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Market Tech like Nvidia, Tesla Climbing Again | Herd on Wall St.
Good afternoon, traders. Happy Thursday, July 25th. The market is turning sideways, but big tech is climbing back up after dropping Wednesday: earnings season is hurting stock gains enjoyed so far this year.
My name is Kevin Travers, here are stories from the herd on Wall St today.
$Ford Motor (F.US)$ stock is moving 18% lower on Thursday after the company missed analyst EPS estimates for the 2024 fiscal year's second quarter. The company reported adjusted EPS of 47 cents missing analyst estimates of 68 cents. In addition, Ford reported revenue of $47.80 billion. It was the worst day for the stock since 2009.
$Honeywell (HON.US)$ fell about 5%, the lowest on the Dow Jones Industrial Average, after the firms earnings disappointed when the firm lowered its full-year sales guidance. The firm expects less demand from its industrial automation sector.
$Edwards Lifesciences (EW.US)$ shares slumped 31%, the lowest on the S&P 500 Thursday after the medical-technologies company's quarterly earnings report and guidance left investors disappointed, with adjusted earnings per share of 70 cents, beating Wall Street's forecast by a penny, but net sales of $1.63 billion, fell short.
$Southwest Airlines (LUV.US)$ reported earnings that impressed investors into a 5.52% stock gain, sending the entire U.S. airline industry higher. The firm, having reported a couple of quarters of decline, instead it said it would start offering pay for premium seats, ending a 50-year open seating tradition.
Other airlines climbed on the exuberance. $American Airlines (AAL.US)$ climbed 6%, $JetBlue Airways (JBLU.US)$ climbed 7%, and $Virgin Galactic (SPCE.US)$ climbed 6%.
In commodities, crude oil futures climbed 0.73%. Bitcoin fell 0.50% to $64k, Gold and silver both fell 1.41% and 3%, while the U.S. 2-year fell and the U.S. 10-year fell.
Thursday, the market was trading sideways. Shortly after 4 pm ET, the $S&P 500 Index (.SPX.US)$ traded -0.51%, the $Dow Jones Industrial Average (.DJI.US)$ claimed 0.20%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 1.06%.
7200 equities were in the green, and 3400 declined.
In macro Thursday, GDP numbers for the second quarter came out higher than expected and doubled last quarter at 2.8%. Gross Domestic Product numbers collected by the Bureau of Economic Analysis come out once a month, as the BEA records data on consumer prices and services from the previous quarter. The number becomes more accurate as the quarter progresses until economists agree on the final number.
PMI numbers came out Wednesday morning, about 20 bips higher than estimated at 55.3 vs 55.1. Last month, the index was at 54.8, so prices producers paid climbed in July
This week in macroeconomic news, investors are awaiting PCE results on Friday. Investors will watch for lesser inflation gauge indexes throughout the week, like quarterly GDP estimates for the second quarter on Thursday.
Tuesday, existing home sales for June came in at 3.8M, about .1M lower than estimated.
Yesterday, Users talked about EVs, China, Trump and Musk. Many users were watching their entire portfolios turn red.
Traders, what are you watching today? Comment below and I will share it with moomoo tomorrow!
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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104371487 On Paris : Good morning
均均均 : ok
Clement Lemons : okk
103539497 : hi
105513762 : Nice
103970650 : how to interpret PCE? Higher % of PCE means higher inflation?
103470692 : i don't think it really matters more, i feel employment data will be the one the FEDs pay attention more.
Kevin Travers OP 103970650 : yup! PCE literally measures that rate to which prices inflate
Kevin Travers OP 103470692 : That is a really good point, they have tlaked about it way more and it is way more likely to chagne than the rate of inflaiton
103470692 Kevin Travers OP : I remember a podcast that talked about the FEDs having to maintaim employmemt and keep inflation on a leash so that's how my conclusion was drawn they are the morning brew on spotify if you're interested