S&P 500 Holds Onto the Positive | Wall Street Today
The market generally closed positively on Tuesday, though indexes were weighed down. The tech-heavy Nasdaq index fell from earnings reactions and a pullback in Semiconductors.
Past the closing bell PM EST, the $S&P 500 Index (.SPX.US)$ climbed 0.13%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.18%, and the $Nasdaq Composite Index (.IXIC.US)$ fell about 0.10%.
MACRO
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.
This week, investors can expect comments from Fed speakers like Kashkari today, Michigan economic data like Consumer Sentiment and inflation expectations, and EIA supply numbers, but nothing else.
Last week was busy: Wednesday, the Federal Open Market Committee left the target Federal Funds Rate unchanged at 5.25%-5.50%. Federal Reserve Chairman Jerome Powell said it's unlikely that policymakers will increase interest rates.
Monday, the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.83, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.46.
SECTORS
Semiconductors pulled back Tuesday after climbing to start the week. The sector also fell back after news that $Apple (AAPL.US)$ is working on developing its own artificial intelligence chips for data center servers, the Wall Street Journal reported late Monday. It did not move the stock much. The firm also announced the new fourth-generation iPad Tuesday, complete with "AI-enabled" M4 chips.
Bitcoin was lower on Tuesday. Crude oil futures climbed after falling for four sessions, for the fifth session, while gold and silver fell on Tuesday.
MOOVERS
$Reddit (RDDT.US)$ climbed +19% after hours, despite reporting a Q1 $500M+ loss. The firm reported a revenue increase of 48% to $243M, "nearly doubling" the growth rate from the prior quarter. The firm attributed the loss IPO expenses, that cost about $600m.
$FMC Corp (FMC.US)$ led the S&P 500, up 8% after the firm's morning earnings showed a GAAP loss $3 million and revenue down 32% year-over-year.
Shares of $Palantir (PLTR.US)$ fell 14% despite reporting first-quarter revenue that topped analyst expectations. The firm boosted its full-year revenue to $2.68B$2.69B, around the $2.68B expected, and sees Q3 Revenue $649M-$653M, lower than the $653.25M expected. The stock climbed 8% Monday ahead of an earnings
$Disney (DIS.US)$ shares fell Tuesday, pulling down the Dow after the company reported revenue growth of 1% year-on-year to $22.08 billion, missing estimates of $22.11 billion. Adjusted EPS of $1.21 beat the consensus of $1.09.
$Datadog (DDOG.US)$ pulled down the Nasdaq 100 while dropping 11% after the departure of President Amit Agarwal, despite a concurrent Q1 report that beat projections and raised the firm's full-year outlook.
$Lucid Group (LCID.US)$ shares are trading lower 14% Tuesday after the firm reported a first-quarter loss despite beating revenue estamates.
WORD FROM THE HEARD: Mooers, what are you watching?
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. 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 regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
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