Buyers returned to the market on Thursday, a day after investors digested Federal Reserve Chairman Jerome Powell’s colorful commentary, but the early gains disappeared in the first hour of the trading day.On the other hand, iPhone Titan apple (AAPL) rose more than 1% on the stock market today ahead of its financial results to be released after the market close.
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The Nasdaq Composite Index initially rose nearly 1%, but the tech stock weight rose 0.4% in recent moves. The S&P 500 rose 0.1% and the Dow Jones Industrial Average rose 0.2%.
Wednesday’s Big Picture adds more details on how the stock market reacted to the U.S. central bank’s decision to keep short-term interest rates on hold. The Fed noted that the central bank is concerned about the lack of recent progress on inflation.
However, data from the CME FedWatch survey continues to show there is a good chance the federal funds rate, currently in the 5.25% to 5.5% range, will be cut at least once this year.
Among the Magnificent Seven megacaps, Apple is expected to post earnings of $1.50 per share in the quarter ending March, on revenue of $90 billion, down 2 cents from the year-ago period. The stock continues to move at a new standard, with no new buy points assigned.
Another stock of the Magnificent Seven, meta platform (META) fell another 0.1% on the stock market today after breaking below its 50-day line, a key selling rule, last week.
market technical
Breadth remained modestly positive during market trading on Wednesday, even though the major indexes gave up gains in the late afternoon. The Federal Reserve on Wednesday decided to slow the pace of cuts in its still large holdings of Treasury and agency bonds starting in June.
The key U.S. Treasury yield recovered three basis points to 4.63%, not far from its 52-week high of 4.99%.
Even in today’s stock market, Carvana CVNA, a major national company in the used car market, soared in its quarterly results. The company’s first-quarter earnings were 23 cents per share, a sharp improvement from its net loss of $1.51 a year earlier. Wall Street had expected a net loss of 79 cents.
Failed exercise equipment company peloton PTON rose further after the CEO resigned and the company announced significant job cuts. However, the drawback is that quickly (FSLY) continued to show significant deterioration in its quarterly results.
Stock market today: Trucking companies lead gains
Elsewhere, the Dow Jones Transportation Average led gains. This was also a strong reaction to corporate earnings. CH Robinson Worldwide (CHRW). The trucking company reported first-quarter adjusted earnings of 86 cents per share on revenue of $4.4 billion. The company anticipates annual capital expenditures of $85 million to $95 million.
CH Robinson made a strong dash in the open race, leading by more than 17%. Volume soared to more than nine times Robinson’s 50-day moving average. On the stock market today, stock prices once again exceeded their long-term 200-day moving average. Stock prices are about to end a long-term downward trend.
Follow Chung on X/Twitter: @Saito-chun and @IBD_DChung
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