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Meta Climbs But Market Falls, Apple, and Amazon Reporting Tonight
Good morning, traders. Happy Thursday, August 1st. Earnings and FOMC dovish comments almost brought the market toward another positive day, but the market went negative right after 10 am. Today is yet another major earnings day, with $Apple (AAPL.US)$, $Amazon (AMZN.US)$, and more.
My name is Kevin Travers; I am trying out new names for this podcast before launching on Spotify, let me know what you think. Here are stories from the herd on Wall St today.
$Meta Platforms (META.US)$ jumped 8% after reporting earnings that rose to meet estimates Wednesday night; it was the highest gaining stock on the Nasdaq 100. The firm warned it would increase spending this year but posted record revenue of more than $29B.
$Moderna (MRNA.US)$ fell 17%, the lowest on the S&P 500 after the firm reported declining Covid vaccines. Its Q2 revenue was nearly $100M less than last year's Q2, with a net loss of $1.28B.
$Arm Holdings (ARM.US)$ fell 13% after the company's second-quarter financial outlook missed analysts' estimates. The company sees fiscal second-quarter 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.
Within industries tracked by moomoo, auto manufacturers fell
Commodities like $Crude Oil Futures(MAR5) (CLmain.US)$ fell back after a 5% jump from tension in the Middle East. $Bitcoin (BTC.CC)$ fell 1.22% to $64k, Gold climbed, and silver fell, while the U.S. 2-year fell and the U.S. 10-year fell to a low not felt since February.
The market continued its climb Thursday after Meta earnings uplifted tech spirits, but the market slipped into decline. Just past 10:43 am ET the $S&P 500 Index (.SPX.US)$ fell 0.36%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.78%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.46%.
Thursday, according to the Labor Department, Initial applications for US unemployment benefits jumped to 249,000 last week, the highest level in a year. Continuing claims, a number that is analogous to unemployment, rose to 1.88 million, the highest since 2021.
S&P Global PMI came in at 49.6 vs 49.5 expected, and ISM PMI came in at 46.8, lower than 48.8 expected.
The FOMC left rates unchanged Wednesday, and 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 two more Mag 7 earnings reports: $Apple (AAPL.US)$ and $Amazon (AMZN.US)$ on Thursday alongside a host of other $100B+ market cap giants. The final macro data for the week arrives in the form of nonfarm monthly payroll employment data on Friday.
(To see these equities and more on the options page, click here.)
Traders, what are you watching on the stock market today? What is the herd following? Let me know in the comments below!
Disclaimer: This content is for informational use only and is not a recommendation or endorsement of any particular investment or strategy. Indexes are unmanaged and cannot be directly invested into. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances, before making any investment decisions. Past performance does not indicate or guarantee future success. Moomoo makes no representation or warranty as to its adequacy, or timeliness for any particular purpose of the above content. The data and information provided has been obtained from sources considered to be reliable, but moomoo does not guarantee that the foregoing material is accurate or complete. See the link in the Moovers Community post for more information.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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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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Trump 2.0 Era: What's the next opportunity in the markets?
▪️Could Trump's crypto policies potentially benefit the crypto market? ▪️Might his tariff policies have a positive effect on Chinese stocks
Michael McCarthy CCO
Jan 3 11:57
Ask a strategist - Trump's first day
102083870 : Aname for the pod?... How about 'What Matters with Travers'
Kevin Travers OP 102083870 : Bro that is amazing
OhNowGombie : Thanks for the morning report Kevin. Traversing the markets with Kevin Travers ….. great feature here! Definitely an asset to the moomoo!!!
Clement Lemons : okk
Goodjobguys : Is Earnings Season Still King?
It's baffling how the stock market seems to operate these days. I mean, you'd think a company posting stellar earnings would send its stock soaring, right? But it's like watching a magician pull a rabbit out of a hat, only to have it vanish a moment later. Some of these big-name companies report record profits, and their stock price takes a nosedive. It's enough to make you question everything you thought you knew about investing.
I get the feeling that the market's more about following the herd than about fundamentals. It's like a giant game of telephone, where whispers from hedge funds and big-money investors become roars that everyone else blindly follows. While I respect their knowledge and resources, it's frustrating to see how little the average investor seems to matter.
And don't even get me started on small-cap stocks. It's like they're playing hide-and-seek. One day, a sector is hot, and the next, it's ice cold. It's incredibly difficult to spot the next big thing before everyone else piles in.
Honestly, it feels like the market's more about psychology than economics these days. It's a rollercoaster that's impossible to predict, and it's making me question if it's even worth the stress.
104166257 : hi
BollBoll89 Goodjobguys : Definitely been tough. It’s NOT following fundamentals, and you can almost say technicals either.
Nidia_Girl : The only way to win in the stock market is to be a contrarion, to go against the odds because if everyone is pricing in a rate cut I'm not !!!
73754291 : Good afternoon Goodjobguys and to all of you ,
THEIR LYING LIKE
reading your message, I said to myself, these are exactly the words I was looking for to express my thoughts, my opinion, my intuitions, Its very Sad, trying to understand WHAT IS GOING ON .... IM STARTING TO THINK THE PANDEMIC GOT ALL OF US REAL GOOD SINCE WE DONT KNOW WHO SAYING THE TRUTH AND WHOS NOT LYING ..!??
WHEN PEOPL E DONT KNOW WHO TO BELEIVE ANYMORE . IT MEAN THEY GOT US GOOD
THEIR BREATHING.. BY THE WAY NO OFFFENSES TO ANYONE ... IM ONLY SAYING WE ALL LOST TRUST WITH ALL THE CORRUPTION
I REALLY BELEIVE SINCE THE COVID - 19
103539497 : hi
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