Meta Brings the Heat, AMD Restarts Semi Furnace | Wall St Today

Moomoo Recap US joined discussion · Aug 1, 2024 04:50

Meta Brings the Heat, AMD Restarts Semi Furnace | Wall St Today

The market rebounded Wednesday after AMD earnings pushed Semiconductors and Tech higher, and after the close, Meta helped continue the rally. Nvidia added $329B in market cap Wednesday, the most one-day addition in history for one stock.

The market generally pulled back on Tuesday but advanced Wednesday morning. Just past 11:30 am ET the $S&P 500 Index (.SPX.US)$ climed 1.91%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.93%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed a whopping 2.8%.

MACRO

The FOMC left rates unchanged.

After the release at 2 pm ET, Federal Reserve President Jerome Powell answered press questions and said if all goes well, the FOMC would consider a rate cut in September.

"For example, if inflation was moving down quickly or in line with expectations, growth remains reasonably strong, and the labor market remains consistent with its current condition, then I would think that a rate cut could be on the table at the September meeting,' Powell said.

ADP nonfarm employment came out Wednesday, a precursor to overall nonfarm employment based on ADP employment tracking numbers. The firm said there were 122k added jobs.

Investors can watch for PMI data on Thursday and Nonfarm monthly payroll employment data on Friday. Investors will alkso await two more Mag 7 earnings reports: $Apple (AAPL.US)$ and $Amazon (AMZN.US)$ on Thursday, alongside a host of other $100B+ market cap giants.

SECTORS

In commodities, $Crude Oil Futures(MAY5) (CLmain.US)$ jumped 5% after duel strikes against Israeli enemies in Iran, and Beirut fanned flames of tension in the Middle East. $Bitcoin (BTC.CC)$ rose to $66k, Gold and silver both climbed, while the U.S. 2-year fell and the U.S. 10-year fell.

$Advanced Micro Devices (AMD.US)$ was climbing 4% Wednesday after the chip company gave a third-quarter outlook that was better than expected and reported second-quarter earnings and revenue that beat estimates. On the news, the semiconductor industry started to pop off again. $NVIDIA (NVDA.US)$ climbed 12%, set to release earnings Aug 28th. $ASML Holding (ASML.US)$, a semiconductor supplier, climbed 7%. $Micron Technology (MU.US)$ climbed 7%, $Arm Holdings (ARM.US)$ climbed 5%. $Taiwan Semiconductor (TSM.US)$ climbed 6%.

MOOVERS

$Meta Platforms (META.US)$ reported adjusted earnings of $5.16/share on revenue of $39.07B vs. estimates of $4.72/share on revenue of $38.34B, according to Bloomberg.

$Arm Holdings (ARM.US)$ shares slumped 9.7% in after-hours trading after the company's second-quarter financial outlook missed analysts' estimates. The company sees Q2 revenue reaching $780 million to $830 million. The midpoint of that outlook is below the $806.2 million average of analyst estimates compiled by Bloomberg.

$Qualcomm (QCOM.US)$ reported adjusted earnings of $$$$/share on revenue of $$$$ vs. estimates of $4.75/share on revenue of $38.34B.

$Microsoft (MSFT.US)$ meanwhile missed its report just barely and fell by 1%, after its revenue from data centers and the cloud, especially, was not enough.

Wednesday, $Humana (HUM.US)$ posted second-quarter adjusted EPS of $6.96, down from $8.94 a year ago, beating the consensus of $5.85.

Shares of $Vistra Energy (VST.US)$ jumped Wednesday after its request to extend its operation of the Comanche Peak nuclear power plant through 2053 was granted. It climbed 12%, the highest on the S&P 500 followed by $Match group (MTCH.US)$, which was also up 12% after its earnings turn around Tuesday.

(To see these stocks and more on the options page, click here.)

Word from the herd: Mooers, what are you watching?
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