Amex Holding Up Dow, Semis Down Bad | Market Moovers
Morning mooers! Friday April 19th, the market is open and just barely green.
My name is Kevin Travers, and my favorite bagel place was shut down to film a Bob Dylan bio pick staring Timothee Chalamet, who is really small in person, so I am grumpy.
Here are you morning moovers today:
MOOVERS
$Paramount Global-B (PARA.US)$ was the largest gainer on the S&P 500, up 8% after rumors this morning that Sony and Apollo Global Management were working on a joint purchase bid.
$American Express (AXP.US)$climbed about 4% after its earnings this morning beat expectations, pulling the Dow Jones out of the red as the top gainer.
$Netflix (NFLX.US)$ fell 7% after its earnings showed large subscriber growth, but an outlook that predicted less impressive results in the second quarter. The firm said that the next year it was done reporting subscriber numbers, and the stock pulled down the Nasdaq 100.
SECTORS
Semiconductors fell another 2% Friday, continuing a week-long trend that has kept the entire market lower.
Within the sector, $Arm Holdings (ARM.US)$ fell a dramatic 7%, after another company higher up in the chip supply chain, $ASML Holding (ASML.US)$, reported lower demand than expected for semicunductor production this past quarter.
$NVIDIA fell 2.7%, $Micron Technology (MU.US)$ fell 3.4%, and $Advanced Micro Devices (AMD.US)$ fell 3%.
$Taiwan Semiconductor fell about 2.5% after the firm issued a lowered outlook for the chip market.
RECAP
The market opened with most equities in the green. Recent earnings held up the Dow.
The$S&P 500 Index fell 0.39% just before noon. The $Dow Jones Industrial Average climbed about 0.41%, and the $Nasdaq Composite Index fell 1.11%.
MACRO
No new updates today, but remember Fed's Powel on Tuesday warned rates would have to stay in place for longer until the Fed was sure of the results. This morning, the$U.S. 10-Year Treasury Notes Yield climbed to 4.62, and the $U.S. 2-Year Treasury Notes Yield climbed to 4.99.
Thursday, weekly initial jobless claims stayed at the same level as last week, at about 212k. Federal Reserve New York President John Williams spoke in the morning and said interest rates were in a "good place," and there was no rush to lower them.
Yesterday, user @RDK79 said the market does whatever it feels, regardless of good earnigns, bad earnings, yada yada yada.
Mooers, what are you feeling today? Comment below and I may feature your comment tomorrow!
Source: Bloomberg, Dow Jones, CNBC, Reuters
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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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Moomoo News and Community Manager
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MAXYEOKING : The reported earnings not as expected and lower demand does play a big role to pull down the chip sector. what I think of the market now are too sentiment BUT their fundamental still look good.
perhaps is the best time to position when the price drop.
Kevin Travers OP MAXYEOKING : Thats a good point!