Friday saw significant market movements as various companies reported their Q3 earnings and revised future projections. Amidst these developments, Federal Reserve Chairman Powell hinted at steady short-term interest rates, causing a drop in stock futures and an easing of bond yields. The 10-year Treasury yield approached 5% while rising Israel-Hamas tensions pushed oil prices past $90.
SolarEdge Technologies (NASDAQ: NASDAQ:SEDG) experienced a 28% stock fall after warning of decreased European demand and reducing its Q3 and Q4 revenue forecasts. This development impacted other solar industry players including Sunrun (NASDAQ: NASDAQ:RUN), SunPower (NASDAQ: NASDAQ:SPWR), and Enphase Energy (NASDAQ: NASDAQ:ENPH).
In contrast, American Express (NYSE: NYSE:AXP) reported better-than-expected Q3 earnings and record revenue, with card spending reaching a staggering $420 billion. Knight-Swift Transportation Holdings (NYSE: KNX) also noted a 6.5% rise in Q3 revenue to $2.02 billion, despite a drop in its core truckload segment.
However, Intuitive Surgical's (NASDAQ: NASDAQ:ISRG) stocks fell by 6.7% after its Q3 revenue of $1.74 billion missed estimates. Despite this, the company's adjusted earnings of $1.46 beat forecasts.
SLB, formerly Schlumberger (NYSE: NYSE:SLB), posted Q3 earnings of 78 cents per share, exceeding expectations but missing revenue, which resulted in a 2.1% stock drop.
Hewlett Packard Enterprise (NYSE: NYSE:HPE) projected lower-than-expected fiscal 2024 earnings and a modest 2%-4% growth rate, causing a 3.9% decline in its stock.
Finally, CSX Corporation (NASDAQ: NASDAQ:CSX) reported Q3 earnings of 42 cents per share, slightly below estimates. Despite revenue surpassing predictions, it fell year over year, leading to a 3.8% decrease in its stock.
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