Categories U.S. Markets News

Market: Strong McDonald’s earnings lift stocks

US stock market opened higher today as seen from major index futures after strong earnings from McDonald’s (MCD). Also, the dollar advanced against most major currencies. In the bond market, yields declined during the morning trade as inflation data put pressure on Federal Reserve to shift from three hikes to a more aggressive four.

The S&P 500 index rose 0.22% to 2,675.97, Dow 30 advanced 0.42% to 24,414.47 and Nasdaq gained 0.30% to 7,141.55. Elsewhere, shares at Asian markets ended higher on Monday, and European stocks are trading higher.

On April 27, US ended mixed, with Dow down 0.1% to 24,311.19. Nasdaq improved less than a tenth of a percent to 7,119.80, and the S&P 500 gained 0.1% to 2,669.91.

U.S. stock market snapshot
U.S. stock market snapshot

On the economic front, investors remained positive after the Commerce Department’s personal income report that rose in March. Personal income rose 0.3% in March, unchanged from the revised number in February.

Another Commerce Department report stated that personal spending rose 0.4% in March, after remaining unchanged in the previous month. An MNI Indicators report showed that Chicago-area business activity rose to 57.9 in April from 57.4 in March.

A National Association of Realtors report revealed that pending home sales moved up 0.4% to 107.6 in March from a downwardly revised 107.2 in February. PCE inflation, the Fed’s preferred inflation gauge, rose to 2% on year in March from a 1.7% pace in February, and Core PCE inflation climbed to 1.9%.

McDonald’s Corp. (MCD) stock grew 4.90% after better-than-expected first-quarter results.

On the earnings front, Allergan plc (AGN) stock fell 1.74% after guiding loss for the second-quarter. McDonald’s Corp. (MCD) stock grew 4.90% after better-than-expected first-quarter results. Loews Corp. (L) stock rose 1.41% after first-quarter earnings topped analysts’ expectations. Cooper Tire & Rubber (CTB) stock plunged 13.70% after disappointing first-quarter results. Diamond Offshore Drilling (DO) moved down 0.81% after a dip in first-quarter revenue. AK Steel Holding Corp. (AKS) stock fell 6.11% after a decline in first-quarter earnings.

Earnings to be published today after market include: Cognex Corp. (CGNX), Regency Centers Corp. (REG), NutriSystem Inc. (NTRI), Integrated Device Technology (IDTI), SBA Communications (SBAC), PerkinElmer (PKI), Akamai Technologies (AKAM), Neurocrine Biosciences (NBIX), Vornado Realty Trust (VNO), J&J Snack Foods (JJSF), Quaker Chemical (KWR), and Transocean (RIG).

Crude oil future is up 0.04% to $68.13. Gold is trading down 0.66% to $1,314.60, and silver is down 0.86% to $16.35. On the currency front, the US dollar is trading up 0.36% at 109.426 yen. Against the euro, the dollar is down 0.37% to $1.2079. Against the pound, the dollar is down 0.02% to $1.3772.

Most Popular

United Parcel Service (UPS) seems on track to regain lost strength

Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic

IPO Alert: What to look for when Boundless Bio goes public

Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.

Nike (NKE) bets on innovation and partnerships to return to high growth

Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top