DOW theory still works it appears. Non- cofirmation on transports being resolved.
>>>>>>
Dow slides 600 points, S&P 500 retreats from record even after Nvidia’s blockbuster report: Live updates
Hakyung Kim
Samantha Subin
Traders work on the floor of the New York Stock Exchange (NYSE) on January 29, 2024 in New York City.
Spencer Platt | Getty Images
Stocks fell Thursday, with the Dow Jones Industrial Average losing more than 500 points, as a post-earnings rally in Nvidia failed to lift the broader market.
The 30-stock Dow was last down 590 points, or 1.5%, putting it on track for its biggest one-day loss since April 30. Boeing was the biggest laggard in the Dow, falling 6.7%. The S&P 500 and Nasdaq Composite slid 0.7% and 0.4%, respectively, after reaching record highs earlier in the day.
NASDAQ Composite
.IXIC:NASDAQ
+ VIEW QUOTE DETAILS
16,722.35 -79.20 (-0.47%)
Last | 2:37 PM EDT
Nasdaq Composite on Thursday
Chipmaker and artificial intelligence darling Nvidia surged 10%, sending shares above $1,000, after posting stronger-than-expected fiscal first-quarter results and announcing a 10-for-1 stock split.
Fiscal second-quarter revenue guidance of about $28 billion also beat an LSEG consensus forecast of $26.61 billion — a sign the company doesn’t see its momentum slowing. For the bottom line, analysts expect a profit of $5.95 per share.
Nvidia’s results have been a focal point for Wall Street, as traders hoped for signs that the excitement around AI is not waning. With its $2.3 trillion market cap, Nvidia also has considerable sway over the broad S&P 500.
However, the majority of the stocks in the broad market index fell negative Thursday, indicating a lack of market breadth. More than 400 names in the S&P 500 were lower, and information technology was the only positive sector for the day.
The market has “some loose footing,” Piper Sandler chief market technician Craig Johnson wrote in a Thursday note. “This market’s strange mix of leadership, combined with breakdowns in transportation stocks and mediocre breadth readings, makes us not so confident that a new leg higher will be sustained from current levels.”
Services and manufacturing data for May both topped economists’ expectations, according to purchase manager surveys from S&P Global released Thursday. Labor market data also came in stronger-than-expected, adding to investors’ concerns the Federal Reserve will not lower interest rates soon. Traders are currently pricing just a 46.5% chance the Fed will cut rates in its September meeting, according to the CME FedWatch Tool.
Correction: A previous version misstated the consensus revenue estimate for Nvidia’s fiscal second quarter.
20 MIN AGO
Equal-weighted S&P 500 ETF on track for worst day in nearly a month
In another sign that the broader market was struggling Thursday, the Invesco S&P 500 Equal Weight ETF (RSP) dropped more than 1%, putting it on track for its worst day since April 30 — when it slid 1.4%.
The fund tracks an equal weighted version of the regular, market cap-weighted S&P 500. In other words, the stock with the lowest market cap — Norwegian Cruise Line at more than $6 billion — has the same impact on the fund as Microsoft, which is valued at $3.2 trillion.
Invesco S&P 500 Eql Wght ETF
RSP:NYSE Arca
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164.89-2.30 (-1.38%)
Last | 2:37 PM EDT
RSP falls
— Fred Imbert
25 MIN AGO
Geopolitical concerns will weigh more on markets
As the first-quarter earnings season winds down, investors will shift more of their attention to geopolitical concerns in the next few months before the next round of earnings, according to SimCorp.
“The Fed has been pretty clear that they’re not going to cut rates, so you don’t have this, ‘Will they or won’t they’ [scenario] keeping everybody on edge. We are going to start to see a turn to some of this geopolitical stuff, whether it’s its elections or the two ongoing wars,” said Melissa Brown, managing director of applied research.
While events such as the U.S. and UK elections don’t necessarily result in economic impacts, they do increase uncertainty, Brown noted.
“People may go from saying ‘I’m just going to buy now,’ to, ‘Look, I’m gonna wait and see the outcome of this before I decide to commit more money to market,’” Brown said.
— Hakyung Kim
1 HOUR AGO
Stocks making the biggest moves midday
CFOTO | Future Publishing | Getty Images
Check out the companies making headlines in midday trading.
Nvidia — The chipmaker and artificial intelligence beneficiary spiked 11% after Nvidia posted strong fiscal first-quarter results, issued better-than-expected guidance and announced a 10-for-1 stock split. Other AI and related semiconductor names rallied on the results. Super Micro Computer shares rose by 1.2%.
