Markets today: tech lifts stocks as Apple jumps in late hours
==========
The world’s largest technology companies drove stocks higher, with traders gearing up for Friday’s jobs report. In late hours, Apple Inc. climbed after said sales declined less sharply than feared last quarter, helped by stronger-than-expected demand in China, sparking optimism that the company’s slowdown may be easing. The S&P 500 topped 5,060, while the Nasdaq 100 added 1.3 per cent. Qualcomm Inc., the world’s biggest seller of smartphone processors, surged on an upbeat forecast. EBay Inc. slumped on a disappointing outlook. Treasury 10-year yields fell five basis points to 4.58 per cent. A survey conducted by 22V Research shows that 30 per cent of the investors polled think Friday’s jobs report will be “risk-on,” 27 per cent expect a “risk-off” reaction, and 43 per cent said “mixed/negligible.” Among the labor indicators, the tally showed investors will be paying the most attention — by far — to average hourly earnings. The options market is betting that stocks will swing widely after Friday’s U.S. jobs report, which traders expect will offer more clarity on how much the Fed may cut interest rates this year. The S&P 500 is expected to move 1.2 per cent in either direction after the release. Bank of America Corp.’s Savita Subramanian says a sturdy economy will sustain the bull-market run in U.S. stocks even without Fed rate cuts. Hedge funds are turning increasingly defensive as uncertainty around geopolitics and the path of interest rates, as well as the stock market’s April swoon, has investing pros spooked. Peloton Interactive Inc. said Chief Executive Officer Barry McCarthy is stepping down as the company undergoes a major restructuring that will reduce its global workforce by 15 per cent in an effort to slash costs. MGM Resorts International reported first-quarter sales and earnings that beat analysts’ projections, benefiting from the post-pandemic recovery in Macau and a new partnership with Marriott International Inc. that helped fill hotel rooms. Carvana Co. reported stronger earnings with revenue topping expectations as the company digs into its restructuring plan and regains sales momentum. DoorDash Inc., the largest food delivery service in the U.S., offered a disappointing profit forecast for the current quarter as the company invests in expanding its list of non-restaurant partners and improving efficiency. Moderna Inc. reported a narrower first-quarter loss than Wall Street had expected, as the biotech giant’s cost-cutting helped offset a steep decline in its Covid business. Apollo Global Management Inc. reported higher first-quarter profit as the firm raked in more management fees and originated a record US$40 billion of private credit, a key area of growth.
#StockMarket #Technology #Apple #JobsReport #FedRateCuts #HedgeFunds #Peloton #MgmResorts #Carvana #Doordash #Moderna #ApolloGlobalManagement
https://www.bloomberg.com/news/articles/2024-05-01/asian-stocks-to-fall-yen-steadies-after-surge-markets-wrap
Bloomberg /
npub187…70f8h
2024-05-04 17:00:51
Author Public Key
npub187n6qweaywrseqqr94653h8knmw2mjlucy06yk4qt4ygw9uekhss470f8hPublished at
2024-05-04 17:00:51Event JSON
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"content": "Markets today: tech lifts stocks as Apple jumps in late hours\n==========\n\nThe world’s largest technology companies drove stocks higher, with traders gearing up for Friday’s jobs report. In late hours, Apple Inc. climbed after said sales declined less sharply than feared last quarter, helped by stronger-than-expected demand in China, sparking optimism that the company’s slowdown may be easing. The S\u0026P 500 topped 5,060, while the Nasdaq 100 added 1.3 per cent. Qualcomm Inc., the world’s biggest seller of smartphone processors, surged on an upbeat forecast. EBay Inc. slumped on a disappointing outlook. Treasury 10-year yields fell five basis points to 4.58 per cent. A survey conducted by 22V Research shows that 30 per cent of the investors polled think Friday’s jobs report will be “risk-on,” 27 per cent expect a “risk-off” reaction, and 43 per cent said “mixed/negligible.” Among the labor indicators, the tally showed investors will be paying the most attention — by far — to average hourly earnings. The options market is betting that stocks will swing widely after Friday’s U.S. jobs report, which traders expect will offer more clarity on how much the Fed may cut interest rates this year. The S\u0026P 500 is expected to move 1.2 per cent in either direction after the release. Bank of America Corp.’s Savita Subramanian says a sturdy economy will sustain the bull-market run in U.S. stocks even without Fed rate cuts. Hedge funds are turning increasingly defensive as uncertainty around geopolitics and the path of interest rates, as well as the stock market’s April swoon, has investing pros spooked. Peloton Interactive Inc. said Chief Executive Officer Barry McCarthy is stepping down as the company undergoes a major restructuring that will reduce its global workforce by 15 per cent in an effort to slash costs. MGM Resorts International reported first-quarter sales and earnings that beat analysts’ projections, benefiting from the post-pandemic recovery in Macau and a new partnership with Marriott International Inc. that helped fill hotel rooms. Carvana Co. reported stronger earnings with revenue topping expectations as the company digs into its restructuring plan and regains sales momentum. DoorDash Inc., the largest food delivery service in the U.S., offered a disappointing profit forecast for the current quarter as the company invests in expanding its list of non-restaurant partners and improving efficiency. Moderna Inc. reported a narrower first-quarter loss than Wall Street had expected, as the biotech giant’s cost-cutting helped offset a steep decline in its Covid business. Apollo Global Management Inc. reported higher first-quarter profit as the firm raked in more management fees and originated a record US$40 billion of private credit, a key area of growth.\n\n#StockMarket #Technology #Apple #JobsReport #FedRateCuts #HedgeFunds #Peloton #MgmResorts #Carvana #Doordash #Moderna #ApolloGlobalManagement\n\nhttps://www.bloomberg.com/news/articles/2024-05-01/asian-stocks-to-fall-yen-steadies-after-surge-markets-wrap",
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