Proactive Investors - 9.59am: Nasdaq, S&P up as Dow Jones slips
The Nasdaq and S&P 500 enjoyed gains on a busy Wednesday of earnings, opening 126 and 13 points higher respectively.
This came as Tesla Inc (NASDAQ:TSLA) soared after seemingly reassuring investors in the face of muted demand in Tuesday evening's earnings, while Boeing Co (NYSE:NYSE:BA, ETR:BCO) also climbed despite unveiling a first-quarter loss.
According to eToro analysts, Boeing’s US$1.13 loss per share was not as bad as feared, after the manufacturer has faced intense pressure after January’s door panel blowout.
“It reflects the company taking the only really sensible route,” eToro’s Mark Crouch said, “namely, to slow down production in order to prioritise quality over quantity”.
The Dow Jones faced a negative start in the meantime, falling 34 points to 38,469, as the likes of Verizon (NYSE:VZ), McDonald's (NYSE:MCD), Johnson & Johnson (NYSE:JNJ) and Proctor & Gamble fell.
Google owner Alphabet (NASDAQ:GOOGL) Inc (NASDAQ:GOOG) was among other big names due to report on Wednesday, alongside Ford Motor (NYSE:F) Co.
7.09am: Wall Street on for mixed start
Futures trading had the Nasdaq and S&P 500 up 95 and 5 points respectively ahead of Wednesday’s opening bell, but the Dow Jones down 11 points as a busy week of earnings goes on.
Eyes were on Boeing Co (NYSE:BA, ETR:BCO) as the embattled aircraft manufacturing giant readied to report on its first quarter trading on Wednesday, following January’s door panel blowout and intense pressure subsequently.
Shares in Boeing were up 1.3% ahead of the market’s open, on news of a US$425 million deal with supplier Spirit AeroSystems to address ongoing issues.
Google owner Alphabet Inc (NASDAQ:GOOG) was also among the big names set to report on Wednesday, alongside Ford Motor Co , with shares in the former down 0.4% and up 0.5% in the latter ahead of these.
Tesla Inc (NASDAQ:TSLA) emerged as one of Wednesday’s big risers in the meantime, up 12.1% in pre-market trading after Tuesday’s earnings.
“Tesla had flagged the expected lower growth rate in 2024, thus, the focus for this earnings report was margins and plans for the future,” XTB analyst Kathleen Brooks said.
“Musk delivered both of these,” she added, pointing to a better-than-expected margin of 17.4% and plans to accelerate the rollout of affordable electric vehicles.