16 minutes ago
Stock prices fall as GDP statistics show slowing economic growth
Stocks started lower on Thursday, with stocks selling off after new gross domestic product (GDP) data suggested signs of slowing economic growth.
The Dow Jones Industrial Average fell 500 points, or 1.3%. The S&P 500 fell 1.4% and the Nasdaq Composite fell 2.3%.
— Brian Evans
51 minutes ago
10-year US Treasury yield rises to highest level since November
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Benchmark U.S. Treasury yields topped 4.7% on Thursday.
Slower economic growth could prompt the Federal Reserve to cut interest rates, but the rise in prices shown in the GDP report could lead the central bank to keep interest rates on hold until inflation subsides. There is.
— Jesse Pound
58 minutes ago
Gross domestic product slowed in the first quarter
The U.S. Bureau of Economic Analysis reported Thursday that U.S. gross domestic product (GDP) slowed in the first quarter, weighing on stock futures ahead of the opening bell.
GDP expanded 1.6% in the first quarter, compared with 2.4% expected by economists compiled by Dow Jones.
— Brian Evans
1 hour ago
Stocks that make the biggest moves before the market
Check out the companies making headlines before the bell.
Metaplatform — Facebook's parent company plunged more than 14% after reporting a weaker-than-expected second-quarter earnings outlook. However, first-quarter profits and sales both exceeded analysts' expectations.
Honeywell — Industrial shares rose 2.2% in premarket trading after the company posted earnings of $2.25 per share, beating LSEG analysts' expectations of $2.17. Revenue for the quarter was $9.11 billion, compared to analysts' expectations of $9.03 billion.
Merck — The pharmaceutical giant rose 2.1% after first-quarter profits beat expectations. Merck had adjusted earnings of $2.07 per share on revenue of $15.78 billion. Analysts surveyed by LSEG expected earnings of $1.88 per share and revenue of $15.2 billion.
A complete list can be found here.
— Ha-Kyung Kim
1 hour ago
Caterpillar stock price falls due to sales decline
Caterpillar shares fell more than 3% in early trading after the construction equipment company reported lower-than-expected first-quarter sales.
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Caterpillar stock came under pressure after the company's first quarter report.
The company generated adjusted earnings of $5.60 per share on revenue of $15.8 billion. Analysts surveyed by LSEG had expected earnings of $5.14 per share on revenue of $16.04 billion.
Sales were down year over year, including a decline in Caterpillar's largest construction industry division.
“The decrease in sales volume was primarily due to lower sales of end-user equipment and was not significantly impacted by changes in dealer inventory,” Caterpillar said in a press release.
— Jesse Pound
1 hour ago
Investors react to airline's latest earnings
Southwest Airlines and American Airlines were divided in premarket trading as investors reacted to their first-quarter earnings reports.
Southwest Airlines fell more than 7% on both routes, missing Wall Street expectations. The adjusted loss per share was 36 cents on revenue of $6.33 billion, compared to analysts surveyed by LSEG who had expected a loss of just 34 cents on revenue of $6.42 billion.
Southwest Airlines warned that delays caused by Boeing could hurt its growth through 2025.
American, on the other hand, increased by more than 4%. Despite falling short of analyst estimates in both areas, investors appear to be focused on stronger than expected guidance for the current quarter.
American Airlines posted an adjusted loss of 34 cents on revenue of $12.57 billion in the first quarter. That was below the consensus estimate of a loss of 29 cents and revenue of $12.6 billion among analysts surveyed by LSEG.
— Alex Harring, Leslie Josephs
2 hours ago
Honeywell rises after strong financial results
Honeywell rose in premarket trading after reporting its latest quarterly results.
LSEG said the company earned $2.25 per share, beating analysts' expectations of $2.17. Revenue for the quarter was $9.11 billion, compared to analysts' expectations of $9.03 billion.
The stock price was most recently up 1.8%.
— Tanaya Machel
2 hours ago
Merck advances with profits that exceed expectations
Merck shares rose nearly 2% before the bell Thursday after the company reported better-than-expected first-quarter results.
The pharmaceutical giant had adjusted earnings of $2.07 per share on revenue of $15.78 billion. Analysts surveyed by LSEG had expected earnings of just $1.88 a share and revenue of $15.2 billion.
During this period, Merck was supported by strong sales of vaccine products and the anti-cancer drug Keytruda. The company's stock, a Dow component, rose more than 16% in 2024.
