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Stock Market Today: Live Updates
As I follow the stock market closely, I noticed that stocks fell on Wednesday due to underwhelming quarterly reports from megacap tech companies Alphabet ($GOOGL) and Tesla ($TSLA). Nasdaq stock futures declined on Tuesday evening following the release of second-quarter earnings from these major technology firms. Futures associated with the tech-focused Nasdaq 100 dropped by 0.%, while S&P futures fell 0.4%. Futures for the Dow Jones Industrial Average decreased by 0.2%.
In after-hours trading, shares of Alphabet, the parent company of Google, fell by 1%. Although the company exceeded both revenue and profit expectations, its YouTube advertising revenue fell short of analyst projections. In contrast, Tesla’s stock plummeted by over 4% due to results that were weaker than anticipated, alongside a 7% decline in automotive revenue compared to the previous year.
As the week commenced, approximately 20% of S&P 500 companies had disclosed their second-quarter earnings, with 80% surpassing forecasts, according to data from FactSet. During the primary trading session on Tuesday, the broad market index retreated by around 0.2%, while both the Nasdaq Composite and Dow Jones slipped approximately 0.1%.
Investors appear to have largely accounted for the likelihood of the Federal Reserve reducing interest rates at its upcoming September meeting. This, combined with increasing optimism for a soft economic landing, has sustained the market’s upward trend, particularly benefiting rate-sensitive sectors such as small-cap stocks and industrials in recent weeks.
Dan Greenhaus, chief strategist and economist at Solus Alternative Asset Management, commented, “We’re left with an economy where corporations continue to manage their environment well, and the market is reflecting this in its valuations.” He further noted regarding the current market rally, “As long as nothing changes on that front, I don’t see any reason to feel more apprehensive tomorrow or the next day than I have over the past eight or three months.”
Original Article: https://www.cnbc.com/2024/07/23/stock-market-today-live-updates.html
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