US stocks had a mixed day with the S&P 500 falling around 0.1%, the Dow Jones rising about 0.2%, and the Nasdaq remaining flat. Disappointing earnings from chipmakers like AMD and Super Micro Computer dampened AI hopes. The market is cautious ahead of the Federal Reserve's policy decision, with expectations of rates remaining high due to stubborn inflation. Companies like Pfizer, Mastercard, CVS, and Starbucks reported mixed results impacting their stock prices.
US stocks declined following a below-expectation GDP growth rate of 1.6% for the first quarter, raising concerns about the economy. The Nasdaq fell 0.6%, S&P 500 dropped 0.5%, and Dow Jones slipped 1%. Inflation increased by 3.7%, fueling discussions on the Federal Reserve's interest rate strategy. Meta shares plummeted over 10% due to increased costs, while Google's parent company saw a 10% surge in stock value. Microsoft exceeded revenue projections, boosting its shares by 5%, whereas Intel's shares tumbled 8% on disappointing revenue guidance.
Most U.S. stocks slipped as Treasury yields rose, with the S&P 500 falling 0.2%, Dow Jones rising 0.2%, and Nasdaq falling 0.1%. Federal Reserve officials signaled no immediate interest rate cuts, causing market weakness despite positive corporate earnings. Fed Chair Powell's comments on inflation led to record-high Treasury yields and a shift in rate cut expectations to September. Strong earnings from companies like UnitedHealth supported the market. Treasury yields rose further, reflecting investor concerns. Corporate earnings exceeding estimates boosted investor confidence amid geopolitical tensions. Federal Reserve officials will continue to speak this week.
US stocks, including the S&P 500, Dow Jones Industrial Average, and Nasdaq, bounced back on Monday with gains driven by tech and bank stocks as bond yields stabilized. Notable company news includes Tesla announcing price cuts and 150 S&P 500 companies set to report earnings. The S&P 500 rose 0.9% to surpass 5,000, while the Dow added 0.7% and the Nasdaq jumped 1.1%. Key upcoming earnings to watch include Meta, Microsoft, and Alphabet, with Tesla's quarterly results expected after the market close on Tuesday.
US stocks were mostly lower as traders anticipated the Federal Reserve's decision on interest rates, with expectations of no change based on robust economic data. Markets are pricing in a near-100% chance of steady rates for the month, and investors have reduced their outlook for rate cuts this year. The Fed's chair Jerome Powell is unlikely to signal a dovish stance, leading to a risk-off mood in global markets. Stocks fell, the dollar rose, and 10-year Treasury yields held steady. Oil prices declined on concerns about inflation's impact on US demand.
Stocks on Wall Street rallied for a second consecutive day with the S&P 500 adding 1.2%, the Dow Jones Industrial Average climbing 0.7%, and the Nasdaq composite rising 1.6%. A weaker-than-expected report on U.S. business activity supported the market's positive momentum. GE Aerospace saw a significant increase after raising its profit forecast.
Stocks, including the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite, fell significantly following the US economy's subpar growth in the first quarter. Meta (formerly Facebook) experienced a 14% drop in its stock as a result of weaker-than-expected revenue and increased AI spending. IBM, Caterpillar, and Microsoft led the Dow's decline, while Merck, Coca-Cola, and Apple saw gains. The US GDP for 2024 Q1 rose by 1.6%, lower than the expected 2.4%, marking the seventh consecutive quarter of growth but below the previous quarter's rate of 3.4%.
Wall Street saw a retreat as hopes for an interest rate cut faded and geopolitical tensions rose in Big Tech. The S&P 500 fell about 0.9%, marking its sixth straight day of losses, while the Nasdaq Composite slid 2.1%. Disappointing earnings from Netflix impacted market sentiment with shares dropping 9%. Tech stocks like Nvidia and Amazon also saw declines. The market initially dipped due to Israel's retaliatory strike on Iran. Federal Reserve uncertainty added pressure, with officials taking a more hawkish stance. US government bonds and commodities like oil and gold were also affected.
