Market Trades Flat, Earnings Swing Big and Small | Wall Street Today
Indexes climbed, fell, and finished flat before yet another massive day of after-hours earnings Wednesday.
The $S&P 500 Index traded flat, up 0.02% on preliminary closing figures. The $Dow Jones Industrial Average fell slightly, down 0.11%, and the $Nasdaq Composite Index climbed 0.1%.
The S&P 500 and Nasdaq rose in part of the strength of $Tesla(TSLA.US$, which gained 12.1% as investors ignored an earnings miss that the EV giant revealed Tuesday after the bell. Wall Street instead focused on the company saying it plans to soon release its "robotaxi" and lower-priced car models.
MACRO
$U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell to 4.93 this morning after hitting 5% briefly last week, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed slightly to 4.64.
Wednesday morning, US Mar. Durable Goods Orders MoM came in at 2.6% vs 2.5% Forecast.
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 further macro numbers this week: Q1 GDP updates will be released on Thursday, and the PCE, the Fed's favorite inflation indicator, will be released on Friday.
SECTORS
In Sectors, five of the top eight included Tesla, pulling up Space +8.71%, EV Charging +7%, and ARK Holdings +7%. Tesla pulled down some taxi stocks, like Uber and Lyft, on the news they would compete soon.
All That Glitters
Gold and Silver have fallen dramatically since the XAU/USD index hit an intraday high near $2,431.
Oil Stockpiles Fall
According to data released Wednesday by the U.S. Energy Information Administration, crude oil stocks fell sharply in a first withdrawal in five weeks while refineries increased their capacity use.
The EIA said commercial crude oil stocks excluding the Strategic Petroleum Reserve were down by 6.4 million barrels to 453.6 million barrels in the week ended April 19 and were about 3% below the five-year average for the time of year.
Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would increase by 500,000 barrels.
MOOVERS
$Meta Platforms(META.US$ reported first-quarter earnings above analyst expectations, with earnings per share of $4.71 compared to $4.32 expected on revenue of $36.46B vs estimates of $36.6B. The stock fell 10%. The CFO Outlook stated a midpoint revenue range of $37.75B for 2024, while analysts expected $38.3B.
$Tesla (TSLA.US)$ climbed 12% after its Tuesday night earnings showed EPS and revenue lower by $2B than expected. During the firm's earnings call, Tesla Chief Elon Musk said they would announce a robotaxi app on Aug 8th.
$Old Dominion Freight Line (ODFL.US)$ was the largest decliner on the S&P 500, down 11% after missing revenue expectations by about $20M this morning.
$Boeing(BA.US$ climbed 2% Wednesday morning after the firm reported Q1 earnings that beat expectations. In the afternoon, the gain turned into -3%. The firm reported a loss of $1.13/share.
$NVIDIA(NVDA.US$ on Wednesday said it has agreed to acquire Run:ai, a Tel Aviv-based provider of artificial intelligence computing workload management software.
$IBM Corp(IBM.US$ has agreed to buy the cloud-software company $HashiCorp(HCP.US$ for $35 a share in cash, or about $6.4 billion, the company said Wednesday. IBM also reported Q1 EPS of $1.68 on Revenue of $14.5 Billion, vs CIQ Analyst Consensus of $1.59/Share on Revenue of $14.5 Billion. The stock fell 7% after hours.
Shares of F $Ford Motor(F.US$ rose 4% after hours Wednesday after the carmaker kept losses from its EV business in check and reported a better-than-expected quarterly profit.
WORD FROM THE HEARD: Mooers, what are you watching?
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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 in nature, 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 thislinkfor more information.
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SpyderCall : great recap!
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