Stock Market Today: Dow Jones, S&P 500 Futures Gain As Trump Administration Evades War Powers Deadline— A

U.S. stock futures were mixed on Friday, following Thursday’s record advances following mega-cap earnings.

Meanwhile, the Donald Trump administration leveraged the three-week-old ceasefire to avoid a congressional 60-day deadline under the War Powers Resolution to withdraw troops from Iran.

Meanwhile, the 10-year Treasury bond yielded 4.39%, and the two-year bond was at 3.89%. The CME Group’s FedWatch tool‘s projections show markets pricing a 94.8% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.

Stocks In Focus

Apple

• Apple Inc. (NASDAQ:AAPL) was up 3.11% in premarket on Friday after reporting better-than-expected results for its second quarter and issuing strong June-quarter guidance.

• Benzinga’s Edge Stock Rankings indicate that AAPL maintains a strong price trend in the short, medium, and long terms, with a solid growth score.

Twilio

• Benzinga’s Edge Stock Rankings indicate that TWLO maintains a strong price trend in the short, medium, and long terms, with a poor value score.

Roblox

• Benzinga’s Edge Stock Rankings indicate that RBLX maintains a weak price trend in the short, medium, and long terms.

Atlassian

• Benzinga’s Edge Stock Rankings indicate that TEAM maintains a weak price trend in the short, medium, and long terms.

Eli Lilly

• Benzinga’s Edge Stock Rankings indicate that LLY maintains a weak price trend in the short, medium, and long terms, with a solid growth score.

Cues From Last Session

Utilities, communication services, and industrials stocks recorded the biggest gains on Thursday, as most sectors on the S&P 500 closed on a positive note. However, information technology stocks bucked the overall market trend, closing the session lower.

Insights From Analysts

In a recent market commentary, Brian Rehling analyzes the potential economic impact of Kevin Warsh, President Donald Trump’s pick for the new Federal Reserve chair. Rehling predicts a measured transition, stating, “We expect any shift in Fed policy under a new chair to be gradual.”

If Warsh successfully implements his vision, Rehling anticipates dual economic maneuvers: “the Fed could slowly lower short-term interest rates while also shrinking its balance sheet.”

This approach could ultimately “put upward pressure on longer-term interest rates over time.” Additionally, Warsh has signaled a desire to cut rates, particularly if “artificial intelligence boosts productivity and helps keep inflation in check.”

For investments, Rehling warns of potential turbulence as markets adjust. He cautions that “[b]ond prices – especially for longer-maturity bonds – may be more volatile as markets adjust to a smaller Federal Reserve footprint and less support from Fed bond holdings”. Despite these warnings, he reassures investors that “[we] do not expect these changes to happen all at once”.

Upcoming Economic Data

Here’s what investors will be keeping an eye on Friday.

• April’s S&P U.S. manufacturing PMI will be released by 9:45 a.m., and April’s ISM manufacturing data will be out by 10:00 a.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading higher in the early New York session by 0.36% to hover around $105.45 per barrel.

Gold Spot US Dollar fell 1.11% to hover around $4,570.29 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.06% lower at the 97.9930 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 1.72% higher at $77,370.87 per coin, as per the last 24 hours.

Asian and European markets were mostly closed for Labor Day, while Australia’s ASX 200 index rose.

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