U.S. stock indexes closed mixed with the S&P 500 falling 0.2%, the Dow Jones up 0.1%, and the Nasdaq down 0.5% after varied profit reports. Treasury yields rose on strong economic data with low layoff rates and unexpected growth in mid-Atlantic manufacturing. Weekly changes include S&P 500 down 2.2%, Dow down 0.5%, Nasdaq down 3.5%, and the Russell 2000 down 3%. Yearly changes show S&P 500 up 5.1%, Dow up 0.2%, Nasdaq up 3.9%, and Russell 2000 down 4.1%.
Stocks rebounded as tech earnings spawned a rally in markets despite growing concerns that the Fed will hold interest rates higher for longer. The Nasdaq Composite ( ^IXIC ) rose more than 4% last week, while the S&P 500 ( ^GSPC ) popped almost 3%. Meanwhile, the Dow Jones Industrial Average ( ^DJI ) rose less than 1%. In the week ahead, a Fed meeting, the April jobs report, and earnings from Big Tech stalwarts Apple ( AAPL ) and Amazon ( AMZN ) will test the recent optimism in markets. Updates on job openings, activity in the services and manufacturing sectors, and consumer confidence are also on the calendar.
The market rally is at its most fragile point in months. The S&P 500 ( ^GSPC ) ended Friday below 5,000, its first close below that mark since late February. Meanwhile, the Nasdaq Composite ( ^IXIC ) dropped more than 5% on the week while the Dow held flat. This week, critical readings on economic growth and inflation, as well as the start of Big Tech earnings, will determine if the malaise continues. On the economic data side, the advanced reading of first quarter economic growth is slated for Thursday, followed by the March reading of the Personal Consumption Expenditures index, the Fed's preferred inflation gauge, on Friday.
This is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with: The chart of the day What we're watching What we're reading Economic data releases and earnings Disappointing Boeing ( BA ) earnings drove the Dow to a small loss Wednesday, while a surprisingly positive reaction to Tesla ( TSLA ) results led that stock to its best day in two years (up 12%), helping the S&P 500 and Nasdaq Composite close in the green. Taking stock of equities as we head toward the end of April, investors are facing mixed messages from Wall Street. After a year that defied recession expectations, the first quarter of 2024 built on last year's strength. This year, the S&P 500 turned in the best first quarter return since 2019, rising 10%. But the stock sell-off this month has made April the worst month since last September.
In April, U.S. stocks experienced significant losses, with the S&P 500 falling 1.6%, the Dow Jones dropping 1.5%, and the Nasdaq sinking 2%. Treasury yields rose, impacting stocks, as workers saw higher pay and benefits gains than anticipated, affecting Federal Reserve rate cut expectations. For the week, the S&P 500 is down 4.2%, the Dow is down 5%, the Nasdaq is down 4.4%, and the Russell 2000 is down 7.1%. Year-to-date, the S&P 500 is up 5.6%, the Dow is up 0.3%, the Nasdaq is up 4.3%, and the Russell 2000 is down 2.6%.
Despite a recent rally, JPMorgan strategists predict a further sell-off in the US stock market due to macroeconomic risks such as Fed interest rate expectations, inflation concerns, and high equity valuations. The outlook is compared to the market conditions of last summer. The Nasdaq led gains with 1.1%, but the S&P 500 and Dow Jones also climbed. JPMorgan's Marko Kolanovic has the most pessimistic S&P year-end target of 4,200, implying a 17% drop from current levels.
Stock indexes, including the Nasdaq Composite and the S&P 500, saw little change as Tesla's shares surged by around 12% following its earnings report, while Meta shares slid over 10% after reporting revenue guidance below expectations. Ford and Chipotle both exceeded Wall Street's forecasts for revenue and earnings per share in their quarterly reports after hours, with Chipotle's earnings per share at $13.37 and same store sales rising 7%, and Ford reporting revenue of $42.8 billion and adjusted earnings per share of $0.63.
Most share indices in Asia-Pacific were trading higher with the Nikkei 225 down by 0.34% to 37,831.61, the KOSPI index up by 1.22% to 2,615.66, and the S&P ASX 200 up by 0.36% to 7,633.10. Taiwan Manufacturing Co. and Tokyo Electron Ltd are set to report quarterly results. US bond market under pressure with speculation on rate cuts. Various indices in the US fell, Brent crude traded higher at $87.36, and gold rose to $2,369.67. India's benchmark indices fell due to geopolitical concerns, with net selling by foreign investors and buying by domestic institutional investors. Tata Communications reported revenue up 1.0% and net profit up 613.7% in the latest quarter.
