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The Dow and S&P 500 bounced back on Wednesday, ending its five-day losing streak on robust corporate earnings that somewhat eclipsed fears of rising U.S. bond yields. The 10-year Treasury yield traded at 3.03% after hitting the psychological level of 3% a day earlier that saw volatility throughout the day. The Dow individually recovered after Boeing reported strong earnings. However, the Nasdaq registered its fifth straight day of loss after tech stocks took a beating once again.
The Dow Jones Industrial Average (DJI) gained 0.3%, to close at 24,083.83. The S&P 500 rose 0.2% to close at 2,639.39. Meanwhile, the Nasdaq Composite Index ended the day at 7003.74, slumping less than 0.1%. A total of 6.67 billion shares were traded on Wednesday, lower than the last 20-session average of 6.75 billion shares. Decliners outnumbered advancers on the NYSE by a 1.32-to-1 ratio. On Nasdaq, a 1.37-to-1 ratio favored declining issues.
How did the Benchmark Perform?
The Dow gained 59.7 points, ending its five-day of losing streak. The 30-stock index witnessed a lot of volatility throughout the day, declining as much as 201.05 points at one point. However, it erased the initial losses to end the day higher after Boeing’s (BA - Free Report) rallied on the company robust quarterly results. Boeing has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 gained a meager 4.8 points after recovering from early losses. However, the tech-heavy Nasdaq shed 3.62 points with tech stocks taking a hit once again. Shares of Twitter declined 2.4%, while Netflix fell 0.4%.
Upbeat Corporate Earnings
We now have Q1 results from 154 S&P 500 members that combined account for 37.9% of the index’s total market capitalization. Total earnings for these 154 index members are up 25.4% from the same period last year on 10.3% higher revenues, with 80.5% beating EPS estimates and 72.1% beating revenue estimates.(Read More)
10-Year Treasury Hits 3%
Concerns over rising interest rates continued, as 10-year Treasury yield traded at 3.03% after hitting the psychological mark of 3%, a day earlier. This is the first time since Jan 2014 that the 10-year Treasury yield has crossed the 3% level, as government debt increased owing to a shortfall in revenues after the tax cuts. This made investors worry leading to huge selloffs.
Dow Bounces Back on Robust Boeing Results
The Dow in particular succeed in erasing the initial loses, ending it five-day losing streak, after Boeing reported better-than-expected results, wherein the company beat both earnings and revenue estimates. This saw the company’s shares surge 4.2%. The company also reported strong sales of commercial airlines. (Read More)
Tech Stocks Continue to Suffer
However, tech stocks, which have been suffering for quite some time now, once again took a beating on Wednesday. This was primarily because Twitter put up a poor show. Despite the company beating earnings estimates, its shares declined 2.4% after the company reported increasing costs and said that it expects revenues growth to slow. Moreover, shares of Netflix too declined 0.4%, making the entire trading session volatile.
The Boston Beer Company, Inc. (SAM - Free Report) reported a solid first-quarter 2017 with both the top and bottom lines surpassing estimates. (Read More)
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
Stock Market News For Apr 26, 2018
The Dow and S&P 500 bounced back on Wednesday, ending its five-day losing streak on robust corporate earnings that somewhat eclipsed fears of rising U.S. bond yields. The 10-year Treasury yield traded at 3.03% after hitting the psychological level of 3% a day earlier that saw volatility throughout the day. The Dow individually recovered after Boeing reported strong earnings. However, the Nasdaq registered its fifth straight day of loss after tech stocks took a beating once again.
The Dow Jones Industrial Average (DJI) gained 0.3%, to close at 24,083.83. The S&P 500 rose 0.2% to close at 2,639.39. Meanwhile, the Nasdaq Composite Index ended the day at 7003.74, slumping less than 0.1%. A total of 6.67 billion shares were traded on Wednesday, lower than the last 20-session average of 6.75 billion shares. Decliners outnumbered advancers on the NYSE by a 1.32-to-1 ratio. On Nasdaq, a 1.37-to-1 ratio favored declining issues.
How did the Benchmark Perform?
The Dow gained 59.7 points, ending its five-day of losing streak. The 30-stock index witnessed a lot of volatility throughout the day, declining as much as 201.05 points at one point. However, it erased the initial losses to end the day higher after Boeing’s (BA - Free Report) rallied on the company robust quarterly results. Boeing has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 gained a meager 4.8 points after recovering from early losses. However, the tech-heavy Nasdaq shed 3.62 points with tech stocks taking a hit once again. Shares of Twitter declined 2.4%, while Netflix fell 0.4%.
Upbeat Corporate Earnings
We now have Q1 results from 154 S&P 500 members that combined account for 37.9% of the index’s total market capitalization. Total earnings for these 154 index members are up 25.4% from the same period last year on 10.3% higher revenues, with 80.5% beating EPS estimates and 72.1% beating revenue estimates.(Read More)
10-Year Treasury Hits 3%
Concerns over rising interest rates continued, as 10-year Treasury yield traded at 3.03% after hitting the psychological mark of 3%, a day earlier. This is the first time since Jan 2014 that the 10-year Treasury yield has crossed the 3% level, as government debt increased owing to a shortfall in revenues after the tax cuts. This made investors worry leading to huge selloffs.
Dow Bounces Back on Robust Boeing Results
The Dow in particular succeed in erasing the initial loses, ending it five-day losing streak, after Boeing reported better-than-expected results, wherein the company beat both earnings and revenue estimates. This saw the company’s shares surge 4.2%. The company also reported strong sales of commercial airlines. (Read More)
Tech Stocks Continue to Suffer
However, tech stocks, which have been suffering for quite some time now, once again took a beating on Wednesday. This was primarily because Twitter put up a poor show. Despite the company beating earnings estimates, its shares declined 2.4% after the company reported increasing costs and said that it expects revenues growth to slow. Moreover, shares of Netflix too declined 0.4%, making the entire trading session volatile.
Stocks That Made Headlines
Shell's Q1 Earnings Jump on Higher Commodity Prices
Royal Dutch Shell plc reported strong first-quarter results. (Read More)
Boston Beer Q1 Earnings & Sales Beat, 2018 View Intact
The Boston Beer Company, Inc. (SAM - Free Report) reported a solid first-quarter 2017 with both the top and bottom lines surpassing estimates. (Read More)
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>