Healthcare Stocks Couldn't Bandage This Red Trading Day | Wall Street Today

Moomoo Recap US wrote a column · Apr 30 16:00

Healthcare Stocks Couldn't Bandage This Red Trading Day | Wall Street Today

The market was overwhelmingly red on Tuesday despite some healthcare earners holding up indexes.

The Nasdaq Composite index sank more than 2% and S&P 500 and Dow Jones Industrial Average fell nearly 600 points as markets awaited Wednesday's interest-rate decision from the Federal Reserve.

The $Nasdaq Composite Index(.IXIC.US)$ fell 325.26 (2.04%) to a 15,657.82 close, while the $Dow Jones Industrial Average(.DJI.US)$ gave up 570.17 points (1.5%) to 37,815.92.

Meanwhile, the $S&P 500 Index(.SPX.US)$ shed 80.48 ticks (1.6%) to a 5,035.69 finish.

MACRO

Among the latest economic data, the U.S. April Consumer Confidence Index came in Tuesday morning at 97, compared to the 104 analysts had expected. Stocks fell as Wall Street awaited the Federal Reserve's decision on Wednesday at 2 p.m. ET on whether to cut interest rates.

Markets have been hoping a rate cut will boost stocks by lowering bond and money-market yields, but ongoing signs of U.S. inflation mean few investors expect any easing this week. The CME FedWatch Tool gives the odds of a rate cut on Wednesday at just 3.9%.

$U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed to 5.04 this morning, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed to 4.68.

SECTORS

As tracked by moomoo, the Drug manufacturers sector climbed 1.7% led entirely by Eli Lilly and Co.

Gold and silver futures were falling alongside Gold, traded sharply lower early on Tuesday, with the dollar and yields rising as the Federal Reserve's policy committee begins its two-day meeting that is expected to end with interest rates unchanged. Gold for June delivery was last seen down US$39.40 to US$2,318.30 per ounce.

Saxo Bank noted that the "focus is on whether (Fed) Chair Powell makes a hawkish pivot."

Oil prices rose early on Tuesday but tanked when the market opened amid risk buying as Israel prepares for its controversial attack on the city of Rafah in Gaza. Futuers fell while the dollar spiked higher. Bitcoin was falling slightly, leading to a pullback in crypto stocks.

MOOVERS

$Eli Lilly and Co (LLY.US)$ rose 7% after the drug maker reported a 26% increase in quarterly revenue, aided by robust demand for its weight-loss drug Mounjaro. The stock was the highest gainer on the S&P 500.

Shares of $3M (MMM.US)$jumped 4.9% toward a 14-month high Tuesday after the company reported first-quarter profit and revenue that beat expectations during a quarter when it finalized two major legal settlements. The firm was the highest gainer on the Dow Jones.

$GE HealthCare Technologies (GEHC.US)$ fell 10%, pulling down the S&P and Nasdaq 100, after the firm's earnings missed slightly.

$Super Micro Computer(SMCI.US)$'s sales more than tripled in the fiscal third quarter as the company's artificial intelligence-fueled boom continued. The firm reported a profit of $402.5 million, or $6.56 a share, in the quarter that ended March 31, compared with a profit of $85.8 million, or $1.53 a share, a year earlier. Analysts polled by FactSet expected a per-share profit of $5.42.

$Pinterest(PINS.US)$ jumped more than 20% after hours Tuesday after the social media company reported adjusted earnings per share for the first quarter that beat the average analyst estimate.

$Advanced Micro Devices(AMD.US)$ reported Q1 Non-GAAP EPS of $0.62, which beat the $0.57 Expected by Wall Street on revenue of $5.47B vs. $5.1B Exp.

$Super Micro Computer(SMCI.US)$'s sales more than tripled in the fiscal third quarter as the company's artificial intelligence-fueled boom continued.

$Amazon(AMZN.US)$ reported quarterly earnings of $0.98 per share, beating the analyst consensus estimate of $0.82 by 19.51 percent. The firm sees Q2 net sales of $144B-$149B compared to estimates of $150.07B.

WORD FROM THE HEARD: Mooers, what are you watching?
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.

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