Stocks fell on Friday with the Nasdaq Composite sliding 1.3%, the S&P 500 shedding 1%, and the Dow Jones Industrial Average falling 0.9% or more than 300 points. Tech stocks, previously leading the rally, lost ground amid fears of inflation and worries about Federal Reserve policies. Big banks like BlackRock, JPMorgan, Wells Fargo, and Citigroup reported mixed results, with the financial sector underwhelming investors. Meanwhile, precious metals like gold and silver rallied to fresh highs as investors sought safety amidst Middle East tensions and inflation concerns.
Stock prices in Japan are being monitored closely as an electronic board displays the yen and U.S. dollar exchange rates at a securities firm in Tokyo. Meanwhile, on Wall Street in New York, the market is rising in anticipation of the U.S. government's update on inflation, which may impact the Federal Reserve's upcoming interest rate decision.
Asian stocks slightly rose as investors awaited economic data, corporate earnings, and the U.S. Federal Reserve's policy meeting. MSCI's index of Asia-Pacific shares outside Japan gained almost 1% for the month, with the Nikkei rising 1%. China and Hong Kong stocks showed mixed early trading. The focus is on the yen after suspected intervention lifted it from 34-year lows. Japan's top currency diplomat mentioned authorities are prepared to address foreign exchange matters 24/7. Markets anticipated Japanese intervention to support the yen as it weakened 10% against the dollar this year.
The Dow snapped a six-day losing streak on Tuesday as investors digested a "higher-for-longer" interest rate mantra from the Federal Reserve. The Dow Jones Industrial Average ( ^DJI ) finished the day up 0.2%, or more than 50 points, following comments from Federal Reserve chair Jerome Powell, who said it will likely take "longer than expected" for the central bank to be confident in its inflation fight. The S&P 500 ( ^GSPC ) and tech-heavy Nasdaq Composite ( ^IXIC ) closed down 0.2% and 0.
The S&P 500, Dow Jones Industrial Average, and Nasdaq composite all rose on Monday, with Amazon and Apple set to report earnings. The Federal Reserve is expected to maintain interest rates, and the US jobs report is due on Friday. The 10-year Treasury note yield fell to 4.61%. Year-to-date, S&P 500 is up 7.3%, Dow is up 1.8%, Nasdaq is up 6.5%, and Russell 2000 is down 0.5%.
Tech stocks slumped on Wall Street after Dutch company ASML reported weaker-than-expected orders, overshadowing stronger quarterly profit reports. The S&P 500 fell 0.6%, the Dow Jones dropped 0.1%, and the Nasdaq composite decreased by 1.1%. Treasury yields fell due to a sharp decline in oil prices. Major tech companies like Nvidia and Meta experienced losses, with the tech sector being the worst-performing sector in the S&P 500.
US stocks are set to open lower after Israel's apparent retaliatory strike against Iran, with S&P 500 futures down 0.6%, Nasdaq 100 futures sinking 0.85%, and Dow Jones Industrial Average futures down 0.5%. Markets are on edge over fears of a widening conflict in the Middle East, impacting oil prices and global economy. Meanwhile, Netflix shares fell 4% despite positive quarterly results, and TSMC saw a 6% decline after revising revenue growth outlook. European and Asian markets also opened lower, with tensions in the Middle East influencing sentiment.
Trump Media & Technology Group Corp went public on the Nasdaq exchange amidst lawsuits, short-selling, and speculation. The stock's volatility is linked to Trump Media's main asset: former President Donald Trump, who runs the social media platform Truth Social. Traditional analysts struggle to predict the stock's movements due to its ties to Trump and his strong supporter base. Large investors have been hesitant to buy shares in the company.
US stocks, including the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average, saw gains as tech-heavy investors awaited Tesla's earnings report. Tesla rose 8% in after-hours trading after hinting at more affordable future models, despite missing first-quarter earnings expectations.
