Stock Market Update

The S&P 500 futures are down 72 points and are trading 1.4% below fair value, the Nasdaq 100 futures are down 292 points and are trading 1.6% below fair value, and the Dow Jones Industrial Average futures are down 462 points and are trading 1.2% below fair value.

Contracts linked to the S&P 500, Nasdaq 100, and Dow industrials are lower after another losing week for stocks. 

Participants are responding to news that White House economic adviser Kevin Hassett said that President Trump is studying whether he can fire Fed Chairman Jerome Powell, according to Reuters.

The 10-yr yield is eight basis points higher at 4.41% and the 2-yr yield is down one basis point to 3.79%.

Today's economic calendar features:

• 10:00 ET: March Leading Indicators (Briefing.com consensus -0.4%; prior -0.3%)

In corporate news:

• Tesla (TSLA 230.95, -10.43, -4.3%): aiming to delay US launch of more affordable Model Y, according to Reuters
• Netflix (NFLX 991.70, +18.67, +1.9%): beats by $0.94, reports revs in-line; guides Q2 EPS above consensus, revs above consensus; reaffirms FY25 revs guidance; Reed Hastings to transition from executive officer position; effective April 17, Reed Hastings will transition to serve as Chairman and non-executive director
• Boeing (BA 159.99, -1.91, -1.2%): returning refused jets from China, according to Bloomberg
• Ford (F 9.52, -0.11, -1.1%): halted shipments of certain models to China, according to WSJ

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region started the week on a mostly higher note. Japan's Nikkei: -1.3%, Hong Kong's Hang Seng: HOLIDAY, China's Shanghai Composite: +0.5%, India's Sensex: +1.1%, South Korea's Kospi: +0.2%, Australia's ASX All Ordinaries: +0.8%.
  • No data today
  • In news:
    • Japan's Nikkei (-1.3%) underperformed alongside a rising yen and Hong Kong's Hang Seng was closed for Easter Monday.
    • China's Ministry of Commerce reiterated that it will firmly oppose any potential deal that would harm its interests.
    • China is aiming for growth in its grain and soybean production for this year.
    • The People's Bank of China made no changes to its one-year and five-year loan prime rates.
    • Japan may relax its auto safety rules for imports as part of trade negotiations.
• European markets remain closed for Easter Monday but they will reopen tomorrow. STOXX Europe 600: CLOSED, Germany's DAX: CLOSED, U.K.'s FTSE 100: CLOSED, France's CAC 40: CLOSED, Italy's FTSE MIB: CLOSED, Spain's IBEX 35: CLOSED.
  • No data today
  • In news:
    • European Central Bank policymaker Muller cautioned about the inflationary impact of tariffs, adding that increased public spending in Germany could also increase inflation.