2 minutes ago
April PMI index is lower than expected
Manufacturing and services activity fell to multi-month lows in April, a sign that U.S. economic growth may slow.
The S&P Global Flash US Composite PMI Index for the manufacturing industry fell to 49.9 from 51.9 in February, the lowest level in four months. On the services side, the index was 50.9, compared to 51 last month. Economists surveyed by Dow Jones were looking for 52 measurements on both indicators.
The diffusion index measures the proportion of companies reporting expansion, so below 50 indicates contraction.
New order statistics decreased for the first time in six months. “Businesses responded by cutting back on hiring for the first time in almost four years, and business confidence fell to its lowest level since November last year,” the report said.
—Jeff Cox
12 minutes ago
Spotify soars 13% as revenue beats
Spotify stock rose 13% on Tuesday after the streaming music company beat expectations for first-quarter revenue and bottom line.
See chart…
Spotify stock soared after the company announced its first quarter results.
Spotify reported earnings of 0.97 euros per share on revenue of 3.64 billion euros. Analysts surveyed by LSEG had expected earnings of 0.65 euros per share and revenue of 3.61 billion euros.
Spotify's gross profit margin was 27.6%, up from 25.2% in the same period last year.
— Jesse Pound
24 minutes ago
US crude oil falls to lowest since March, below 50-day moving average
U.S. crude oil hit an intraday low of $80.89 per barrel on Tuesday, its lowest since late March.
West Texas Intermediate futures for June also fell below its 50-day moving average of $81.22 per barrel for the first time since early February.
WTI was last traded 39 cents lower at $81.51 per barrel, while Brent futures for June was last traded 36 cents lower at $86.64 per barrel.
Traders have been lowering prices after surging earlier this month on concerns that Iran and Israel are on the brink of war. Those concerns have largely disappeared after rival forces signaled they were not interested in a broader war after retaliatory attacks this month.
The market was also indifferent to the impending oil sanctions against Iran. The House of Representatives passed a bill over the weekend that would target ports, ships and refineries that accept Iranian crude oil. The Senate could consider the bill this week.
— Spencer Kimball
28 minutes ago
Stock prices start rising
Traders work on the floor of the New York Stock Exchange.
new york stock exchange
Stocks opened higher Tuesday as Wall Street focused on new profits from tech companies going forward.
The S&P 500 rose 0.4% immediately after the opening bell, while the Nasdaq Composite rose 0.4%. The Dow Jones Industrial Average rose 124 points, or 0.3%.
— Brian Evans
1 hour ago
Stocks with the biggest price movements before the market
Some of the names that will be in motion before the bell are:
- Novartis — Shares rose 4.7% after the Swiss drugmaker beat expectations for the first quarter and raised its full-year outlook.
- General Motors — The automaker rose nearly 5% after reporting first-quarter sales of $2.62 per share on revenue of $43.01 billion. Analysts polled by LSEG had expected earnings of $2.15 per share and revenue of $41.92 billion.
- Spotify — Shares rose 8% after the music streaming company reported first-quarter revenue of $3.64 billion, beating the LSEG consensus estimate of $3.61 billion.
To see more stock moves in the pre-market, read the full story here.
— Michelle Fox
2 hours ago
UPS rises more than earnings per share
A United Parcel Service (UPS) truck is parked at a UPS customer center on April 1, 2024 in Los Angeles, California.
Tama Mario | Getty Images
United Parcel Service rose 0.4% in premarket trading Tuesday after its earnings per share beat Wall Street expectations.
UPS' first-quarter earnings per share, excluding items, were $1.43, well above the consensus estimate of $1.29 from analysts compiled by LSEG. Meanwhile, sales were $21.7 billion, lower than analysts' expectations of $21.86 billion.
The Atlanta-based company also reiterated its full-year outlook for revenue, operating margin and capital expenditures.
— Alex Harring
6 hours ago
European stocks open higher as FTSE hits record high
European stock markets opened higher on Tuesday, with the benchmark Stoxx 600 index up 0.5% by 8:40 a.m. London time.