The Labor Department reported a decrease in unemployment claims, with 207,000 applications compared to 212,000 the previous week. The Federal Reserve's 11 rate hikes aimed to curb inflation did not lead to expected layoffs or a recession. Companies outside tech and media, like UPS and Macys, announced job cuts. Despite this, U.S. employers added 303,000 jobs recently, and the unemployment rate dropped to 3.8%, staying below 4% for 26 months. Around 1.78 million Americans received jobless benefits, 15,000 less than the previous week.
(Bloomberg) -- Super Micro Computer Inc. plunged in pre-market trading on Wednesday after reporting quarterly sales that fell slightly short of estimates. The results disappointed investors who had sky-high expectations that the server makers business would benefit from AI-related demand. Most Read from Bloomberg Tesla Axes Supercharger Team in Blow to Broader EV Market NYC Police Break Up Columbia Protest and Clashes Erupt at UCLA Amazon Posts Strongest Cloud Sales Growth in a Year on AI Demand Pot Stocks Surge on Report DEA Set to Reclassify Marijuana Lilly Soars as Forecast Boost Shows Weight-Loss Drugs Power Shares were down almost 14% in New York as of 7:43 a.m.
Starbucks shares dropped by nearly 14% as the coffee chain revised its annual forecasts downwards, citing persistent weak demand in the US and slower-than-expected recovery in China. Factors such as price hikes leading customers to drink coffee at home, severe cold weather in the US, and the impact of the Israel-Hamas war on the Middle East market contributed to the decline. The company expects a low single-digit decline to flat in global and US comparable sales, with a reduced profit growth forecast. US consumers are showing prudence in spending, opting for cheaper products amid inflation concerns.
The US economy experienced a slowdown with a GDP growth rate of 1.6% in the first quarter of 2022, lower than the predicted 2.4%. Despite this, consumer spending on services remains strong, while spending on goods like cars and gasoline declined. Speculation surrounds the Federal Reserve's potential interest rate cuts due to recent inflation increases, with only 6.4% of investors expecting a rate cut in May. The International Monetary Fund raised its 2024 growth forecast for the US to 2.7% due to robust employment and consumer spending.
Advanced Micro Devices shares fell sharply in early Wednesday trading after the chipmaker issued a muted near-term outlook for sales of its newly released AI chip, which clouded a stronger-than-expected first quarter earnings report. AMD ( AMD ) , which is attempting to carve into market leader Nvidia's ( NVDA ) 80% share of the market for AI focused data center chips, has seen demand for some of its traditional server chips wane amid the rush to secure higher-end processors. That pushed revenue for two of its three main reporting units gaming and client sharply lower over the three months ended in March and capped the group's overall top line at $5.47 billion, a tally that narrowly topped Wall Street forecasts. The group's data center segment, however, saw sales rise 80% to $2.
This article is a summary of the closing milestones of the Dow Jones Industrial Average, a United States stock market index. Since first closing at 62.76 on February 16, 1885, the Dow Jones Industrial Average has increased, despite several periods of decline.
The Commerce Department is expected to report a slowing first-quarter economic growth rate of 2%, down from 3.4% in the previous quarter, with strong consumer spending amid high borrowing rates and inflation pressures. Unemployment benefits applications have remained steady at 212,000, supporting consumer spending and justifying the Federal Reserve's high interest rates to control inflation. The Federal Reserve is monitoring inflation closely and analysts predict a year-over-year inflation increase to 2.6%.
Starbucks reported a 2% drop in revenue to $8.6 billion for the January-March period, below the expected $9.1 billion. Same-store sales also fell by 4%, with a 7% decline in transactions in the U.S. and an 11% plunge in China. Net income decreased by 15% to $772 million. CEO Laxman Narasimhan described the quarter as 'a highly challenged environment'. The company's shares dropped 10% in after-hours trading.
