The First Slice for Tuesday, April 23, 2024
Wall Street saw a positive turnaround on Monday, with significant market averages rebounding after a recent selloff. Investor attention shifted towards earnings data, driving the Nasdaq Composite up by 1.1%, the S&P 500 by 0.8%, and the Dow by 0.6%.
Sector-wise, all 11 S&P segments closed higher, with Info Tech and Financials leading the charge. However, the Materials and Health Care sectors lagged. Analysts are closely watching Q1 earnings, anticipating impacts on the market. Ahan Vashi from the Quantamental Investor suggests that further corrections may occur if earnings fall short of expectations. Conversely, strong earnings from tech giants could boost investor confidence.
Deutsche Bank’s Jim Reid highlights the significance of upcoming earnings reports, particularly from major players like Tesla, Meta, Alphabet, and Microsoft. Today’s earnings saw Verizon slipping despite beating estimates, while Truist Financial cut its revenue guidance for 2024.
In the Treasury market, yields experienced some downward pressure, with the 2-year and 10-year Treasury yields declining slightly. Gold prices fell over 2.5% as concerns eased over Middle East tensions, reducing demand for the safe-haven metal.
Looking ahead, traders are awaiting key economic indicators, including the PCE price index for March, which is due on Friday………….
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