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The Dow Jones New York Stock Exchange index closed positive on Tuesday (April 23) in response to a stronger than expected performance of listed companies. This includes General Motors (GM), as investors look for earnings reports from major technology companies. Includes important US economic data.
The Dow Jones Industrial Average closed at 38,503.69 points, up 263.71 points or +0.69%, the S&P 500 index closed at 5,070.55 points, up 59.95 points or +1.20%, and the Nasdaq index closed at 15,696.245 points, up +933 points. %.
Ten of the 11 stocks in the S&P 500 closed in positive territory, led by communications services and technology stocks, which rose 1.86% and 1.71%, respectively, while the materials index fell 0.84%.
The New York Stock Exchange was supported by a strong performance of listed companies, with GM, the leading US automaker. 1Q 2024 apparent earnings per share were $2.62, beating analysts’ expectations of $2.15, causing GM shares to close up 4.4%.
Shares of United Parcel Service (UPS), the world’s largest package delivery company, rose 2.41% after the company reported first quarter 2024 earnings per share of $1.43, beating on analyst expectations of $1.29.
Shares of Spotify, the Swedish music streaming giant, rose 11.4% after the company reported first-quarter 2024 profits of more than 1 billion euros ($1.1 billion) for the first time
Shares of GE Aerospace, a major US aircraft engine maker, jumped 8.3% after the company posted better-than-expected results for the first quarter of 2024 and released forecasts for the full fiscal year 2024 that are higher than expected
Tesla shares jumped 1.85% before the company released earnings after the market closed. Investors will be watching earnings reports from other tech companies this week, including Meta Platforms, Alphabet and Microsoft.
PepsiCo announced first-quarter 2024 earnings per share at $1.61, beating analysts’ expectations of $1.52, which was early support for the stock price. But PepsiCo shares closed down 2.9% after news of the recall of food products of the “Quaker Oats” brand, a subsidiary of PepsiCo.
Data from FactSet shows that, as of Tuesday, April 23, about 20% of S&P 500 companies have reported earnings, with 76% reporting earnings above analysts’ estimates.
The yield on the 10-year US government bond fell below 4.6% last night after S&P Global released that Purchasing Managers’ Index (PMI) combines the US manufacturing and primary services sectors. It fell to 50.9 in April, the lowest in 4 months, from 52.1 in March.
Investors will be watching the release of the Personal Consumption Price Index (PCE) this Friday (April 26) for signs indicating the outlook for interest rates from the Federal Reserve (Fed). the Fed cares because it can detect changes in consumer behavior and covers the prices of goods and services more broadly than the Consumer Price Index (CPI).
The latest data from LSEG shows that financial market investors now expect the Fed to cut interest rates by a total of 0.43 percentage points this year, down from previous expectations that the Fed interest rates by 0.43% this year has decreased by 1.50% this year.
In addition to the PCE index, investors are also waiting to see other US economic data this week. This includes durable goods orders in March. On Thursday, it will reveal the number of weekly jobless claims, Gross Domestic Product (GDP) in the first quarter of 2024, the number of home sales contracts pending closing sales (Pending home sales) in March, and the risk index in April Consumer Confidence from the University of Michigan
Source: InfoQuest News Group
2024-04-24 02:30:02
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