This Is New Business Tech News – Stocks sink, Nasdaq slumps as all eyes on tech earnings: Stock market news today | April 25, 2023
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U.S. stocks sank on Tuesday, led by the Nasdaq as tech conglomerates were set to highlight a busy earnings week.
At the close, the S&P 500 (^GSPC) sank by 1.58%, while the Dow Jones Industrial Average (^DJI) fell by 1.01% or more than 300 points. The technology-heavy Nasdaq Composite (^IXIC) dropped by 1.98%.
Bond yields slipped after the release of fresh housing and consumer confidence data. The yield on the 10-year note slid to 3.38%, while rate-sensitive two-year note yields also declined to 3.98% Tuesday.
Wall Street is focused on results from big tech, especially given the sector’s outsized influence on broader market gains so far this year. Alphabet (GOOGL) and Microsoft (MSFT) are scheduled to report after the bell. Alphabet stock is up 20.1% this year while Microsoft has gained more than 17.5%.
Amazon (AMZN) and Meta (META) earnings are on deck for later this week.
Positive earnings surprises have largely been in line with Wall Street expectations, with about 60% of companies beating sales and 70% topping earnings estimates, a bit below their longer-term averages, according to UBS.
Another focal point for Wall Street will be the energy market, as some of the largest players post earnings at the end of the week, including Exxon (XOM), Chevron (CVX), Valero (VLO), and TotalEnergies SE (TTE).
WTI crude oil dropped 2% to $77.11 as it was set to mark the lowest settle value since March 31.
Separately, home prices climbed in February for the first time since June, ending seven consecutive months of price declines, as buyers came back into the market, according to the S&P CoreLogic Case-Shiller National Home Price Index. Still, on the housing front, new home sales surged 9.6% in March, topping economists’ expectations of a 1.3% drop for the month.
Meanwhile, consumer confidence dipped again in April as worry over a slowing economy and possible recession weighed on American households. The Conference Board reported Tuesday that its consumer confidence index fell to 101.3 in April from 104 in March.
A selloff of First Republic Bank (FRC) shares continues, sinking more than 40% Tuesday after the regional lender reported on Monday that it had a net loss of $72 billion in deposits during the first three months of this year.
Here are the trending tickers on Yahoo Finance:
PepsiCo, Inc. (PEP): The global goods consumer giant raised its full-year profit guidance following its earnings beat in the first three months of this year, which was boosted by resilient demand and higher prices.
General Electric Company (GE): The manufacturer posted first-quarter revenue that jumped 25% in their aerospace business.
General Motors Company (GM): The automaker reported an upbeat forecast signaling that the industry’s pricing power will run out of steam.
3M Company (MMM): The company announced its restructuring plan that would impact 6,000 positions globally.
United Parcel Service, Inc. (UPS): Delivery giant fell short on revenue as consumer demand pulls back hurting quarterly sales.
Spotify (SPOT): Streaming music leader smashed expectations for new subscribers and total listeners in the first quarter.
McDonald’s Corporation (MCD): The fast-food restaurant reported quarterly earnings that beat expectations as customers remain loyal even as the restaurant raised its prices.
Elsewhere, bitcoin’s (BTC-USD) rebound has been notable for the past six months, with its price almost doubling from its lows last year but as Bespoke Investment Group notes that over the past few days, bitcoin has been testing its 50-day moving average, which has held for now at roughly $27,200.
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