Boeing — Shares dropped roughly 6% after CFO Brian West said he expects negative free cash flow and that the company’s aircraft deliveries won’t recover in the second quarter from the first. Boeing is dealing with several production challenges with its best-selling planes.
Live Nation Entertainment — Shares dropped 7% after the U.S. Department of Justice sued to break up the parent company of Ticketmaster, alleging antitrust violations.
The full list can be found here.
— Hakyung Kim
2 HOURS AGO
Roughly four-fifths of the S&P 500 is in negative territory
The S&P 500 may be higher in midday trading following strong Nvidia earnings, but a peek into the broader index reveals poor market breadth.
Roughly four-fifths of the S&P 500 was trading in negative territory on Thursday, or 396 names were in the red. The biggest decliner was Live Nation Entertainment, down by more than 6%. The second-biggest underperformer was Boeing, off by more than 5%.
Conversely, there were 107 names advancing in the benchmark. Nvidia was the top performer, last jumping more than 10%.
— Sarah Min
2 HOURS AGO
Copper rally poised to pause, Citi says
Copper piping for sale at a store in New York City.
Leslie Josephs | CNBC
Copper prices could consolidate moving forward after a strong run has sent prices up above $10,500 per ton, according to Citi.
“Our base case is now for consolidation in copper prices over the next 3-6 months (i.e., range trading around current levels) with LME [London Metal Exchange] prices currently trading close to our 0-3mt point price target of $10,500/t (See here) after reaching our 6-12 month target of $11k/t last week,” Citi analyst Tom Mulqueen wrote on Wednesday.
“We see current price levels as sufficient to avoid huge deficits in the copper market this year as the scrap market responds,” Mulqueen added.
— Brian Evans
2 HOURS AGO
Solar ETF relinquishes some gains
The Invesco Solar ETF (TAN) pulled back on Thursday, giving up some ground after a big week.
The fund slipped more than 2% in the session. Still, the ETF was tracking to finish the week higher by about 7%.
Maxeon Solar led the fund lower on Thursday with a drop of more than 10%. Well-known industry names including SunPower, SolarEdge and Sunrun were also among the biggest losers in the session.
Invesco Solar ETF
TAN:NYSE Arca
+ VIEW QUOTE DETAILS
44.96-1.80 (-3.85%)
Last | 2:36 PM EDT
TAN ETF over the last month
— Alex Harring
3 HOURS AGO
New cancer treatment could be a $25 billion market opportunity, says RBC
Big pharma is betting billions on an up-and-coming class of cancer treatments that some on Wall Street are calling a “massive opportunity.”
It’s called targeted radiopharmaceuticals. The therapy essentially delivers radiation directly into tumors by attaching a radioactive particle to a targeting molecule.
RBC Capital Markets sees a $25 billion market opportunity for the space.
The full story can be found here.
— Hakyung Kim, Michelle Fox
3 HOURS AGO
Boeing falls more than 6% on CFO’s comments
A Boeing 737 Max aircraft during a display at the Farnborough International Airshow, in Farnborough, Britain, July 20, 2022.
Peter Cziborra | Reuters
Boeing’s share price plummeted roughly 6% in midday trading Thursday after CFO Brian West said he expects negative free cash flow and that the company’s aircraft deliveries won’t recover in the second quarter from the first. Boeing is dealing with several production challenges with its best-selling planes.
Shares of the company are down nearly 33% this year.
— Pia Singh
3 HOURS AGO
Chips sector loses steam despite Nvidia rally
The VanEck Semiconductor ETF (SMH) was off its highs even as Nvidia pushed to record highs, a sign that the broader market was struggling even after the company’s strong quarterly results. On Semiconductor was down 3%, while Intel and Analog Devices dipped 2% each.
VanEck Semiconductor ETF
SMH:NASDAQ
+ VIEW QUOTE DETAILS
239.03 +2.44 (+1.03%)
Last | 2:37 PM EDT
SMH loses steam
— Fred imbert
3 HOURS AGO
Only one S&P 500 sector trading in positive territory
The S&P 500 ticked higher in midday trading, last up by 0.1% as it hovered near all-time highs. Its slight advance was due to the outperformance of just one sector trading in positive territory: Information technology.
The info tech sector was last higher by 1.5%, its advance thanks to Nvidia’s recent quarterly results that lifted the AI chipmaker as well as related semiconductor names.
The other 10 S&P 500 sectors were trading in negative territory. The biggest laggard was utilities, down by 1%.
