Wall Street Today | Stocks are doing better after earnings now
MACRO
· Dizzying pre-Fed day ends with gains for stocks
Stocks faced another volatile session, with traders awaiting more clues on whether the Federal Reserve will be able to pull off a soft landing that brings down inflation without triggering a recession.
After several twists and turns, the $S&P 500 Index (.SPX.US)$ closed higher, led by gains in economically sensitive shares like commodity producers and banks. Small caps also climbed, while technology companies underperformed.
· Stocks are doing better after earnings now. It's a positive sign
The normal pattern is for a stock to rise if a company's earnings are better than expected, but for much of the current reporting season, that just didn't happen. The fact that those post-profit pops are back is a positive sign for the market.
· U.S. job openings, quits reach march records in tight labor market
Job openings and the number of times workers quit reached the highest levels on record in March, as a shortage of available workers continued to pressure the U.S. labor market. The Labor Department on Tuesday reported a seasonally adjusted 11.5 million job openings in March, an increase from 11.3 million the prior month. The number of times workers quit their jobs rose to 4.5 million in the same month, slightly higher than the previous record in November of last year.
SECTORS
· Oil climbs as investors weigh inventory estimates
Oil rose as industry data pointed to a drop in U.S. stockpiles and traders monitored possible European Union curbs on Russian crude.
West Texas Intermediate rebounded above $103 a barrel after sinking more than 2% on Tuesday. The American Petroleum Institute reported a drop of about 3.5 million barrels in crude stockpiles, as well as draws in gasoline and distillate holdings, according to people familiar with the figures.
· Global chip shortage's latest worry: too few chips for chip-making
The drought in chip availability that has hit auto production, raised electronics prices and stoked supply-chain worries in capitals around the globe has a new pain point: a lack of chips needed for the machines that make chips, industry executives say.
COMPANIES
· AMD shares soared after reporting record performances all around in beat-and-raise Q1
$Advanced Micro Devices(AMD.US)$ reported record first-quarter revenue and non-GAAP net income that comfortably beat estimates. The chipmaker's results reflected across-the-board strength, led by higher Ryzen and EPYC processor sales and solid semi-custom revenue. The company raised its full-year revenue guidance, citing strong contributions from Xilinx and server and semi-custom segments.
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· Elon Musk said to plan taking twitter public again later
Elon Musk, who has agreed to take $Twitter(TWTR.US)$private in a $44 billion deal, has told potential investors he could return the social-media company to public ownership after just a few years. Mr. Musk said he plans to stage an initial public offering of Twitter in as little as three years of buying it, according to people familiar with the matter.
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· Starbucks profit rises, boosted by higher sales, prices
$Starbucks(SBUX.US)$shares are gaining ground in after-hours trading, after the coffee giant reported a fiscal second quarter that came in slightly below analysts' expectations along with growing U.S. same-store sales. It also said it would invest more than $1 billion in its business, while suspending its guidance for the remainder of the fiscal year.
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· Airbnb revenue climbs on record nightly bookings and higher prices
$Airbnb(ABNB.US)$said it expects to post its first full-year net profit this year after its revenue climbed 70% last quarter as people continued to book suburban rentals despite hosts raising prices. The San Francisco company posted $1.5 billion in revenue in the three months through March.
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Source: Bloomberg, WSJ
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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thoughtful Lemur_903 : Thank you for the analysis
Katgoh : closely climbing up
blaCkbOxx : Ok
71864672 thoughtful Lemur_903 : welcome