US stock market futures are pointing higher today after the Bank of Japan walked back its hawkish stance and acquiesced to the market.
S&P 500 futures are up 1.1% after a disappointing final hour of trading yesterday.
Two stories have my attention:
1) SMCI shares down 14%
Super Micro is an AI and datacenter darling but its earnings missed estimates today, leading to a 14% decline in shares. The good news is its revenue and revenue guide was still strong, so this may have been about margins not a pop in the AI-spending bubble (just yet).
Nvidia has been incredibly volatile lately and, naturally, everyone will be watching it today.
2) Disney shares down 3% after a miss in theme park revenue
Spending at Disney theme parks was significantly lower than anticipated, which raises questions about the health of the consumer at a sensitive time.
Disney tried to spin it as a decline in the 'lower decile' consumer (can they afford to go to theme parks?). He also said the higher-income American consumers were travelling more internationally.
I'm not sure I buy that explanation, especially with many signs of weaker travel from airlines and hotels.
Finally, this is an interesting study from Brent Donnelly, who highlights that a 'turnaround Tuesday' in markets tends to continue on Wednesday but it's Thursday that you need to worry about.