— Sarah Min
4 HOURS AGO
Live Nation shares fall on Department of Justice lawsuit
The Live Nation website arranged on a laptop in New York, US, on Wednesday, April 17, 2024.
Gabby Jones | Bloomberg | Getty Images
Live Nation shares fell 5% Thursday after the U.S. Department of Justice filed a lawsuit against the company on alleged antritrust violations.
The lawsuit, which was joined by 30 states, follows a DOJ investigation into whether the Ticketmaster parent company maintains a monopoly in the ticketing industry.
Live Nation and Ticketmaster merged in 2010. The complaint stated through Ticketmaster, Live Nation controls around 80% or more of major concert venues’ primary ticketing for concerts.
In a statement, Live Nation stated the DOJ’s allegations of a monopoly are “absurd.”
The full story can be found here.
— Hakyung Kim, Sarah Whitten, Ece Yildirim
4 HOURS AGO
JPMorgan CEO Jamie Dimon says can’t rule out ‘hard landing’
JPMorgan Chase’s chairman and CEO Jamie Dimon told CNBC Thursday that a “hard landing” for the U.S. cannot be ruled out.
Speaking at the JPMorgan Global China Summit in Shanghai, he told CNBC that the worst outcome for the U.S. economy will be a “stagflation” scenario, where inflation continues to rise, but growth slows amid high unemployment.
He added that interest rates could still go up “a little bit.”
— Yun Li
4 HOURS AGO
New home sales post unexpectedly sharp decline for April
New homes sold at a much slower than expected pace in April, the Commerce Department reported Thursday.
Sales of new single-family homes totaled 634,000 for the month, a 4.7% drop from March and less than the Dow Jones estimate for 677,000.
The median sales prices was $433,500, down $6,00 from the previous month though nearly 4% higher than a year ago. The average sales price was $505,700.
—Jeff Cox
5 HOURS AGO
Services and manufacturing PMIs higher than expected
A person works on a Bowlus RV at Bowlus’s factory in Oxnard, California, U.S., February 23, 2024. Each Bowlus RV is assembled by hand with aircraft-grade rivets and is hand polished.
Timothy Aeppel | Reuters
Services and manufacturing gauges for May both came in higher than expected and showed expansion in both sectors, according to purchase manager surveys from S&P Global released Thursday.
The services activity index posted a 54.8 reading on the month, while manufacturing was at 50.9. Both were higher than April and topped respective Dow Jones estimates for 51.5 and 50. Both indexes also showed that input prices “continued to rise sharply,” S&P said in the report.
Readings above 50 for the PMI surveys indicated expansion.
—Jeff Cox
5 HOURS AGO
AI, semiconductor stocks jump after strong Nvidia outlook
Popular artificial intelligence and semiconductor stocks rose after Nvidia posted strong earnings and a robust forecast that showed continued demand for artificial intelligence chips.
Super Micro Computer popped 10%, while Advanced Micro Devices jumped nearly 4%. Marvell Technology, Micron Technology, Applied Materials and the VanEck Semiconductor ETF added about 3% each, while ASML Holding rallied about 5%.
Nvidia shares were last up more than 9% and 110% on a year-to-date basis
— Samantha Subin
5 HOURS AGO
Stocks open higher Thursday
U.S. stocks started Thursday’s session higher.
The S&P 500 rose 0.6% to a new record high, while the Nasdaq Composite rose 1.1%. Meanwhile, the Dow Jones Industrial Average traded near the flatline.
— Hakyung Kim
5 HOURS AGO
If Nvidia were in the Dow, it would single-handedly add 440 points at Thursday’s open
Nvidia’s worth more than $2 trillion, but it ain’t in the Dow Jones Industrial Average.
If it were, Nvidia’s premarket gain gain of close to $67 per share would by its lonesome push up the Dow by about 440 points at the market’s Thursday open.
That’s because the archaic average was devised by Charles Dow and Edward Jones in May, 1896 and uses a divisor to calculate its value rather than a company’s market capitalization, as does the S&P 500 for instance. Today, every dollar move higher or lower in any stock in the Dow moves the average 6.6 points.
— Scott Schnipper
6 HOURS AGO
Jobless claims slip more than expected
Pamphlets at a career fair at a community college in Bolivia, North Carolina, US, on Thursday, April 20, 2023.
Allison Joyce | Bloomberg | Getty Images
After a brief scare that layoffs could be on the rise, unemployment claims from the past week indicated that the labor market is still strong.
First-time claims for jobless benefits totaled 215,000 for the week ended May 18, down 8,000 from the previous period’s upwardly revised level, the Labor Department reported Thursday. Economists surveyed by Dow Jones had been looking for 220,000.
