The First Slice for Thursday, April 25, 2024
The stock market experienced a bit of a rollercoaster ride as the benchmark S&P 500 closed higher amidst fluctuating trading, reflecting the delicate balance investors face. A surge in Treasury yields, influenced by a record $70 billion auction of five-year U.S. Treasury notes, initially put pressure on equities. The 10-year Treasury note rose, reaching 4.6459%, sparking investor concerns.
- The Dow Jones Industrial Average fell 42.77 points, or 0.11%.
- The S&P 500 gained 1.08 points, or 0.02%.
- The Nasdaq Composite gained 16.11 points, or 0.10%.
Despite this, the Nasdaq managed to end on a positive note, driven by encouraging corporate results, especially from tech giants like Meta Platforms and Tesla. However, Meta Platforms saw its stock plummet by 11% in after-hours trading due to concerns over its significant capital expenditure projection for 2024. Conversely, Tesla’s plans to ramp up production and introduce more affordable models propelled its stock up by 12%.
Investors also kept a keen eye on quarterly earnings reports, with companies like Microsoft, Alphabet, and Boeing in the spotlight. While Boeing experienced a dip in its quarterly revenue, it still surpassed analyst expectations. Meanwhile, Texas Instruments saw a surge in its stock after forecasting higher-than-expected revenue for the second quarter.
Market watchers eagerly await key economic data, including first-quarter gross domestic product (GDP) figures and personal consumption expenditures (PCE) for March, to gauge the broader economic landscape. The anticipation stems from a hotter-than-expected consumer price inflation report for March, which pushed back the Federal Reserve’s expectations of interest rate cuts.
Despite the mixed performance of various sectors and individual companies, the market overall showed signs of resilience, with certain stocks like drugmaker Biogen and Toymaker Hasbro seeing notable gains. Yet, challenges persist, as reflected in the ratio of declining issues to advancers on the NYSE and Nasdaq………….
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