-quarter results, after the company lowered its fiscal 2025 subscription revenue forecast to $7.7 billion-$7.725 billion, from $7.73 billion- $7.78 billion. The company expects second-quarter subscription revenue of $1.895 billion and an adjusted operating margin of 24.5%.

Source: xStation 5

Intuit (INTU.US) fell 7.60 even as the company beat expectations in the third quarter and provided an upbeat fourth-quarter revenue outlook, forecasting growth of 13% to 14% to $3.06 billion to $3.10 billion of dollars. However, the company’s adjusted EPS outlook for the fourth quarter was revised downward to $1.80-1.85, below the consensus estimate of $1.92.

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