U.S. Stocks Finish Lackluster Session Little Changed
24 Abril 2024 - 5:33PM
IH Market News
Stocks turned in a lackluster performance during trading on
Wednesday following the strong upward move seen to start the week.
After moving to the upside early in the session, the major averages
spent the day bouncing back and forth across the unchanged
line.
The major averages eventually ended the day narrowly mixed.
While the Dow edged down 42.77 points or 0.1 percent to 38,460.92,
the S&P 500 crept up 1.08 points or less than a tenth of a
percent to 5,071.63 and the Nasdaq inched up 16.11 points or 0.1
percent to 15,712.75.
A positive reaction to the latest corporate earnings news
initially contributed to an extended rebound on Wall Street
following the considerable weakness seen last week.
Shares of Tesla (NASDAQ:TSLA) spiked by 12.1 percent even though
the electric vehicle maker reported weaker than expected first
quarter results.
The surge by Tesla came after CEO Elon Musk said the company
plans to start production of a new affordable model by early
2025.
Semiconductor company Texas Instruments (NASDAQ:TXN) also saw
significant strength after reporting first quarter results that
beat expectations on both the top and bottom lines.
Shares of Visa (NYSE:V) and Mattel (NYSE:MAT) also moved to the
upside after the companies reported better than expected quarterly
results.
Buying interest waned shortly after the start of trading,
however, with traders still worried about the outlook for interest
rates ahead of next week’s Federal Reserve meeting.
While the Fed is widely expected to leave interest rates
unchanged, traders will be looking for clues about the possibility
of future rate cuts.
Later this week, the Commerce Department is due to release a
report on personal income and spending that includes readings on
inflation said to be preferred by the Fed.
Traders may also have been reluctant to make significant moves
ahead of more big-name tech earnings in the coming days.
IBM Corp. (NYSE:IBM) and Facebook parent Meta Platforms
(NASDAQ:META) are among the companies due to report their quarterly
results after the close of today’s trading.
Google parent Alphabet (GOOGL), Intel (INTC) and Microsoft
(MSFT) are also among the companies due to report their quarterly
results after the close of trading on Thursday.
On the U.S. economic front, the Commerce Department released a
report showing new orders for U.S. manufactured durable goods
surged by more than expected in the month of March.
The report said durable goods orders soared by 2.6 percent in
March after climbing by a downwardly revised 0.7 percent in
February.
Economists had expected durable goods orders to spike by 2.3
percent compared to the 1.3 percent jump that had been reported for
the previous month.
Excluding a surge in orders for transportation equipment,
durable goods orders crept up by 0.2 percent in March after inching
up by 0.1 percent in February. Ex-transportation orders were
expected to rise by 0.3 percent.
Sector News
Transportation stocks showed a substantial move to the downside
on the day, dragging the Dow Jones Transportation Average down by
2.3 percent.
Considerable weakness was also visible among housing stocks, as
reflected by the 1.2 percent loss posted by the Philadelphia
Housing Sector Index.
Pharmaceutical and retail stocks also saw some weakness, while
semiconductor stocks turned in a strong performance following the
upbeat results from Texas Instruments.
Reflecting the strength in the semiconductor sector, the
Philadelphia Semiconductor Index climbed by 1.1 percent on the
day.
Other Markets
In overseas trading, stock markets across the Asia-Pacific
region moved mostly higher during trading on Wednesday. Japan’s
Nikkei 225 Index shot up by 2.4 percent, while China’s Shanghai
Composite Index advanced by 0.8 percent.
Meanwhile, the major European markets moved modestly lower on
the day. While the German DAX Index fell by 0.3 percent, the French
CAC 40 Index dipped by 0.2 percent and the U.K.’s FTSE 100 Index
edged down by 0.1 percent.
In the bond market, treasuries came under pressure following the
advance seen in the previous session. As a result, the yield on the
benchmark ten-year note, which moves opposite of its price, climbed
5.4 basis points to 4.652 percent.
Looking Ahead
Earnings news may attract attention on Thursday, while traders
are also likely to keep an eye on reports on first quarter GDP,
weekly jobless claims and pending home sales.
SOURCE: RTTNEWS
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