North American Morning Briefing: Stock Futures -2-

The S&P 500 SPX is on pace for its biggest monthly drop since December 2022, with April's pullback erasing about half the gains the U.S. stock market had booked this year by the end of March. The index has slumped 5.5% this month through Friday, lowering its climb in 2024 to 4.1%.

Trump's Hush-Money Trial: What to Know as the Case Begins

Donald Trump is expected to spend the next six weeks in a Manhattan courtroom, defending himself against accusations he covered up a hush-money payment to porn star Stormy Daniels. Prosecutors say he orchestrated a scheme before the 2016 election to buy her silence about an affair, which Trump denies.

The criminal trial, taking place in the midst of Trump's campaign for president, might be the only of the four he faces to be heard by a jury before voters head to the polls in November.

Chinese-Americans Are Pushing San Francisco Toward the Political Center

SAN FRANCISCO-Phil Wong used to reliably back incumbents in this liberal city. But in 2022, he voted to recall three left-wing school board members and a progressive district attorney, and in November he plans to cast his ballot for a tough-on-crime challenger to the current mayor.

"I have a deep love for this city, what it was," said the 46-year-old son of a Chinese immigrant. "I want to see what it can be again."

New Darfur Attacks Feed Concerns Over More Large-Scale Violence

Sudan's paramilitary Rapid Support Forces and other allied militias in recent days have attacked and torched villages in war-torn Darfur, according to satellite images and interviews with survivors, stirring fears of more mass killings in the region.

The surge in violence around El Fasher, the capital of North Darfur, has prompted warnings from U.S. officials, the United Nations and analysts tracking the fighting about the risk of fresh atrocities against the region's Black communities.

Write to ina.kreutz@wsj.com

TODAY IN CANADA

Earnings:

PrairieSky Royalty 1Q

Economic Indicators (ET):

0830 Mar Industrial product and raw materials price indexes

0830 Mar New Housing Price Index

Stocks to Watch:

E-L Financial Declares Special Dividend of C$60

---

National Bank of Canada Appoints Air Canada Exec Arielle Meloul-Wechsler to Bd

Expected Major Events for Monday

05:00/JPN: Mar Convenience Store Sales

05:00/JPN: Mar Steel Production

10:00/UK: Apr CBI Industrial Trends Survey

12:30/CAN: Mar Industrial product and raw materials price indexes

12:30/CAN: Mar New Housing Price Index

12:30/US: Mar Chicago Fed National Activity Index (CFNAI)

17:59/UK: Mar Aluminium Production report

23:30/JPN: Feb Final Labour Survey - Earnings, Employment & Hours Worked

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Monday

Albertsons Companies Inc (ACI) is expected to report $0.41 for 4Q.

Alexandria Real Estate Equities Inc (ARE) is expected to report $0.87 for 1Q.

Bank of Hawaii Corp (BOH) is expected to report $0.85 for 1Q.

BeyondSpring Inc (BYSI) is expected to report $-0.67 for Full year.

CNB Financial Corp (Pennsylvania) (CCNE) is expected to report $0.51 for 1Q.

Cadence Bank (CADE) is expected to report $0.54 for 1Q.

Calix Inc (CALX) is expected to report $0.02 for 1Q.

Capital City Bank Group (CCBG) is expected to report $0.70 for 1Q.

Cathay General Bancorp (CATY) is expected to report $0.98 for 1Q.

Cleveland-Cliffs Inc (CLF) is expected to report $0.25 for 1Q.

Dynex Capital (DX) is expected to report $0.03 for 1Q.

Eagle Pharmaceuticals Inc (EGRX) is expected to report $0.21 for 4Q.

Ennis Inc (EBF) is expected to report for 4Q.

Enterprise Financial Services Corp (EFSC) is expected to report $1.11 for 1Q.

Equity Lifestyle Properties Inc (ELS) is expected to report $0.45 for 1Q.

First Financial (Indiana) (THFF) is expected to report $0.98 for 1Q.

Greenlane Holdings Inc (GNLN) is expected to report for 4Q.

HBT Financial Inc (HBT) is expected to report $0.55 for 1Q.

Hallmark Financial Services Inc (HALL) is expected to report for 4Q.

Hexcel Corp (HXL) is expected to report $0.41 for 1Q.

HomeStreet Inc (HMST) is expected to report $-0.08 for 1Q.

LCNB Corp (LCNB) is expected to report $0.36 for 1Q.

MainStreet Bancshares Inc (MNSB) is expected to report $0.51 for 1Q.

Medpace Holdings Inc (MEDP) is expected to report $2.47 for 1Q.

NBT Bancorp (NBTB) is expected to report $0.68 for 1Q.

Nicolet Bankshares Inc (NIC) is expected to report $1.65 for 1Q.

Northwest Bancshares Inc (NWBI) is expected to report $0.23 for 1Q.

Nucor Corp (NUE) is expected to report $3.64 for 1Q.

Packaging Corporation of America (PKG) is expected to report $1.67 for 1Q.

Peoples Bancorp of NC (PEBK) is expected to report for 1Q.

Pinnacle Financial Partners Inc (PNFP) is expected to report $1.51 for 1Q.

PrairieSky Royalty Ltd (PSK.T) is expected to report for 1Q.

RLI Corp (RLI) is expected to report $1.67 for 1Q.

ServisFirst Bancshares Inc (SFBS) is expected to report $0.86 for 1Q.

Sierra Bancorp (BSRR) is expected to report $0.61 for 1Q.

Tootsie Roll Industries (TR) is expected to report for 1Q.

Truist Financial Corp (TFC) is expected to report $0.78 for 1Q.

Verizon Communications (VZ) is expected to report $1.09 for 1Q.

Washington Trust Bancorp Inc (WASH) is expected to report $0.45 for 1Q.

Zions Bancorp NA (ZION) is expected to report $0.95 for 1Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

Bank of America Raised to Outperform From Peer Perform by Wolfe Research

Crown Castle Cut to Hold From Buy by Argus Research

DermTech Cut to Hold From Buy by Lake Street

DermTech Cut to Neutral From Buy by BTIG

Encore Wire Cut to Market Perform From Market Outperform by CJS Securities

First Solar Raised to Overweight From Equal-Weight by Wells Fargo

Ichor Holdings Raised to Buy From Neutral by B. Riley Securities

Magnolia Oil & Gas Cut to Neutral From Overweight by Piper Sandler

Netflix Cut to Hold From Buy by Canaccord Genuity

Netflix Raised to Buy From Hold by Needham

O-I Glass Cut to Neutral From Buy by B of A Securities

ON Semiconductor Cut to Underperform From Neutral by Exane BNP Paribas

Pure Storage Cut to Outperform From Strong Buy by Raymond James

Rush Street Interactive Raised to Buy From Hold by Craig-Hallum

Shift4 Payments Raised to Neutral From Sell by Redburn Atlantic

Sunnova Energy Intl Cut to Equal-Weight From Overweight by Wells Fargo

SW Energy Cut to Neutral From Overweight by Piper Sandler

Synovus Cut to Market Perform From Outperform by Keefe, Bruyette & Woods

Ulta Beauty Cut to Hold From Buy by Jefferies

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

April 22, 2024 06:20 ET (10:20 GMT)

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