Wednesday, April fifteenth, 2026
Pre-market futures this morning are flattish following better-than-expected financial studies and Q1 earnings within the finance sector. Don’t look now, however we’re rallying for the week: the Dow is +64 factors at this hour, the S&P 500 is +5 factors and the Nasdaq, which has been working sizzling this week, is giving again -8 factors at present. (The Nasdaq has been up 10 straight buying and selling periods — the very best since 2021.) The small-cap Russell 2000 is -1 level.
Import Costs Decrease for March, Exports Increased
Import Costs for March got here out this morning, as traders had been bracing for affect of vitality costs based mostly on the seven-week (up to now) struggle in Iran, which has clamped off the Strait of Hormuz and its 20% of world oil provide. Nevertheless it didn’t occur: +0.8% on headline is 160 foundation factors (bps) decrease than the +2.4% anticipated, and down from the downwardly revised +0.9% for February. For the 12 months, Imports reached +2.1%, lower than half the +4.4% anticipated.
Subtracting unstable gas costs, Imports got here in at a mere +0.2%. That is effectively off the +1.1% analysts had been anticipating. It might stand to motive that greater oil costs — which did present up in yesterday’s PPI, which reported a “4-handle” for the primary time in three years — will present up in April Import Costs, however we gained’t get forward of ourselves right here.
Export Costs had been greater, comparably, at +1.6% month over month, however nonetheless down 30 bps from the prior month’s print. Yr over 12 months, we see a determine that comes nearer to the place economists had been anticipating many of the numbers to have reached: +5.6%. That is the strongest stage since November of 2022. After all, we all the time prefer to see Export Costs greater than Imports, however this situation seems to be short-term from this vista.
Empire State Manufacturing Swings to Constructive
The April learn on Empire State Manufacturing this morning additionally shocked to the upside: +11, from the -0.5 analysts had been projecting. It’s the third constructive print on manufacturing in New York State previously 4 months, following final month’s unrevised -0.2. We’re seeing modest power in Empire State numbers over the previous 12 months, in reality, after three years of principally unfavourable prints.
Q1 Earnings at a Look: BAC, MS, PGR
Financial institution of America BAC reported Q1 earnings outcomes forward of as we speak’s opening bell, beating estimates by +11% to $1.11 per share for the quarter. Revenues of $30.27 billion was additionally greater than estimates, by +1.09%. Shares are up +2.3% in pre-market buying and selling at present, getting nearer to break-even 12 months so far. For extra on BAC’s incomes’s click on right here.
Elsewhere, we see Morgan Stanley MS up +3% in pre-market buying and selling on its Q1 earnings beat, demonstrating power in its equities buying and selling income, which was +25% 12 months over 12 months. Progressive PGR shares are flat following a combined Q1 report, beating by 3 cents per share to $4.80 on earnings, however $22.19 billion in revenues missed the $22.59 billion estimate.
What to Anticipate After the Open
Whereas we all the time hold one eye on the most recent updates for the Strait of Hormuz and the Iran struggle, we additionally get a brand new Homebuilders Confidence survey after as we speak’s opening bell. Analysts anticipate a 37 for April, the place we’d been for 3 out of the previous six months. Homebuilder confidence is certainly up from the place we noticed outcomes final summer season, which had been down round 32.
Additionally later as we speak we’ll see the third Fed Beige Ebook of 2026 up to now, which tracks the financial circumstances in every of its 12 districts. Outcomes final time round had been combined: seven of the areas reported slight-to-moderate development, whereas 4 had been flat-to-down. We search for the most recent Beige Ebook at 2pm ET as we speak.
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Financial institution of America Company (BAC) : Free Inventory Evaluation Report
Morgan Stanley (MS) : Free Inventory Evaluation Report
The Progressive Company (PGR) : Free Inventory Evaluation Report
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