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Wall Street Today | Nvidia, Netflix Drag S&P 500, Nasdaq Lower as AXP, JPM Push Dow Higher

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Moomoo Recap US wrote a column · Apr 19 15:33
Wall Street Today | Nvidia, Netflix Drag S&P 500, Nasdaq Lower as AXP, JPM Push Dow Higher
RECAP
$NVIDIA (NVDA.US)$ and $Netflix (NFLX.US)$ fueled the sell-off in tech stocks that dragged the $S&P 500 Index (.SPX.US)$ and the $Nasdaq Composite Index (.IXIC.US)$ lower.
The Nasdaq fell 2.05% to close at 15,282.01 while the S&P 500 index slipped 0.88% to 4967.23. The $Dow Jones Industrial Average (.DJI.US)$ was the outperformer, gaining 0.56% to 37,986.40.
$American Express (AXP.US)$ and $JPMorgan (JPM.US)$ led gains in the financial sector, helping push the Dow higher, defying wider market sell-off.

AmEx, as the credit-card issuer is known, saw its shares climb more than 6%, to become the best performer on the Dow after the company reported first quarter earnings that beat analysts' estimates.
MACRO
Traders have been paring back their expectations of interest rate cuts after Federal Reserve Chairman Jerome Powell earlier this week said recent economic data signal that it's likely to take longer than expected for policymakers to achieve confidence that they've made enough progress toward slowing inflation to their 2% target.
Data from the CME FedWatch tool show traders are pricing in a 57.3% chance that the key interest rate will remain at its current level of 5.25% to 5.5% during the Fed meeting in July. The odds are up from just 24% a month ago, and 43.5% a week earlier.
SECTORS
Oil prices rallied, with Brent briefing climbing above $90 a barrel, after Israel launched a retaliatory attack on Iran. While West Texas Intermediate (WTI) crude oil gave back some of the gains, the commodity still closed higher on Friday as traders price in the risk premium that geopolitical tensions could intensify, disrupting supply.
Wall Street Today | Nvidia, Netflix Drag S&P 500, Nasdaq Lower as AXP, JPM Push Dow Higher
MOVERS
Nvidia shares sank as investors sold off their holdings in semiconductor stocks after this year's rally. The slump came a day after $Taiwan Semiconductor (TSM.US)$ cut its total semiconductor market growth forecast to 10%, from more than 10% three months earlier, fueling concerns that the industry is still working through the glut seen in 2023. That added to demand worries that were sparked by $ASML Holding (ASML.US)$'s first quarter net bookings that missed analysts' estimates by about 1.5 billion euros.
Netflix's Share Slump
$Netflix (NFLX.US)$ shares tumbled after the streaming company said it would stop reporting subscriber data starting next year, after posting net new paid subscribers of 9.3 million in the first quarter that were almost double the 4.8 million expected by analysts. The announcement fueled speculations that the company's paid subscriber growth could be nearing their peak.
AmEx Gets CFRA Upgrade
CFRA raised its 12-month price target on $American Express (AXP.US)$ by $20 to $290 as it increased its 2024 earnings estimate for the company by 31 cents to $13.29, after the credit-card firm posted a strong quarter.
"We continue to attract high-spending, high-quality customers to the franchise, with new card acquisitions accelerating sequentially to 3.4 million in the quarter," AmEx Chief Executive Officer Stephen Squeri said in the company's earnings release.
JPMorgan Helps Lift Financials Higher
JPMorgan shares advanced 2.5%, to become the third-biggest gainer on the Dow. The stock also helped the S&P 500 Financial Sectors Sector gain 1.2%.
Coca Cola Sweetens the Dow
$Coca-Cola (KO.US)$ rallied 2.1% to become the second-biggest gainer on the Dow.
Let us know your thoughts on the stock market.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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 this link for more information.
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