Dow futures are little changed after blue-chip average touches 40,000 for first time: Live updates – CNBC

Hearing on a petition to liquidate debt-laden Chinese property company Country Garden Holdings has been postponed until June 11 by a Hong Kong court. According to Reuters.

The struggling real estate company received a winding up application filed by one of its creditors at the end of February.

The company had received a “liquidation” petition dated Feb. 27 filed by Ever Credit Limited for nonpayment of loans worth HK$1.6 billion ($204.4 million).

Country Garden announced in early April that trading of its shares on the Hong Kong Stock Exchange had been suspended.

—Shreyashi Sanyal, Reuters

China’s retail sales and fixed asset investment in April were lower than market expectations, while industrial production exceeded expectations compared to the same period last year.

According to the National Bureau of Statistics, retail sales rose 2.3% in April from a year earlier. That was lower than the 3.8% increase expected in a Reuters poll and slower than the 3.1% pace reported in March.

Industrial production rose 6.7% in April compared to the same month last year, exceeding the expected 5.5% growth and also significantly higher than March’s 4.5%.

Fixed asset investment increased by 4.2% in the first four months of this year, but fell short of the expected 4.6% increase.

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—Evelyn Chen

According to Reuters, Bank of Japan Governor Kazuo Ueda told Congress that the Bank of Japan has no immediate plans to sell its ETF holdings.

“We need to spend some time deciding what to do, including whether to withdraw the ETFs we own,” Ueda said.

Bank of Japan disbanded in March The yield curve control policy was abolished and purchases of ETFs and Japanese REITs were suspended.

According to the Financial Information Service website, the Bank of Japan holds a total of 37.15 trillion yen ($238.92 billion) in ETFs, with an estimated market capitalization of 71.3 trillion yen. QUICK March issue report.

— Lim Huijie

Doximity rose more than 14% in after-hours trading after the medical professionals platform beat Wall Street earnings expectations and announced a share buyback.

The company outperformed even the most bullish analysts surveyed by FactSet on fourth-quarter adjusted earnings per share and revenue. Doximity provided slightly stronger than expected earnings guidance for the current quarter. This takes him from $119.5 million to $120.5 million, compared to the consensus estimate of $118.9 million for him. However, the full-year outlook for this measure was weak.

The San Francisco-based company also announced it would buy back up to $500 million in Class A stock.

— alex harring

Barclays strategist Venu Krishna says investors are acutely aware of certain market risks, such as a potential recession or consumer stress, but they can be blindsided by other risks. It is said that there is.

“We believe stagflation could (though unlikely) be caught in the stock market without realizing it, and some traditional defensive strategies do just that,” the strategist said in a note Thursday. Because in that scenario, it becomes something you don’t want to have.”

Krishna added that the high risk premium shows investors are not pricing in potential geopolitical risks adequately.

— Lisa Kailai Han

Despite Thursday’s decline, the average of the three major stocks tends to end the week higher.

The Nasdaq Composite Index rose 2.2% this week, leading the index gains. The S&P 500 rose 1.4% and the Dow rose 0.9%.

— Alex Harring

Rick Rieder, BlackRock’s chief investment officer and head of global fixed income and global allocation, said on CNBC’s “Closing Bell” that there are signs that low-end U.S. consumers are struggling. Stated. This could be a big factor in prompting the Fed to cut rates, Rieder said.

“It’s clear you’re putting pressure on low-income people. I think they want to get a few cuts this year. Will they be able to get it in July? You? “I think there’s a 25% chance that we’ll be able to start moving in,” Reeder said.

These forecasts are broadly in line with market expectations, according to the CME FedWatch tool.

Rieder also said that stock prices could continue to hit record highs due to strong earnings and demand for stocks, including stock buybacks by major tech companies.

— Jesse Pound

Futures tied to the Dow, S&P 500 and Nasdaq 100 were all little changed after 6pm ET.

— Alex Harring