Markets See A Slow Day With $NVDA Earnings On The Horizon 🤑 | Crypto Stocks Surge On SEC ETF Approval For Ethereum 👀 | $DJT Slides 10% On Big Q1 Operating Loss Report ✂️ | $TSLA Rises 7% 📈
The market closed green across the board on Tuesdays trading session with investors anticipating a heavily weighted earnings report coming tomorrow after the bell. The report is expected to spur a big move in the AI chip makers stock price and start an overall rally amongst the broader market. Let’s take a look at how our indexes closed today:
The S&P500 closed with a 0.3% gain on the day
The Dow Jones Industrial saw 0.2% climb
The Nasdaq Composite recovered from session lows gaining 0.2%
On the economic front it was a quiet week so far with a consistent theme coming from the Federal Reserve and that is “PATIENCE”, it will be required as they need to see inflation slow down over a period of months in order to bring rate cuts to the table. Most recently this was stated by Chris Waller on Tuesday who is in favor of the Fed holding rates higher for longer.
On the corporate front saw a dip in price after delivering better than expected Q1 results:
EPS = $3.06 vs $2.94 expected
Revenue = $21.36B vs $21.12B
The home improvement company raised their total sales expectations to $84B – $85B which is a drop from the $86.38B from FY 2023. The decline in sales is stemming from shoppers visiting the store less as home owners are putting off their larger DIY projects, with transactions dropping 3.1% and average ticket 1% YoY.
saw a 6% run in todays market after the Tesla Semi that has been in pilot testing with PesiCo’s FritoLay Division would be receiving an additional 50 trucks in its fleet for the program which brings it up from the 35 that are currently running.
fell 10% after its operating losses increased even more (somehow) in a disappointing Q1 report. The company reported a $327.6M loss compared to a loss of $210k a year ago in the same period. Revenue posted at $770.5K, it also posted an adjusted EBTIDA loss of $12M compared to $3.6M the year before.
Crypto stocks saw a rise as ether was given ETF approval as soon as this week delivered by the SEC, Ethereum saw a 20% rise with Bitcoin seeing a 4% rise to eclipse $70k. The appeal of this would give ethereum a wider audience that could invest into the coin.
