Market Sells Off on Earnings Near Misses, FOMC Incoming | Wall Street Today
The markets sold off Tuesday, with heavy moving average volume red candles across the indexes. Investors were awaiting the first of five major earnings this week - AMD and Microsoft. One beat, one missed barely. Overall, equities climbed more than they declined, but just barley.
After the 4 pm ET close, the $S&P 500 Index(.SPX.US$ fell 0.5%, the $Dow Jones Industrial Average(.DJI.US$ climbed 0.5%, and fell 1.28%.
MACRO
In macroeconomic news, consumer sentiment numbers from CB came in at 100.3 vs 99.7 expected. Last month, they reported 97.8. JOLT's job opening numbers also came out at 8.184M vs 8.020M expected. Last month, JOLTS reported 8.230M.
This week, all eyes are on the FOMC, due to report its current strategy for competing inflation on Wednesday. The futures market shows investors are pricing in a rate cut in September after the PCE data released Friday showed a slight dip month over month in price inflation.
Investors can watch for PMI data on Thursday and Nonfarm monthly payroll employment data on Friday.
SECTORS
$Procter & Gamble(PG.US$ were falling 5% Tuesday after the consumer-products company beat earnings estimates but fell short on sales despite higher prices. In sectors and industries, Household & Personal Products fell 3% with Procter in the lead.
MOOVERS
$Microsoft(MSFT.US$ reported adjusted earnings of $2.95/share on revenue of $64.73 vs. estimates of $2.94/share on revenue of $64.52B. By segment, Microsoft beat most estimates just barely, with $20.32B in Productivity/business revenue beating estimates by $110M. Intelligent Cloud revenue missed estimates by about $200M, at $28.52B vs. estimates of $28.72B.
$Advanced Micro Devices(AMD.US$ shares advanced 6% after-hours trading as the company gave a third-quarter outlook that was better than expected and reported second-quarter earnings and revenue that beat estimates. The company forecasted revenue of $6.7 billion and reported 69 cents on revenue of $5.8 billion.
$PayPal(PYPL.US$ shares jumped 8% after the digital payments company logged higher quarterly profit and revenue and raised its annual earnings guidance.
$Howmet Aerospace(HWM.US$ shares were up 13%, the highest on the S&P 500, after second-quarter earnings beat analysts' expectations.
Investors were still awaiting $Meta Platforms(META.US$ on Wednesday, and $Apple(AAPL.US$ and $Amazon(AMZN.US$ on Thursday, alongside a host of other $100B+ market cap giants.
Word from the herd: Mooers, what are you watching?
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