— Alex Harring, Annika Kim Constantino
2 hours ago
Chipotle stock outperforms earnings by more than 3%
Chipotle Mexican Grill shares rose 3.2% in premarket trading Thursday after the company reported better-than-expected quarterly results.
The burrito chain on Wednesday reported first-quarter profit and sales that beat analysts' expectations, helped by increased foot traffic to its restaurants. Excluding items, earnings per share came to $13.37, compared to analyst estimates compiled by LSEG of $11.68 per share. Chipotle posted revenue of $2.7 billion, beating consensus estimates of $2.68 billion.
CEO Brian Nicol said Chipotle saw traffic increase across all income groups in the quarter. The restaurant chain continues to draw customers even after raising prices in October due to inflation.
Read more about Chipotle's earnings here.
— Peer Singh
6 hours ago
European stocks start lower
European stock markets opened modestly higher on Wednesday, with the benchmark Stoxx 600 index down 0.2% by 8:15 a.m. London time.
Britain's FTSE 100 index rose 0.5% after ending a five-day winning streak on Thursday, while France's CAC40 index fell 0.2% and Germany's DAX index fell 0.5%.
8 hours ago
Nikkei average falls 2%, leading decline in Asian stocks
On April 24, 2024, a man looks at an electronic bulletin board displaying the Nikkei Stock Average, which is listed on the Tokyo Stock Exchange, on a street in Tokyo.
Kazuhiro Nogi | AFP | Getty Images
Japan's Nikkei Stock Average fell 2.1% in afternoon trading, while the broader TOPIX index fell 1.64%.
The benchmark Nikkei stock average has fallen 8.3% from its all-time high in late March.
Investors are awaiting the Bank of Japan's monetary policy decision on Friday. The outlook for inflation is attracting attention due to the weak yen, rising oil prices, and steady wage growth.
On Thursday, the yen rose above 155 yen against the US dollar, hitting a new 34-year low.
— Shreyashi Sanyal
12 hours ago
SK Hynix records operating profit for the first time in four quarters, stock price drops nearly 3%
Shares of South Korean semiconductor maker SK Hynix fell nearly 3%, even as the company posted its highest operating profit in nearly two years.
The company recorded an operating profit of 2.89 trillion Korean won ($2.1 billion) in the first quarter of 2024, an increase of 734% from the same period last year, and a net profit of 1.92 trillion won.
Sales for the fourth quarter were 12.43 trillion won, the highest ever for a quarter.
SK Hynix attributed this to increased sales of AI server products “backed by our leadership in AI memory technology.”
The company also added: “We believe we have entered a clear stage of recovery after a long period of decline.”
— Lim Huijie
13 hours ago
South Korea's GDP increased by 3.4% in the first quarter, marking the highest quarterly growth since the fourth quarter of 2021
A truck moves shipping containers at the Incheon Port container terminal in Incheon, South Korea.
Kim Hong-ji | Reuters
South Korea's gross domestic product (GDP) grew at 3.4% in the first quarter, beating the 2.4% forecast by economists polled by Reuters and marking the highest quarterly growth rate since the fourth quarter of 2021. Recorded.
GDP increased by 1.3% from the previous quarter, exceeding Reuters' forecast of a 0.6% increase.
Exports from South Korea in the first quarter increased by 0.9% due to an increase in exports of IT items such as mobile phones. Imports decreased by 0.7% due to a decrease in imports of electronic equipment.
— Lim Huijie
15 hours ago
iCapital's Anastasia Amoroso expects the S&P 500 to end this year at 5,500.
Anastasia Amoroso, chief investment strategist at iCapital, thinks there's a good chance the S&P 500 index will rise to 5,500 by the end of the year.
On Wednesday afternoon, the broader market index closed at 5,071.63. This goal represents an 8% increase in his benchmark.
“I think investors have a very attractive new entry point here,” he said on CNBC's “Closing Bell” Wednesday afternoon. Amoroso emphasized that semiconductor stocks in particular have the potential to outperform going forward.
The strategist cited a recovery in global manufacturing momentum, as well as strong corporate profits and consumer spending, as catalysts behind the stock market's strong performance.
— Lisa Kailai Han
15 hours ago
Stocks making the biggest moves after the bell: Meta, IBM, and more
Chipotle Restaurant, New York, July 3, 2023.
Gina Moon | Bloomberg | Getty Images
Here are the stocks that moved the most during extended trading hours:
— Lisa Kailai Han
15 hours ago
Stock futures start lower
Traders work on the floor of the New York Stock Exchange on April 1, 2024.
Brendan McDiarmid | Reuters