A calm session on Wall Street. Tesla shares rose strongly

Luc Williams

The Dow Jones Industrial dropped 0.11% at the close. and amounted to 38,460.92 points. The S&P 500 gained 0.02% at the end of the day. and amounted to 5,071.63 points. The Nasdaq Composite rose 0.10%. and closed the session at 15,712.75 points. The Russell 2000 index of small-cap companies is down 0.32%. and amounts to 1,996.79 points. The VIX volatility index increases by 1.34%, to 15.90 points.

We go back to market fundamentals and results, we avoid geopolitics

Investors analyze companies' quarterly financial results. “The high number of corporate results this week is drawing investors' attention more than the macro readings, leading to increased market vitality,” wrote Sophie Lund-Yates, principal equity analyst at Hargreaves Lansdown, in a report.

“We seem to be returning to market fundamentals and performance this week. We are at least temporarily sidestepping the geopolitics that have impacted markets over the past two weeks,” said Samy Chaar, chief economist at Lombard Odier.

Tesla increased by 12%. after the company announced work on introducing cheaper models of electric vehicles to the market. However, in the first quarter, the company did not meet market expectations in terms of earnings per share and revenues. “The market has hopes for the results of large American technology companies. Inflation and asset valuation levels do not appear to be a problem at the moment,” said Alexandre Hezez, chief investment officer at Group Richelieu.

The U.S. Senate has passed a bill that would ban TikTok in the United States unless its owner, Chinese tech company ByteDance, sells the popular short-video app.

Visa increased by less than 0.5%. after the payment processing giant's quarterly results topped Wall Street analysts' estimates. Shares of Texas Instruments rose over 5%. after the chipmaker forecast second-quarter revenue above analyst estimates, signaling a surge in demand for analog semiconductors. Shares of other chip companies such as Arm Holdings, Micron Technology and Advanced Micro Devices also rose. Biogen gained over 4%. after the company reported a first-quarter profit that topped Wall Street expectations as the biotech giant cut costs.

Key economic data from the US

Adjusted earnings are expected to grow 6% this quarter, according to LSEG data. on a year-to-year basis. “The one negative factor I have for stocks is that the 10-year Treasury yield has increased 70 basis points since the beginning of the year, which is quite significant,” said Todd Morgan, founding member and president of Bel Air Investment Advisors.

These moves preceded the publication of key economic data from the US. First-quarter GDP data is scheduled to be released on Thursday morning, while the underlying price index for personal consumption expenditures – the Federal Reserve's inflation index – will be released on Friday. Investors are concerned that inflation is not falling as quickly as expected, raising concerns that the Fed may not cut interest rates.

Orders for durable goods in the US increased by 2.6% in March. mdm compared to the expected growth of 2.5%. and an increase of 1.7 percent. a month earlier, after correction from +1.3%. – reported the Department of Commerce in the first calculation. Orders for durable goods excluding means of transport increased by 0.2% on a monthly basis. vs. +0.1 percent a month earlier, after correction from +0.3%. Here the expected +0.2 percent. mdm.

US crude oil inventories last week fell by 6.37 million barrels, or 1.38 percent, to 453.625 million barrels. Gasoline stocks fell by 634,000 during this time. barrels, or by 0.28 percent, to 226.743 million barrels. Reserves of distilled fuels, including heating oil, increased by 1.4 million barrels, or 1.61%, to 116.582 million barrels.

On the oil market, WTI contracts for May are down by 0.52%. to USD 82.93 per barrel, and June Brent futures fall by 0.29%. up to USD 88.16/b.


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