Continuing claims, which run a week behind, nudged higher to 1.794 million but that was just below the FactSet estimate.
—Jeff Cox
6 HOURS AGO
What Nvidia’s stock split could potentially mean for the Dow
Nvidia’s 10-for-1 stock split is the latest in a string of higher-profile stock splits this year – with companies like Walmart and Chipotle citing a desire to make their stock more affordable to investors and employees alike. Nvidia is the third company with a share price over $900 to announce a stock split this year – Chipotle at over $3,100 and Lam Research at more than $960 – being the others.
Nvidia’s stock price could also open the door for its inclusion in the Dow Industrials – should that index committee feel the desire to add one of the world’s biggest stocks to the blue chip average. The price-weighted Dow gives higher-priced stocks more influence, which makes it impossible for Nvidia to qualify at its current $1,000 price tag. However, a post-split price of $100 makes an inclusion more palatable since about one-third of the Dow’s 30 stocks have share prices of around $100 or less.
What could Nvidia potentially replace in the Dow? Two tech stalwarts might be targets – fellow chipmaker Intel and networking equipment maker Cisco Systems. Both longtime Dow stocks currently have some of the smallest weightings in the index and have seen their businesses lag competitors in recent years. Those stocks have also drastically underperformed the broader market - Cisco down 3% and Intel up 7% over the past year, while the S&P 500 has risen 28%.
6 HOURS AGO
See the stocks moving before the bell
These are some of the stocks making the biggest premarket moves:
See the full list here.
— Alex Harring
8 HOURS AGO
Semiconductors follow Nvidia higher
The logos of Super Micro Computer are pictured at one of the world’s largest computer and technology trade shows.
Ann Wang | Reuters
Nvidia’s big earnings beat and strong guidance lifted the broader semiconductor sector, as enthusiasm around AI continues to grow.
Super Micro Computer jumped 4% before the bell, while Micron Technology and AMD were up 3%. The VanEck Semiconductor ETF (SMH) was also higher by 3%.
VanEck Semiconductor ETF
SMH:NASDAQ
+ VIEW QUOTE DETAILS
239.03+2.44 (+1.03%)
Last | 2:37 PM EDT
SMH rises
— Fred Imbert
11 HOURS AGO
Europe stocks open higher
Europe Stoxx 600
.STOXX:STOXX
+ VIEW QUOTE DETAILS
521.56+0.38 (+0.07%)
Last | 3:50 PM GMT
Stoxx 600 index.
European stocks opened slightly higher on Thursday, with the Stoxx 600 index up 0.3% at 8:18 a.m. London time.
France’s CAC 40 and Germany’s DAX were both down by 0.3%.
The U.K.’s FTSE 100 bucked the trend to slip 0.1%, as traders digested a surprise election announcement and Wednesday’s U.K. inflation figures, which curbed market expectations of a June rate cut.
— Jenni Reid
14 HOURS AGO
Japan’s 10-year government bond yield hits highest in more than a decade
The yield on 10-year Japanese government bonds rose to 1.012%, the highest level since 2012 in afternoon trading.
The Bank of Japan kept its policy rate unchanged last month, holding its benchmark policy rate at 0%-0.1%. BOJ had said it would continue to conduct bond purchases in line with its March decision.
Japan shares rose, with the Nikkei 225 index up 1.31%.
— Shreyashi Sanyal
16 HOURS AGO
Bank of Korea holds benchmark policy rate at 3.5%
This photo taken on Nov. 24, 2022 shows the building of Bank of Korea BOK in Seoul, South Korea. South Korea’s central bank on Thursday raised its policy rate to curb inflation, delivering six back-to-back rate hikes for the first time. (Photo by Wang Yiliang/Xinhua via Getty Images)
Wang Yiliang | Xinhua News Agency | Getty Images
South Korea’s central bank held its benchmark policy rate at 3.5% as expected by a Reuters poll.
It was the 11th consecutive meeting at which the Bank of Korea held interest rates steady. BOK said it expects the economy to grow 2.5% this year, higher than its prior forecast of 2.1%.
It expects the speed of IT economic expansion, consumption recovery, and monetary policies of major countries to influence the South Korea’s growth.
BOK expects this year’s consumer price inflation to be at 2.6%, and core price inflation at 2.2%, same as the levels it estimated in February.
The central bank is expected to cut rates by 50 basis points in the fourth quarter, according to a Reuters poll.
