Market Settles after End of Earnings, FOMC | Herd on Wall Street Podcast
Morning mooers! It is Thursday June 13th The market was lower overall after the S&p 500 and Nasdaq hit three sessions of records this week.
My name is Kevin Travers, here are stories from the herd on Wall Street today.
there wwre people on the roof today!
$Dave & Buster's Entertainment (PLAY.US)$ fell 11% after the company reported first-quarter revenue of $588 million, falling short of the expectations.
$Tesla (TSLA.US)$ climbed 6% after CEO Elon Musk shared a screenshot and said that his $56 billion pay package alongisde proposal to relocate the company's incorporation to Texas were poised to pass in a shareholder vote.
$Broadcom (AVGO.US)$ climbed 14%, the highest on the S&P 500, after the company reported earnings and revenue that exceeded expectations and announced a 10-for-1 stock split. The firm reported an EPS of $10.96, on revenue of $12.49 billion. The stock hit an all time high.
$Paramount Global-B (PARA.US)$ was the lowest decliner on the S&P 500, down about 5% after a WSJ report that Skydance Media and Redstone talks to merge and give Skydance full control over Paramount failed.
In industries tracked by moomoo, Live Streaming firms were leading gains, up about 4% led by $Bilibili (BILI.US)$ that climbed about 7%. Most industries fell into decline Monday in the hour after the open.
Gold and silver fell, one by 58 bips, the other by 200. Crude oil futures climbed 0.24%. Bitcoin fell about 1%.
As a recap, just past 10:30 AM EST, the $S&P 500 Index fell away from an all time high, down 0.07%. The $Dow Jones Industrial Average fell 0.72%, and the $Nasdaq Composite Index climbed 0.34% after hitting an all time high.
Overall, 6800 equities fell on the U.S. market, while 3300 climbed.
Thursday, PPI numbers came in lower than expected, and month-over-month producer prices went negative in May, down -0.2.
Wednesday, investors watched as the FOMC kept interest rates in place and showed off a dot plot that tracked about one rate cut for the remainder of 2024. That morning, CPI data for the month of May showed an unexpected slowdown, with Core CPI coming in at 3.4% Year-over-Year compared to 3.5% estimated. Consumer prices overall remained unchanged month over month, compared to a 0.1% growth expected.
Last week, investors watched labor data that appeared too hot for the possibility of a rate cut. The release of nonfarm payrolls showed employment grew by 100k more jobs in May than in April.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Moo moo News and Community Manager, NJ Office.
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Stock_Drift : I watched some of the Tesla shareholders meeting and I thought it was good. Saw the Tesla semi truck and overall Elon and Tesla have a whole lot going on!!!
Elon was very informative with his speaking on the future of Tesla.
Cui Nyonya Kueh : I'm watching WW2 Chinese drama![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")