Kadina Group president Gary B. Smith gives economic outlook on ‘Fox Business Tonight.’
U.S. stocks rebounded on Wednesday after the tech-related selloff sent the Nasdaq Composite to levels not seen since December 2020.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33541.12 | +300.94 | +0.91% |
| SP500 | S&P 500 | 4211.66 | +36.46 | +0.87% |
| I:COMP | NASDAQ COMPOSITE INDEX | 12574.343045 | +83.60 | +0.67% |
Investors took in a fresh round of earnings and looked ahead to Thursday’s report of GDP.
Floor traders at the New York Stock Exchange. (AP Photo/Richard Drew / Associated Press)
Investors are focusing on a new crop of earnings led by Boeing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 154.27 | -12.65 | -7.58% |
The plane maker lost $1.2 billion in the first quarter as it took large write-downs and lost money in both its civilian-airplane and defense businesses. The loss was bigger than Wall Street had forecast, and the company’s quarterly revenue also fell short of expectations.
In tech, Microsoft shares rose after the company boosted its revenue forecast.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 286.45 | +16.23 | +6.01% |
MICROSOFT BOOSTS REVENUE FORECAST, ALPHABET GROWTH SLOWS
Google’s parent company, Alphabet Inc., dipped after results that fell short of analysts’ estimates.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 2,281.76 | -91.24 | -3.84% |
Elsewhere, shares of toymaker Mattel rose on reports the company is exploring a sale and has held talks with buyout firms, including Apollo Global Management Inc.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MAT | MATTEL INC. | 24.64 | +2.54 | +11.47% |
In commodities, oil prices were little changed with U.S. crude hovering around $100 per barrel, while Brent, the global benchmark, traded around $105 per barrel.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RH | RH | 339.57 | +7.01 | +2.11% |
Online trading platform Robinhood in focus after announcing it will cut 9% of its workforce following a rapid expansion that duplicated some roles, according to its CEO Vlad Tenev.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 158.07 | +1.27 | +0.81% |
| FB | META PLATFORMS INC. | 176.95 | -4.00 | -2.21% |
More big technology companies are on deck to report earnings this week, including Meta on Wednesday and Apple on Thursday.
Bitcoin traded around $39,000.
On the economic calendar, the National Association of Realtors is out with its index of pending home sales for March. Economists surveyed by Refinitiv are looking for a decline of 1.6%.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.