The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices and includes approximately 80% of the total market capitalization of U.S. public companies.The S&P 500 index is a free-float weighted/capitalization-weighted index. As of December 29, 2023, the nine largest companies on the list of S&P 500 companies accounted for 30.9% of the market capitalization of the index and were, in order of highest to lowest weighting: Apple, Microsoft, Amazon.com, Nvidia, Alphabet (including both class A & C shares), Meta Platforms, Tesla, Berkshire Hathaway and JPMorgan Chase. The components that have increased their dividends in 25 consecutive years are known as the S&P 500 Dividend Aristocrats.The index is one of the factors in computation of the Conference Board Leading Economic Index, used to forecast the direction of the economy. The index is associated with many ticker symbols, including ^GSPC,. INX, and $SPX, depending on market or website. The S&P 500 is maintained by S&P Dow Jones Indices, a joint venture majority-owned by S&P Global, and its components are selected by a committee.
(Bloomberg) -- New York Community Bancorp Inc. shares jumped after the troubled lender posted results that were better than feared and executives outlined a plan for transitioning the company into a more diversified bank. Most Read from Bloomberg Tesla Axes Supercharger Team in Blow to Broader EV Market NYC Police Break Up Columbia Protest and Clashes Erupt at UCLA Fed to Signal Delay of Interest-Rate Cuts Lilly Soars as Forecast Boost Shows Weight-Loss Drugs Power Amazon Posts Biggest Cloud Sales Growth in Year on AI Demand Charge-offs and provisions for potential loan losses dropped in the first quarter from the previous three months, which could help allay commercial-property concerns that have hounded the lender since it last reported results. Under a new chief executive officer, the lender will seek to diversify its loan portfolio and bolster its funding profile with a goal of being profitable in 2025 following expected losses this year. Since taking on the CEO role, my focus has been on transforming New York Community Bank into a high-performing, well-diversified regional bank, Chief Executive Officer Joseph Otting, who took over leadership of the company at the beginning of April, said in a statement.
The Nasdaq Composite (ticker symbol ^IXIC) is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange. Along with the Dow Jones Industrial Average and S&P 500, it is one of the three most-followed stock market indices in the United States. The composition of the NASDAQ Composite is heavily weighted towards companies in the information technology sector. The Nasdaq-100, which includes 100 of the largest non-financial companies in the Nasdaq Composite, accounts for over 90% of the movement of the Nasdaq Composite.The Nasdaq Composite is a capitalization-weighted index; its price is calculated by taking the sum of the products of closing price and index share of all of the securities in the index. The sum is then divided by a divisor which reduces the order of magnitude of the result.
The Personal Consumption Expenditures price index rose to 2.7% for the year ending in March, exceeding economists' expectations of a 2.6% increase. Despite a slight slowdown from previous highs, inflation remains above the Federal Reserve's 2% target. Rising gas prices and persistent increases in shelter costs and overall services contribute to the prolonged high inflation levels, posing challenges for economists and the Fed. The core PCE index, excluding volatile food and energy prices, remained steady at 2.8% annually in March, highlighting the ongoing inflationary pressures.
By Juveria Tabassum (Reuters) -Yum Brands reported a fall in quarterly global same-store sales on Wednesday, hurt by choppy demand for its KFC and Pizza Hut brands from inflation-weary consumers in the United States as well as in overseas markets. Consumers in the United States are increasingly looking for value-oriented meals in the face of sticky inflation, pushing fast food chains to double down on promotions and offers and on revamping their store and order experiences. Shares of Yum Brands slipped 6% in premarket trade after the Pizza Hut parent joined coffee giant Starbucks in recording its first drop in total same-store sales in about three years. The company's quarterly results also echo that of burger giant McDonald's , which missed profit estimates for the first time in two years as consumers with constrained discretionary budgets hunt for better bargains while dining out. Yum Brands CEO David Gibbs said "as expected, same-store sales were pressured this quarter, but we are encouraged by strong two-year same-store sales growth and positive momentum exiting the quarter.
Despite the Federal Reserve's efforts to cool the labor market, the number of Americans applying for jobless benefits decreased by 11,000 to 211,000 last week. The four-week average of claims also fell to 214,250. In March, the U.S. added 303,000 jobs, reducing the unemployment rate to 3.8%, marking the longest streak of staying below 4% since the 1960s. However, companies like Google, Apple, Amazon, and others have recently announced layoffs, with a total of 1.82 million Americans collecting jobless benefits by the end of March.
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