S&P 500 tries to rebound with Big Tech earnings in view

Live5 updates

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  Mon, April 22, 2024 at 8:23 AM PDT

  Nasdaq hugs flatline as Big Tech stocks mixed

  The Nasdaq Composite (^IXIC) briefly dipped below the flatline on Monday after rising as much as 0.9% earlier in the session.

  The tech-heavy index tried to rebound after falling more than 2% on Friday. Nvidia (NVDA) shares pared earlier gains to rise more than 1.5%. The AI darling dropped 10% on Friday.

  Tesla (TSLA) shares fell more than 4% after the EV maker cut the price of its vehicles in China. Tesla will report earnings on Tuesday after the closing bell. Monday marked the seventh consecutive session of declines for Tesla.

  Meta (META) shares declined more than 1% as investors await the social media giant’s earnings release later this week. Shares of software giant Microsoft (MSFT) also fell slightly.

  Amazon (AMZN), Alphabet (GOOGL) and Apple (AAPL) all rose fractionally.

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  Mon, April 22, 2024 at 7:45 AM PDT

  Gold drops 2% as concerns of broader Middle East conflict ease

  Gold (GC=F) sank more than 2% amid easing concerns of a broader war in Middle East.

  “The gold market experienced a strong decline today, as fears surrounding a wider conflict in the Middle East eased, reducing the need for investors to seek safe-haven assets like gold,” George Khoury, Global Head of Education and Research at CFI said on Monday.

  “However, geopolitical concerns could remain an important driving force for gold,” he added.

  Last week Israel struck Iran in retaliation to Tehran’s attack on Israeli government targets. Both country’s aappeared to be contained with limited damage.

  Gold has climbed for five consecutive weeks and hit all-time highs above $2,400 per ounce in April.

  On Monday futures hovered around $2,350 per ounce.

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  Mon, April 22, 2024 at 7:07 AM PDT

  Nvidia stock rebounds 3%, Tesla shares extend decline

  Nvidia (NVDA) shares led a rebound in Big Tech stocks on Monday as the broader market attempted to recover from last week’s losses.

  Nvidia rose more than 3% following a 10% drop on Friday when a sell-off in technology stocks led to steep declines on the Nasdaq Composite (^IXIC) and S&P 500 (^GSPC).

  On Monday, the S&P 500 rose 0.5% in an attempt to snap a six-day losing streak.

  Meanwhile, Tesla (TSLA) shares were down roughly 2% at around 10 a.m. ET as investors reacted to the EV maker’s price cuts on its vehicles in China. Monday marked the seventh consecutive session of declines for Tesla.

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  Mon, April 22, 2024 at 6:33 AM PDT

  Stocks attempt recovery with Big Tech earnings ahead

  Stocks opened higher on Monday, following their worst week of the year, as investors await a flood of earnings.

  The S&P 500 (^GSPC) moved up 0.5%, rising back above the 5,000 level. The Dow Jones Industrial Average (^DJI) also gained 0.5%, while the tech-heavy Nasdaq Composite (^IXIC) was 0.6% higher.

  Tech stocks looked to recover from a sharp decline on Friday in reaction to lackluster earnings from Netflix (NFLX) and a 10% drop in shares of AI darling Nvidia (NVDA)

  Monday’s focus is on Tesla (TSLA) as the EV maker said it has cut prices in the US, China, and several other countries. Shares of the EV maker fell more than 4% in early trading. Tesla will report quarterly results on Tuesday after the market close.

  Other highly anticipated quarterly results this week include Meta (META), Microsoft (MSFT) and Alphabet (GOOG).

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  Mon, April 22, 2024 at 3:34 AM PDT

  Reminder on Nvidia after Friday’s beating

  Tough session for Nvidia (NVDA) on Friday — shares lost 10%!

  The stock is now down 25% from its March 25 highs.

  Who knows whether this is the bottom, as the entire AI trade is under pressure amid more cautious sentiment.

  But what I do know is that Nvidia is fundamentally strong and likely to be defended on the Street soon due to the sell-off.

  Good point here from Evercore ISI’s Mark Lipacis in a new note that underscores the point:

  “We think investors underestimate 1) the importance of the chip+hardware+software ecosystem that Nvidia has created, 2) that computing eras last 15-20 years and are typically dominated by a single vertically integrated ecosystem company, whose returns are measured in 100-to-1000 bagger range.”

  And another good point on Nvidia’s sell-off from Freedom Capital chief global strategist Jay Woods on Opening Bid this morning (episode down below):

  “These things happen, and people get emotional with this stock — but I think this is a great opportunity for those waiting for that dip in a stock that continues to crush it in each earnings cycle and in the hottest space to dip their toe in the water.”

  Watch Yahoo Finance’s new vodcast, Opening Bid, on Monday and Friday at 8 a.m. ET on Yahoo Finance, YouTube, and podcast platforms Spotify and Apple Music.