— Shreyashi Sanyal
17 HOURS AGO
Shares of Singapore Airlines fall 1.3% after turbulent flight that left one dead
Singapore Airlines Ltd
SIAL-SG:Singapore Exchange
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6.71-0.05 (-0.74%)
Last | 5:06 PM CTT
Shares of Singapore’s national carrier Singapore Airlines fell as much as 1.3% on Thursday, its largest drop in more than a month.
This comes after SIA flight SQ321 encountered extreme turbulence on Tuesday, resulting in one fatality and the flight making an emergency landing in Bangkok, Thailand. Singapore’s markets were closed on Wednesday.
The fatality was a 73-year-old British man, who died due to a suspected heart attack.
As of Wednesday, 58 people are still in hospital, according to local media CNA, including 20 in intensive care.
— Lim Hui Jie
17 HOURS AGO
Japan manufacturing activity grows for the first time in a year, private survey shows
Japan’s manufacturing activity expanded for the first time in a year, while services continued to grow in May, according to a private survey.
The headline au Jibun Bank flash Japan manufacturing purchasing managers’ index rose to 50.5 in May from 49.6 in April. A PMI reading above 50 signifies growth.
The flash services PMI grew 53.6 in May, down from a final reading of 54.3 in April.
Business activity expanded at its fastest pace in nine months at 52.4 in May compared with April’s 52. 3.
“The expansion in business activity remained services-led, but the near-stabilization of manufacturing output offers hope of growth broadening out later in the year,” the survey read.
— Shreyashi Sanyal
20 HOURS AGO
Stocks making the biggest moves after the bell: Snowflake, VF Corp and more
The New York Stock Exchange welcomes Snowflake to usher in the first day of winter on Dec. 21, 2021. To honor the occasion, Snowflake the Bear, joined by Chris Taylor, vice president of NYSE Listings and Services, rings the opening bell.
NYSE
Here are some of the stocks on the move after the close:
- Snowflake — The cloud-computing company jumped more than 4%. Fiscal first-quarter revenue surpassed the Street’s expectations, coming in at $829 million, versus consensus estimates for $786 million, per LSEG.
- VF Corp. — The apparel and footwear company sank nearly 12% after posting an unexpected loss for the recent quarter and revenue that fell short of Wall Street’s estimates.
- LiveRamp Holdings — The advertising technology stock popped nearly 17% on its fiscal fourth-quarter results, surpassing analyst estimates, per FactSet. LiveRamp also issued strong guidance for the current quarter and full year.
Read the full list of names on the move here.
— Samantha Subin
20 HOURS AGO
Live Nation shares slide on Bloomberg report that DOJ aims to break up entertainment giant
The Live Nation website arranged on a laptop in New York, US, on Wednesday, April 17, 2024.
Gabby Jones | Bloomberg | Getty Images
Shares of Live Nation Entertainment slid 6% in extended trading after Bloomberg News reported, citing people familiar, that the Department of Justice will sue the ticketing giant for antitrust violations.
Remedies that could be on the table include a break-up of Live Nation, sources familiar told Bloomberg. The concert promoter merged with Ticketmaster back in 2010.
Earlier this month, Live Nation reported a record first quarter, with revenue climbing to $3.8 billion, up 21% from the year-ago period.
-Darla Mercado
20 HOURS AGO
Nvidia shares pop 6%, surpass $1,000 following strong earnings
Santa Clara, California.
Justin Sullivan | Getty Images
Nvidia shares popped more than 6% to surpass the $1,000 mark for the first time ever during overnight trading following another robust quarter driven by artificial intelligence strength.
The chipmaker posted adjusted earnings of $6.12 per share, surpassing an LSEG estimate of $5.59. Revenue came in at $26.04 billion and ahead of an estimate of $24.65 billion. The company also offered strong sales guidance, saying that it anticipates sales of $28 billion for the current quarter, versus an LSEG estimate of $26.61 billion.
Nvidia also announced a 10-for-1 stock split and said that revenue surged 262% year over year during the period for a third consecutive quarter of growth exceeding 200%.
NVIDIA Corp
NVDA:NASDAQ
+ VIEW QUOTE DETAILS
1,039.57+90.07 (+9.49%)
Last | 2:37 PM EDT
Nvidia jumps on strong earnings
— Samantha Subin, Kif Leswing and Ashley Capoot
21 HOURS AGO
Nasdaq-100 futures open higher after Nvidia earnings
Nasdaq-100 futures jumped 0.4%, while S&P 500 futures added 0.2% following a strong report quarterly from chipmaker Nvidia. Futures tied to the Dow Jones Industrial Average dipped 50 points, or 0.1%.
— Samantha Subin
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