Markets Closed Mixed On Low Trading Day & Disappointing Earnings 🐳
The market was back to chopping through the session while investors continue to predict when a rate cut is coming and a fresh batch of earnings from big companies to gamble on. Not all investors were in earnings mode, some were unsure and stayed on the sideline, lets take a look at the big player performances:
The Dow Jones Industrial saw a 0.5% rise
The S&P500 closed near flat
The Nasdaq Composite shed about 0.1%
Markets did stutter from economic news as well after The Federal Reserve announced it will be keeping rates at the current level for longer and inflation is going to take “longer than expected” to come down. On our earnings front is was another rough day for large cap stocks, reported earnings before market open and the stock instantly slid 6% through the trading day, lets take a look at the result:
EPS = $0.18 vs $0.39 expected
Revenue = $10.13B vs $10.09B
Uber was another victim to underwhelming Q2 forecasts notching its slowest forecasted quarterly growth in 2 years. Despite the company putting up an 18.34% surprise on EPS and squeaked out a 0.73% surprise on revenue, let’s dig into the figures:
EPS = $0.20 vs $0.17 expected
Revenue = $1.86B vs $1.85B expected
Shopify Earnings posted a surprise in their Q1 report beating Wall Street analysts’ expectations. With the main mission being to democratize finance, the company has had strong revenue growth over the last 3 quarters averaging at 24.3% annually. Let’s take a look at the numbers from the report:
EPS = $0.18 vs $0.06 Expected
Revenue = $618M vs $549M Expected
Tomorrow brings another day of corporate earnings where mega cap stocks have suffered. What will be in store for us tomorrow? Stay tuned to find out!
