Magnificent Disappointment? | Moovers
Morning mooers! It is Thursday, April 25th, the market is open and chugging away but dragged down by earnings expectations of the Magnificent Seven.
My name is Kevin travers, and here are the morning moovers today:
MOOVERS
$Meta Platformsfell 13% after the firms earnings beat expectations, climbing 27% year over year, but it's full year revenue outlook came in about $1B lower than expected, at $37B. It ripped down the S&P 500.
$Tyler Technologies, a local government enterprise software provider, climbed 8% on its earnings today, the highest gainer on the S&P.
$IBM Corp ripped the Dow Jones down as the largest decliner, down 8% after the firm announced it would acquire $HashiCorp during its earnings call that just narrowly missed revenue expectations.
$Hertz Global (HTZ.US)$ fell 24% after the car rental firm swung into a Q1 loss reporting this morning, losing $1.28/share. The firm said in its report it has been selling its fleet of 100,000 Teslas at a loss, with about 30,000 up for sale this year.
SECTORS
The tech sector fell after Meta's earnings did not impress enough.$Alphabet-C, and$Microsoft, both due for earnings after the market closes Thursday fell 3% and 4%. The Internet Content and Info Sector, usually held up by the largest companies in the world, fell 5% overall.
Oil futures fell with prices Thursday after macro data painted a picture of slowdown in the first quarter. The U.S. crude stocks from last week were reported lower by 6.4 million barrel Wednesday.
$Bitcoin fell about 1% Thursday, as the price continued jostling down a volatile path surrounding the most recent mining reward halving. Bitcoin stocks fell, $MicroStrategywas lower by 2%, $Coinbase fell 1%,$Marathon Digital fell 3%.
RECAP
Indexes opened much lower and were dragged down by big tech.
The$S&P 500 Index was down about 1.45% at the time of writing before 11 AM EST. The $Dow Jones Industrial Averag e fell about 1.80%, and the $Nasdaq Composite Index fell about 1.74%.
MACRO
In macro, GDP numbers for the first quarter came out low, at 1.6% growth compared to expectations of 2.5%. In the world of inflation fighting, a lower growth rate means prices may have slowed their endless climb, and the Federal Reserve may lower target rates sooner. It also means that compared to the hot 3.4% rate in Q4, and nearly 5% rate in Q3, the economy is slowing and U.S. stocks may also shrink.
$U.S. 2-Year Treasury Notes Yield climbed to 5 this morning after hitting 5.02% briefly, the $U.S. 10-Year Treasury Notes Yield climbed to 4.71.
The S&P Manufacturing PMI came out Tuesday morning at 49.9 compared to estimates of 52, a reading below 50 points tends to indicate a contraction in the activity level of purchasing managers in the manufacturing sector. Investors can expect the PCE, the Fed's favorite inflation indicator, to be released on Friday.
Yesturday, User @BiGEAGLE719 said that robotaxis had to be a good thing for Tesla.
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.
Fmr CNBC contributor, reporter/investor/trader
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gab3x : robotaxis definitely will be the next thing in our lives whether we love it or not.
just like AI will continue to grow. So, if Tesla is involved, it will definitely benefit from it.
by the way, love this short but precise briefing on the overall investment world.
easy to understand.
Kevin TraversOP : Thank you! I try to be as quick and accurate as I can
RDK79 : Must have forgot economy and earnings are decent. Turn around from what? Kinda a misleading question imho
74087240 RDK79: irrelevant to the market. disregard
Kevin TraversOP RDK79: I asked this question at 11 am est, meta and goog came out at 4 pm est, you responded at 2 am