Market Opened Up, Shifting Lower | Here are Stories Moving the Market
Morning mooers, it is finally Friday, May 10th. More than half of the market has reported earnings so far, a busy and severe season that saw dramatic price drops in reaction to anything but perfection.
*ok so we work from home Fridays so I’ll send a video of the weather from Historic Jersey City instead
The market is open and positive, My name is Kevin Travers, and here are stories moving the market today:
$Novavax (NVAX.US)$ shot up 127% after the firm announced a loss in the quarter, but a deal with Sanofi to developed a new Covid-19 Vaccine. The firm was the highest gainer in the Nasdaq.
$Akamai (AKAM.US)$ fell after reporting bad guidance for the past quarter, down 8% as the lowest decliner on the S&P 500.
$Gen Digital (GEN.US)$ climbed 15% when the market opened after a Q4 revenue beat.
$Marathon Digital (MARA.US)$ fell 7% after earnings and following the decline in Bitcoin prices.
$SoundHound AI (SOUN.US)$ climbed 18% after its earnings loss, posting a revenue of just $11M and operations cost of more than $40M, despite new cashflow of more than $200M.
$Sweetgreen (SG.US)$climbed 40%, beating revenue in the first quarter despite a Q1 loss overall.
In sectors tracked by moomoo, Auto makers fell 2%, with$Mullen Automotive (MULN.US)$stalling 6%,$NIO Inc (NIO.US)$ falling 4%, and $Tesla (TSLA.US)$ pulling back 1.6%. Internet Content firms also fell, with$Getty Images (GETY.US)$ leading the group down 10% after its earnings.
The Semiconductor sector switched into a 1.5% climb, with $Arm Holdings (ARM.US)$ and$Taiwan Semiconductor (TSM.US)$ leading the pack up nearly 5%.
Crude oil futures climbed, and Gold and Silver jumped again up 0.71% following the uptick of weekly jobless claims surprise Thursday Any uptick in overall unemployment relatively weakens the dollar, and raises hopes the Federal Reserve will cut interest rates.
Shortly after 10:40 AM EST, the market was shifting toward the red. The $S&P 500 Index (.SPX.US)$climbed 0.19%, the$Dow Jones Industrial Average (.DJI.US)$climbed 0.34%, and the$Nasdaq Composite Index (.IXIC.US)$fell just 0.03%.
5500 Equities Fell while just 5,300 climbed.
In Macro Friday, May Preliminary University of Michigan Consumer Sentiment 67.4 Vs. Expected 76.2, Prior 77.2. The sentiment segment of Michigan data reflects current feelings, while expectations of the future also came in lower than forecast a 66.5 compared to 75, and previous 76. The data released showed consumers expect one year inflation to rise at 3.5%, and five year inflation to rise at 3.1%.
Federal Reserve Governor Michelle Bowman also spoke Friday in prepared remarks to the Texas Bankers Association. She said caution was going to be vital.
"When effectively implemented, monetary policy promotes price stability and maximum employment," Bowman said. "In the long run, achieving both of these objectives promotes the stability of the broader financial system.
Weekly Jobless Claims came in high at 231k Thursday morning, data from the U.S. Department of Labor showed. The sudden uptick of unemployed is the highest since August. Investors expected 212k.
Federal Reserve Bank of Boston President Susan Collins spoke at an MIT event Wednesday, where she signaled interest rates will likely need to be held at a two-decade high for longer than previously thought, Bloomberg reported. She said slower growth was necessary to ensure inflation was on a path to 2%, and would not say when the Fed would cut.
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.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.85, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.50.
Yesturday, User Chiu fong Ko said 19 hours agoUntil now all AI stocks beat the earnings but all falling lol
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.
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