AI Bellweather Earnigns Call is Finally Here | Herd on Wall Street
Morning mooers! It is Wednesday May 22, the market is cautiously flat, awaiting Nvidia earnings after market closes.
My name is Kevin Travers, and here are the stories moving on Wall Street Today:
$Target (TGT.US)$'s fiscal first-quarter earnings missed Wall Street's estimates by 3C, and were 1% below last year's $2.05. Shares in the firm fell 8% in early trading, the lowest decline on the S&P 500.
The largest gainer on the S&P 500 was $First Solar (FSLR.US)$, a stock that received a UBS analyst price upgrade. the stock climbed 9%.
$PDD Holdings (PDD.US)$ climbed 3% after the firm reported sharp increases in first-quarter results on Wednesday as the Chinese e-commerce platform benefited from improving consumer sentiment and demand.
$Lululemon Athletica (LULU.US)$ fell 6%, the lowest on the Nasdaq 100, after the firm announced its Chief Product Officer Sun Choe was stepping down.
In sectors, the Solar sector tracked by moomoo stood out, up 7% led by $SunPower (SPWR.US)$, a stock exploding 20% after the firm announced it would offer Tesla Powerwalls.
Meanwhile, in commodities, Crude Oil Futures pulled back 1.4%, while the EIA said crude inventories increased by 1.8M barrels after last week's 2.4M cut, alongside declines in Gold and Silver, down 1.39% and 2.6%. Bitcoin pulled back about 1%, while Eth fell 3%.
As a general recap, the market was lower Wednesday, cautiously watching for $NVIDIA (NVDA.US)$. Shortly after 10:30 AM EST, the $S&P 500 Index traded flat, but lower -0.01. The $Dow Jones Industrial Average climbed about 0.01%, and the $Nasdaq Composite Index climbed by just 0.04%. By direction, 6500 equities declined while 4400 climbed Wednesday.
Wednesday, investors can expect the Federal Open Market Committee's meeting minutes after 2 PM, that will show what the FOMC coinsidered when leaving rates the same last month. This week investors will also watch numerous Fed speeches.
Federal Reserve Governor Christopher Waller said on Tuesday that if economic data continues to weaken over the next three to five months, the central bank might consider lowering interest rates by the end of 2024.
Monday morning, Fed Vice Chair Jefferson said the economy is growing at a solid pace, and its too early to tell if the current disinflation slowdown will last longer. Cleveland Fed President Loretta Mester on Monday suggested she was thinking about backing away from her prior expectation of three cuts this year.
Last week, Wednesday CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.
Tuesday morning, the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.85, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ 4.42.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
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White_Shadow : I'm watching NVIDIA, and the price of metals.
Jack Hilliard 24 : Nice
TheLongKhan : im watching Preston Stewart videos on yuhtoobs
Muhammad Sani : good day sir