S&P Feels Some Pullback, These Recent Earnings Disappoint | Mooovers
Morning mooers, it is Wednesday May 8th: Victory in Europe day. The market is open, and in the negative, punctuated by a morning thunderstorm here in Jersey City.
My name is Kevin Travers, and here are stories moving the market today:
MOOVERS
$Intel (INTC.US)$ stock was sliding 2% as the chip maker company offered lower guidance for Q2 after the U.S. revoked export licenses to China. It was the biggest decliner pulling down the Dow Jones.
$Uber Technologies (UBER.US)$ reported an unexpected first-quarter loss on Tuesday, weighed down by its equity investments, in what it called "business model strategies" that cost the firm $721m. The stock fell 8%, the lowest in the S&P.
$Shopify (SHOP.US)$ tumbled 19% early Wednesday, after the commerce infrastructure provider swung to a surprise first-quarter loss of 21C a share on revenue of $68M.
$Reddit (RDDT.US)$ jumped nearly 15% overnight after it posted a $500M+ loss in the quarter, but at open fell to a just a +4% climb.
$Tesla (TSLA.US)$ fell Wednesday after renewed reports that the Justice Department was examining whether the firm of Chief Elon Musk made false claims about Full Self Driving.
SECTORS
Semiconductors had pulled back to start the week, and climbed about 0.30% Wednesday before Arm earnings. Otherwise the market was flat enough to not let any sector stand out. Bitcoin was lower.
Crude oil futures fell for the sixth session, while gold and silver traded mostly flat.
RECAP
Just past 11 Am EST the $S&P 500 Index (.SPX.US)$ climbed 0.19% after a red open, the $Dow Jones Industrial Average (.DJI.US)$ traded flat -0.02%, and the $Nasdaq Composite Index (.IXIC.US)$ also moved sideways, down just 0.03%. About 6,500 equities fell while just 4,000 climbed at open.
MACRO
There is not much macro Wedensday, but Tuesday, Fed's Kashkari said that one rate cut is still possible this year, which is a dramatic change from the CME FedWatch futures pricing just last month. He said that if inflation stays the same and labor stays strong, rates should stay the same, too.
Investors can expect Michigan economic data like Consumer Sentiment and inflation expectations, and EIA supply numbers, but otherwise, nothing else.
Last week was busy: Wednesday, the Federal Open Market Committee left the target Federal Funds Rate unchanged at 5.25%-5.50%. Federal Reserve Chairman Jerome Powell said it's unlikely that policymakers will increase interest rates.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell to 4.83, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell to 4.48.
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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Kevin TraversOP ming lin690: trying my best to update moomoo users, can you help me by posting an improved market update, friend?
ianxue : Thanks for the poll
Svetlana Polishuk : Yes, in November 2024. Then more new all-time-highs throughout 2025.