InfoQuest – The Dow Jones New York Stock Exchange index closed positive on Tuesday (April 23) in response to stronger than expected operating results from listed companies. This includes General Motors (GM), as investors watch for earnings reports from major technology companies. Including important US economic data.
The Dow Jones Industrial Average closed at 38,503.69 points, up 263.71 points or +0.69%, the S&P 500 index closed at 5,070.55 points, up 59.95 points or +1.20%, and the Nasdaq index closed at 15,696.245 points, up 9,696.241 points. %.
Ten of the 11 stocks in the S&P 500 closed in positive territory, led by communications services and technology stocks, which rose 1.86% and 1.71%, respectively, while the materials index fell 0.84%.
The New York Stock Exchange was supported by the strong performance of listed companies, with GM, a major US carmaker. Disclosed earnings per share for the first quarter of 2024 were 2.62, exceeding analysts’ expectations of $2.15, causing GM shares to close up 4.4%.
Shares of United Parcel Service (UPS), the world’s largest package delivery company, rose 2.41% after the company reported first-quarter 2024 earnings per share of $1.43, beating analysts’ expectations of $1.29.
Shares of Spotify, the Swedish music streaming giant, rose 11.4% after the company reported a profit for the first quarter of 2024 of more than 1 billion euros ($1.1 billion for the first time).
Shares in GE Aerospace, a major US aircraft engine maker, jumped 8.3% after the company revealed better-than-expected results for the first quarter of 2024 and released a higher-than-expected full-year 2024 forecast. expect
Tesla shares jumped 1.85% before the company released earnings after the market closed. Investors will be keeping an eye on earnings reports from other tech companies this week, including Meta Platforms, Alphabet and Microsoft.
PepsiCo reported first-quarter 2024 earnings per share at $1.61, above analysts’ expectations of $1.52, which was early support for the stock price. But PepsiCo shares closed down 2.9% after news of a recall of “Quaker Oats” brand food products, a subsidiary of PepsiCo.
Data from FactSet shows that as of Tuesday, April 23, about 20% of S&P 500 companies reported earnings, with 76% reporting earnings above analysts’ estimates.
The yield on the 10-year US government bond fell below 4.6% last night after S&P Global revealed that the Purchasing Managers’ Index (PMI) combines the manufacturing and basic services sectors of the United States. It fell to 50.9 in April, the lowest level in 4 months, from 52.1 in March.
Investors will be keeping an eye on the release of the Personal Consumption Expenditure (PCE) Price Index this Friday (April 26) for signs of the outlook for interest rates from the Federal Reserve (Fed). the Fed is concerned Because it can detect changes in consumer behavior and covers the prices of goods and services more broadly than the Consumer Price Index (CPI).
The latest data from LSEG indicates that financial market investors now expect the Fed to cut interest rates by a total of 0.43 percentage points this year, down from previous expectations that the Fed will cut interest rates by 0.43% this year. 1.50% this year.
In addition to the PCE index, investors are also waiting to see other US economic data this week. This includes March durable goods orders. On Thursday, it will reveal the number of weekly jobless claims, Gross Domestic Product (GDP) in the first quarter of 2024, the number of home sales contracts pending closing sales (Pending Home Sales) in March, and the index risk Final April Consumer Confidence from the University of Michigan
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