Indexes Climb to Start Major Earnings Week | Wall Street Today

Moomoo Recap US wrote a column · Apr 30, 2024 04:21

Indexes Climb to Start Major Earnings Week | Wall Street Today

The Dow industrials, S&P 500 and Nasdaq Composite all traded higher Monday as $Tesla (TSLA.US)$ and $Royal Philips (PHG.US)$ rallied and markets awaited the Fed's latest rate decision later this week.

The $S&P 500 Index (.SPX.US)$ climbed 0.32% hortly after the closing bell. while the $Dow Jones Industrial Average (.DJI.US)$ added 0.38%. Meanwhile, the $Nasdaq Composite Index (.IXIC.US)$ rose 0.35%.

Monday, moomoo and Nasdaq held a partnership event at the exchange in Times Square, featuring a talk with KOLs and spokesperson Justin Zachs.

MACRO

Investors can expect an update from the FOMC on target Federal Funds Rates this week. Last week in macro, PCE inflation numbers for the month of March came out higher than expected, up 2.8% compared to 2.6%. The numbers follow GDP numbers for the first quarter that came out low Thursday, at 1.6% growth compared to expectations of 2.5%.

$U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed to 4.98 this morning after hitting 5.02% briefly, the$U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed to 4.64.

SECTORS

As tracked by moomoo the Internet Content Sector fell the most, with both share classes of Alphabet pulling back about 2.9% after a 9% jump last week after the firm announced dividends.

Semiconductors were falling, though $ON Semiconductor (ON.US)$ reported earnings Monday morning that lived up to expectations, helping the Semi sector climb about 0.26%.

Gold and silver futures were climbing, while Oil was falling. Bitcoin was falling slightly, leading to a pullback in crypto stocks.

MOOVERS

Separately, $Royal Philips (PHG.US)$ rallied 28.8% to $27.14 on reaching a $1.1 billion settlement to resolve claims over alleged problems with its sleep-apnea devices.

$Tesla (TSLA.US)$ was the highest gainer on the S&P 500 after the firm announced it was on a pathway to getting approval for full self driving in China. The stock climbed 14%.

$Franklin Resources (BEN.US)$was the largest decliner on the S&P 500, after the firm reported Q2 results that did not meet up to expectations.

$SoFi Technologies (SOFI.US)$ fell 8% after the firm reported a revenue beat, but its outlook was insufficient.

$Trump Media & Technology (DJT.US)$ climbed 12% after the company announced encouraging stock holders to safeguard their shares from short selling.

$Strategy (MSTR.US)$ reported quarterly losses of $(3.09) per share, missing the analyst consensus estimate of $(0.55) by 461.82 percent.

$Paramount Global-B (PARA.US)$ reported quarterly Adj earnings of $0.62 per share, beating the analyst consensus estimate of $0.36 by 72.22 percent. The firm said in its report that the CEO Bob Bakish would step down.

WORD FROM THE HEARD: Mooers, what are you watching?
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