The balances keep coming at the same time as the Federal Reserve officials continue to point outthat rates will remain stable in the short termand more Fed speakers will make remarks this week, with Vice President Philip Jefferson, Governor Lisa Cook, and Boston Federal Reserve President Susan Collins among others speaking.
In a context of disparate benchmarks, the Dow Jones industrials ended at 39056.39 points gaining 0.4%he S&P500 stood at 5187.67 points remaining unchanged and the Nasdaq Composite depreciated 0.2% arriving to the 16302.76 points.
Uber remains precarious in the earnings stage, but Reddit surprises on the upside
The actions of Uber Technologies fell 6% after the ride-hailing company posted a surprise quarterly loss, as it Gross bookings of $37.7 billion in the quarter missed estimates of $37.93 billion expected.
But the fall in stocks is probably a buying opportunityWedbush Securities said in a note, as “the underlying business remains healthy” and it remains a “dominant global mobility and delivery platform with multiple long-term growth drivers.”
While its rival Lyft fared much better, rising more than 5% after projecting higher-than-expected gross bookings and a core profit for the current quarter.
Reddit gained nearly 5% after the social media platform reported better-than-expected first-quarter earningsas well as an optimistic outlook for the second quarter, in the company’s first balance sheet season as a listed entity.
Online lending platform Upstart sank 7% after offering weak forecasts for the current quarter.
Electric vehicle maker Rivian Automotive trimmed its losses to trade around 1% lower, after its numbers missed expectations in the first quarter and it is presumed that they will also continue to fuel concerns about lower demand for electric vehicles.
Treasury yields rise after tepid 10-year Treasury auction
The returns of Treasuries rose after Wednesday’s 10-year Treasury auction resulted in lower-than-expected yieldsamid uncertainty over the timing of future rate cuts.
“The bonds were awarded at 4.483%, just below the pre-sale rate”indicating little investor interest.
Energy Stocks Lose Gains After Oil Prices Fall
Energy stocks gave up earlier gains even as oil prices rebounded from session lows, ignoring data pointing to weaker energy demand ahead of the U.S. summer season.
APA Corporation (+0.8%), Phillips 66 (+1.5%) and Coterra Energy Inc (+0.02%) They were among the biggest energy gains of the day.
For its part, Morgan Stanley informed investors in a note on Wednesday “which does not expect the Federal Reserve to begin cutting rates until September.”
Although the investment bank remains “optimistic” in his call to three 25 basis point rate cuts this yearis delaying the start to September from the previous expectation of June.
“A reversal in key components points to a future disinflationbut given the lack of progress in recent months, it will take a little longer for the Federal Open Market Committee (FOMC) to gain confidence to take the first step,” according to bank analysts.
Source: Ambito
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