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Markets News, April 26, 2024: S&P 500, Nasdaq Snap Losing Streaks; Alphabet Soars Past $2T
By COLIN LAIDLEY Updated April 26, 2024
U.S. stocks rose Friday, snapping a weeks-long losing streak after blowout earnings reports from Google and Microsoft and the release of encouragingly unsurprising inflation data.
The Nasdaq Composite climbed 2% Friday to finish the week 4.2% higher. The S&P 500 rose 1% to close out the week up 2.7%. The Dow Jones Industrial Average rose 0.7% over the week after gaining 0.4% Friday.
Alphabet ( GOOGL ), Google's parent company, on Thursday evening reported a $23.6 billion profit in the first quarter, announced its first-ever dividend, and approved a $70 billion stock buyback program. Microsoft ( MSFT ) simultaneously reported earnings grew 20% in its fiscal third quarter to nearly $22 billion, well ahead of Wall Street's expectations.
Inflation, as measured by the Personal Consumption Expenditures (PCE) price index, held steady at 0.3% in March, in line with economists' expectations. Core inflation, which strips out food and energy prices, of 0.3% in March and 2.8% over the past year was also unchanged from February.1
Wall Street breathed a sigh of relief that the report contained no surprises, especially after yesterday's first-quarter GDP estimate raised concerns the economy is slipping into stagflation .
Treasury yields retreated following the PCE data, while the dollar climbed and oil and gold were little changed.
Stocks pared early losses yesterday but still closed in the red after a worrisome GDP report added to fears stoked by Meta's rising AI expenses.
Stock Indexes Wrap: Alphabet, Microsoft Spur AI Rally; Intel and Oil Giants Slide
11 HR 25 MIN AGO
The Dow
Amazon ( AMZN ) surged 3.4%, boosted by earnings reports from AI hyperscaler peers Alphabet and Microsoft.
Microsoft ( MSFT ) gained 1.8% after topping earnings estimates and reporting strong demand for its cloud services.
Chevron ( CVX ) ticked up 0.3% after reporting first-quarter profit declined about as much as analysts were expecting.
Intel ( INTC ) tumbled 9.2% after forecasting current-quarter revenue below Wall Street’s expectations. Analysts at Bank of America and Goldman Sachs lowered their price targets on the stock, citing its relatively limited share of the AI market.
The S&P 500
RedMed ( RMD ) led the index higher, climbing 18.9% after topping quarterly earnings estimates.
Alphabet ( GOOGL ) soared 10.2% to close with a market cap of more than $2 trillion for the first time. It and Microsoft’s earnings reports lifted shares of AI hardware suppliers Super Micro Computer ( SMCI ), up 8.9%, and Nvidia ( NVDA ), up 6.2%.
DexCom ( DXCM ) tumbled 9.9% despite beating earnings estimates; it raised the lower end of its full-year sales guidance, but the midpoint remained below analysts’ estimates.
AbbVie ( ABBV ) slid 4.6% after warning sales of its blockbuster drug Humira would fall 32% in the current quarter as it loses market share to new generic alternatives.
Phillips 66 ( PSX ) dropped 3.6% after it reported that a nearly 50% decline in refining margins crimped its quarterly profit.
Markets News, April 26, 2024: S&P 500, Nasdaq Snap Losing Streaks; Alphabet Soars Past $2T
By COLIN LAIDLEY Updated April 26, 2024
U.S. stocks rose Friday, snapping a weeks-long losing streak after blowout earnings reports from Google and Microsoft and the release of encouragingly unsurprising inflation data.
The Nasdaq Composite climbed 2% Friday to finish the week 4.2% higher. The S&P 500 rose 1% to close out the week up 2.7%. The Dow Jones Industrial Average rose 0.7% over the week after gaining 0.4% Friday.
Alphabet ( GOOGL ), Google's parent company, on Thursday evening reported a $23.6 billion profit in the first quarter, announced its first-ever dividend, and approved a $70 billion stock buyback program. Microsoft ( MSFT ) simultaneously reported earnings grew 20% in its fiscal third quarter to nearly $22 billion, well ahead of Wall Street's expectations.
Inflation, as measured by the Personal Consumption Expenditures (PCE) price index, held steady at 0.3% in March, in line with economists' expectations. Core inflation, which strips out food and energy prices, of 0.3% in March and 2.8% over the past year was also unchanged from February.1
Wall Street breathed a sigh of relief that the report contained no surprises, especially after yesterday's first-quarter GDP estimate raised concerns the economy is slipping into stagflation .
Treasury yields retreated following the PCE data, while the dollar climbed and oil and gold were little changed.
Stocks pared early losses yesterday but still closed in the red after a worrisome GDP report added to fears stoked by Meta's rising AI expenses.
Stock Indexes Wrap: Alphabet, Microsoft Spur AI Rally; Intel and Oil Giants Slide
11 HR 25 MIN AGO
The Dow
Amazon ( AMZN ) surged 3.4%, boosted by earnings reports from AI hyperscaler peers Alphabet and Microsoft.
Microsoft ( MSFT ) gained 1.8% after topping earnings estimates and reporting strong demand for its cloud services.
Chevron ( CVX ) ticked up 0.3% after reporting first-quarter profit declined about as much as analysts were expecting.
Intel ( INTC ) tumbled 9.2% after forecasting current-quarter revenue below Wall Street’s expectations. Analysts at Bank of America and Goldman Sachs lowered their price targets on the stock, citing its relatively limited share of the AI market.
The S&P 500
RedMed ( RMD ) led the index higher, climbing 18.9% after topping quarterly earnings estimates.
Alphabet ( GOOGL ) soared 10.2% to close with a market cap of more than $2 trillion for the first time. It and Microsoft’s earnings reports lifted shares of AI hardware suppliers Super Micro Computer ( SMCI ), up 8.9%, and Nvidia ( NVDA ), up 6.2%.
DexCom ( DXCM ) tumbled 9.9% despite beating earnings estimates; it raised the lower end of its full-year sales guidance, but the midpoint remained below analysts’ estimates.
AbbVie ( ABBV ) slid 4.6% after warning sales of its blockbuster drug Humira would fall 32% in the current quarter as it loses market share to new generic alternatives.
Phillips 66 ( PSX ) dropped 3.6% after it reported that a nearly 50% decline in refining margins crimped its quarterly profit.
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