Portfolio

US open: Stocks higher as investors digest Q1 earnings

By Iain Gilbert

Date: Tuesday 23 Apr 2024

US open: Stocks higher as investors digest Q1 earnings

(Sharecast News) - Wall Street stocks were in the green early on Tuesday as corporate earnings from a number of the nation's biggest firms began to roll in.
As of 1530 BST, the Dow Jones Industrial Average was up 0.36% at 38,376.02, while the S&P 500 advanced 0.83% to 5,052.34, while the Nasdaq Composite came out the gate 1.15% firmer at 15,629.29.

The Dow opened 136.04 points higher on Tuesday, extending gains recorded in the previous session.

Corporate earnings were firmly in focus on Tuesday, with UPS shares trading higher following better-than-expected quarterly figures, while PepsiCo shares headed south despite publishing a quarterly earnings beat.

General Motors raised its full-year guidance on the back of a big Q1 earnings beat, Spotify said it had turned a profit last quarter as revenues came in ahead of estimates, and JetBlue shares flew lower after revealing its Q1 loss had widened significantly and issued a profit warnings for the year as a whole.

Tesla will report earnings after the closing bell.

On the macro front, a preliminary reading of S&P Global's manufacturing fell to 49.9 in April 2024, the lowest in four months and sort of expectations for a print of 52, while the services PMI dropped to 50.9 in April, the lowest level in five months and also below expectations for a reading of 52.

Elsewhere, new home sales in the United States bounced back strongly in March after a sharp downward revision to numbers the month before. New privately-owned home sales jumped by 8.8% to a seasonally-adjusted annualised rate of 693,000 last month, according to the Census Bureau. This was the highest level in six months and well ahead of the 668,000 expected by analysts. February's sales were revised to 637,000, down from the initial estimate of 662,000.

Finally, the Richmond Fed's composite manufacturing index increased to -7 in April, up from -11 in March, with shipments and new orders increasing and employment falling. Firms continued to report declining backlogs and vendor lead times in April, while the capacity utilisation index rose to -5 from -21.







Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Verizon Communications Inc. (VZ) $39.87 3.29%
Caterpillar Inc. (CAT) $363.23 1.57%
Microsoft Corp. (MSFT) $406.66 1.42%
Walt Disney Co. (DIS) $113.39 1.25%
American Express Co. (AXP) $235.69 1.15%
3M Co. (MMM) $93.68 1.14%
Walgreens Boots Alliance, Inc. (WBA) $18.40 0.96%
JP Morgan Chase & Co. (JPM) $190.99 0.83%
Home Depot Inc. (HD) $338.11 0.60%
International Business Machines Corporation (CDI) (IBM) $182.96 0.58%

Dow Jones - Fallers

Walmart Inc. (WMT) $59.47 -1.12%
Salesforce.Com Inc. (CRM) $271.45 -0.86%
Coca-Cola Co. (KO) $60.17 -0.62%
Chevron Corp. (CVX) $161.15 -0.48%
Dow Chemical Co. (DOW) $56.76 -0.41%
Johnson & Johnson (JNJ) $148.54 -0.39%
Unitedhealth Group Inc. (UNH) $489.61 -0.33%
Cisco Systems Inc. (CSCO) $48.12 -0.04%
Travelers Company Inc. (TRV) $214.20 -0.04%
Intel Corp. (INTC) $34.40 -0.01%

S&P 500 - Risers

Globe Life Inc. (GL) $70.78 6.61%
Danaher Corp. (DHR) $251.04 6.33%
Kimberly-Clark Corp. (KMB) $136.43 5.82%
Fiserv Inc. (FI) $156.46 5.15%
United Rentals Inc. (URI) $659.76 4.84%
Nordstrom Inc. (JWN) $19.69 4.79%
Kohls Corp. (KSS) $25.85 4.68%
General Electric Co. (GE) $156.92 4.48%
Quest Diagnostics (DGX) $135.60 4.24%
Illumina Inc. (ILMN) $125.04 3.98%

S&P 500 - Fallers

LKQ Corporation (LKQ) $42.37 -13.41%
Msci Inc. (MSCI) $465.55 -9.63%
Nucor Corp. (NUE) $179.57 -6.29%
Invesco Ltd. (IVZ) $14.78 -5.10%
Packaging Corp. Amer (PKG) $171.95 -4.10%
Ameriprise Financial Inc. (AMP) $406.48 -3.54%
Sherwin-Williams Co. (SHW) $298.95 -3.33%
PepsiCo Inc (PEP) $171.22 -2.97%
Cadence Design Systems Inc. (CDNS) $280.11 -1.72%
American Airlines Group (AAL) $14.28 -1.72%

Nasdaq 100 - Risers

Fiserv Inc. (FI) $156.46 5.15%
Qurate Retail Inc. (QRTEA) $1.02 5.14%
Illumina Inc. (ILMN) $125.04 3.98%
Western Digital Corp. (WDC) $68.95 2.83%
Hasbro Inc (HAS) $57.45 2.77%
Intuit Inc. (INTU) $626.46 2.74%
Biomarin Pharmaceutical Inc. (BMRN) $91.67 2.44%
Meta Platforms Inc. (META) $492.94 2.33%
Liberty Global plc Series A (LBTYA) $16.83 2.31%
Tesla Inc (TSLA) $145.30 2.29%

Nasdaq 100 - Fallers

NetEase Inc. Ads (NTES) $92.88 -2.11%
Cadence Design Systems Inc. (CDNS) $280.11 -1.72%
American Airlines Group (AAL) $14.28 -1.72%
Starbucks Corp. (SBUX) $87.50 -0.77%
Monster Beverage Corp (MNST) $53.20 -0.75%
Incyte Corp. (INCY) $51.56 -0.69%
Cognizant Technology Solutions Corp. (CTSH) $67.96 -0.35%
Automatic Data Processing Inc. (ADP) $246.15 -0.06%
Cisco Systems Inc. (CSCO) $48.12 -0.04%
Ross Stores Inc. (ROST) $133.74 -0.02%

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