The Dow Jones Industrial Average and other major indexes continued to rise on Tuesday as the market looked to rally today after last week’s decline. The four Magnificent Seven companies head to earnings calls as the Fed’s preferred inflation measure and first-quarter GDP results are also scheduled.
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Following Monday’s gains, the Dow Jones Industrial Average rose 0.6% in morning trading, while the S&P 500 rose 1%. The Nasdaq rose 1.3% to lead the major indexes. All indexes are still above Monday’s lows.
First-quarter GDP results are expected to be released on Thursday, followed by March personal income and spending, the Fed’s recommended measure of inflation, on Friday. Both are important data points for the Fed. Economists expect inflation to rise slightly to 2.6%, following an annual rise of 2.5% in February.
Ahead of this week’s earnings calls from big tech companies, the Philadelphia Semiconductor Index, known as SOX, rose for the second straight day on the stock market today, erasing some of last week’s steep losses.
Volume on the New York Stock Exchange and Nasdaq increased compared to the same time on Monday. Advancing issues outnumbered declining issues by a 4-to-1 ratio on the New York Stock Exchange and 3-to-1 on the Nasdaq, a healthy margin. While a high level of vigilance for stock sell signals remains a priority, the IBD Market Surge short-term overbought/oversold oscillator remains close to October’s oversold levels.
Small-cap stocks in the Russell 2000 index rose 1.8%, and growth stocks in the Innovator IBD50 (FFTY) exchange-traded fund rose 2.1%.
The benchmark 10-year Treasury yield fell 4 basis points to 4.58%.
Today’s stock market dow jones
Stock prices in the Dow Jones index generally rose. verizon (VZ) was the biggest gainer after the company announced its first quarter results on Monday. Verizon fell a hefty 4.7% on Monday.
Merck (MRK), intel (INTC) and caterpillar (CAT) is scheduled to report first-quarter results on Thursday. Merck is at the 21-day moving average.
stock market is moving
general motors (GM) rose 4% after sales and profits beat expectations. The company also raised its full-year profit forecast.
In electronic design automation, cadence design system (CDNS) fell more than 1% after its second-quarter outlook fell short of views. Cadence is a long-term leader in IBD. Also, ge aerospace (GE) soared 5% after its quarterly report.
The four Magnificent Seven stocks report earnings as follows: tesla(TSLA)’s first quarter results are expected to be released after the market closes on Tuesday.
Facebook parent meta platform (META) will continue with Google’s parent company on Wednesday alphabet (GOOGL) and microsoft (MSFT) Thursday coverage
While Meta and Tesla are reversing higher in the stock market today, Google stock is in the buy zone with an entry point of 154.78 ahead of earnings. Other brands in the Magnificent Seven include: Nvidia (NVDA) rose and approached its 50-day line.
Analysts expect Tesla to decline in both sales and profits while the other three companies announced this week will grow.
| ticker | EPS | Sales (billion) |
|---|---|---|
| Meta | $4.97 | 36.1 |
| $1.61 | 86.3 | |
| MSFT | $2.82 | 60.8 |
| TSLA | $0.49 | 22.2 |
Steel stocks were among the stocks that boosted profits. new core (nue) and cleveland cliffs (CLF) fell after both steelmakers reported weaker-than-expected results. steel dynamics (STLD) reports at market close.
All three stocks are below their 50-day moving averages. The worst performers on today’s IBD MarketSurge Growth 250 stock market were the Cleveland Cliffs and Steel Dynamics.
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