Britain's FTSE 100 index rose 0.5% to a new intraday high, France's CAC40 index rose 0.2% and Germany's DAX index rose 0.7%.
11 hours ago
Chinese bubble tea company Chabaidao falls 30% in Hong Kong trading debut
A ChaBaiDao signboard seen at a store in Shanghai, China, on August 10, 2023.
Ally Song | Reuters
Shares in Chinese tapioca chain Chabaidao, officially listed as Sichuan Baicha Baidao Industrial, plunged more than 30% after opening 10% lower in early trading in its Hong Kong trading debut.
It is currently trading at HK$12.32, well below the IPO public offering price of HK$17.50.
The IPO will be the largest listing in Hong Kong so far this year. The company said it earned a net profit of HK$2.59 billion ($330.5 million) from the IPO before expenses.
Chabaidao sold 90% of its 147.7 million shares in a global public offering, and the remaining 10% in Hong Kong.
However, the subscription ratio for the public offering was only 0.5x, so the company decided to reallocate the remaining shares to a global public offering with a subscription ratio of 1.11x.
— Lim Huijie
13 hours ago
The yen hit a 34-year low of 154.85 yen early Tuesday.
The Japanese yen fell to a 34-year low against the U.S. dollar early Tuesday, hitting $154.85 against the greenback.
This is the weakest currency since the mid-1990s, but it has risen slightly to 154.74 as of 9:18 a.m. Tokyo time.
The Bank of Japan will monitor the currency at Friday's board meeting, but the bank has not announced the level at which it will intervene.
13 hours ago
Australian business activity expands at fastest pace in 24 months: S&P Global
Business activity in Australia expanded at the fastest pace in 24 months in April, according to preliminary figures from S&P Global.
The country's composite Purchasing Managers Index was 53.6, compared with 53.3 in March.
The manufacturing PMI rose from 47.3 to 49.9, just short of the 50 mark that separates expansion from contraction, while the services PMI fell slightly from 54.4 to 54.2.
— Lim Huijie
15 hours ago
Stock prices move significantly after hours
February 17, 2023 at Cleveland-Cliffs Steel Mill in Riverdale.
E. Jason Wambs Guns | Chicago Tribune | Tribune News Service | Getty Images
Let's check out the companies that are becoming a hot topic for after-hours trading.
- Nucor — Shares fell 6.3% after the steelmaker reported weaker-than-expected first-quarter results and issued a lackluster second-quarter outlook. First-quarter earnings of $3.46 per share were below the FactSet consensus estimate for earnings of $3.67 per share. Sales were $8.14 billion, lower than expectations of $8.26 billion. Nucor said its second-quarter profit would decline due to “lower steelmaking segment profits, primarily due to lower average selling prices, partially offset by modest increases in production.” Expect.
- CLEVELAND-CLIFFS — The steel producer fell nearly 3%. The Cleveland Cliffs' first-quarter results fell short of analysts' expectations, with adjusted earnings of 18 cents per share and revenue of $5.2 billion. Analysts surveyed by LSEG expected earnings of 22 cents a share and revenue of $5.35 billion.
- Cadence Design Systems — Shares fell 8.9% after the software company reported a poor outlook for the second quarter. Cadence Design Systems expects second-quarter earnings of $1.20 to $1.24 a share, below the $1.43 expected by analysts polled by FactSet. Revenue guidance of $1.03 billion to $1.05 billion also fell short of the FactSet consensus estimate of $1.11 billion.
Read the full list here.
— Sarah Min
15 hours ago
New home sales statistics for March will be released on Tuesday
New home sales are expected to rise 1.2% in March, according to a survey of economists from Dow Jones. This is a significant increase from the previous month's 0.3% decrease.
Data is expected to be released Tuesday at 10 a.m. ET.
— Sarah Min
15 hours ago
Stock futures trading remains largely unchanged
Traders work on the floor of the New York Stock Exchange.
new york stock exchange