Kadina Group president Gary B. Smith gives economic outlook on ‘Fox Business Tonight.’
U.S. stocks rebounded on Wednesday but closed off the best levels of the session following the tech-related selloff that sent the Nasdaq Composite to levels not seen since December 2020 – the benchmark ended little changed.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33301.93 | +61.75 | +0.19% |
| SP500 | S&P 500 | 4183.96 | +8.76 | +0.21% |
| I:COMP | NASDAQ COMPOSITE INDEX | 12488.933118 | -1.81 | -0.01% |
The Dow Jones Industrial Average rose over 62 points or 0.19%, while the S&P 500 rose 0.21%.
Investors took in a fresh round of earnings and looked ahead to Thursday’s report of GDP which is expected to rise just 1.1% in 1Q versus 6.9% in 4Q.
Floor traders at the New York Stock Exchange. (AP Photo/Richard Drew / Associated Press)
Investors focused on a new crop of earnings led by Boeing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 154.46 | -12.46 | -7.46% |
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. | 283.22 | +13.00 | +4.81% |
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. | 2,285.89 | -87.11 | -3.67% |
Chipotle shares rose after the Mexican chain said same-store sales in the 2Q may grow as much as 12% above the nearly 9% estimate.
Jack Hartung, CFO of Chipotle Mexican Grill joined “Mornings with Maria” to discuss the company’s standing in the current economic climate. Hartung said this inflationary period is “the worst” he’s seen but praised the company for its customer-first mindset and prioritizing its quality ingredients.
“I would say over the years we’ve been behind a little bit in raising prices, and now we’ve done that intentionally,” he said.
Chipotle CFO Jack Hartung discusses U.S. inflation, arguing it ‘is one of the most challenging environments to predict.’
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. | 24.49 | +2.38 | +10.76% |
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HOOD | ROBINHOOD MARKETS INC. | 9.51 | -0.49 | -4.90% |
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 156.57 | -0.23 | -0.15% |
| FB | META PLATFORMS INC. | 174.95 | -6.00 | -3.32% |
More big technology companies are on deck to report earnings this week, including Meta on Wednesday and Apple on Thursday.
In commodities, oil prices rose with U.S. crude hovering around $102.02 per barrel, while Brent, the global benchmark, closed at $105.32 per barrel.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 76.37 | -0.02 | -0.03% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 30.07 | -0.03 | -0.10% |
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.