Daily Update 29/04/2021 : US indices register small losses - Kakiforex | Forex markets for the smart money. Daily Update 29/04/2021 : US indices register small losses Daily Update 29/04/2021 : US indices register small losses

April 29, 2021

Daily Update 29/04/2021 : US indices register small losses

 Today’s highlights

  • Wall Street finishes in the red
  • Facebook stock surges on strong earnings report
  • Spotify stock tumbles 12%


 

Wall Street finishes in the red


Wall Street finished in the red yesterday with the DJ30 down 0.48%, the NASDAQ100 fell 0.28% and the SPX500 dipping 0.08%. In the DJ30, biotech firm Amgen Inc was the big loser falling more than 7% after reporting disappointing first quarter earnings. Boeing and Microsoft were also a drag both dropping close to 3%. In the SPX500 Nov Inc, Devon and Hess posted gains of 9.5%, 8.5% and 7.8%, however it was wiped out by Enphase Energy and F5 Networks dropping 14% and 9% respectively. Investors will be following closely the US estimated GDP report for the first quarter of 2021 set to be released by the Bureau of Economic Analysis today at 13:30 GMT.


Facebook stock surges on strong earnings report


Facebook stock was up 6% in after-hours trading after it released its quarterly earnings report beating expectations for earnings and revenue. Reported earnings were $3.30 per share compared to the forecasted $2.37, and revenue was $26.17 billion beating expectations by $2.5 billion. The reported revenue was 48% higher than the first quarter of 2020, and the company’s net income increased 94% from $4.9 billion a year prior to $9.5 billion in the first quarter of 2021. Facebook attributed the rise in revenue to both the increase in price per ad and the number of ads delivered.


Spotify stock tumbles 12%


The Stockholm based streaming service fell more than 12% after its first quarter earnings report fell below analysts’ expectation on actively monthly users. While the company increased its paying subscribers in the first quarter by three million, it fell below expectations of total monthly active users by four million. For the most recent and significant price movements in markets, check out the Market Movers page.


Other highlights


Asian markets seen higher: Markets in the East registered small gains with the HKG50 and China50 up about a quarter of a percent, and the JPN225 slightly higher at time of writing. Banks in Japan will be closed today due to a holiday.


The crypto market was seen higher over the past 24 hours, as the majority of top 10 cryptos were in the green at time of writing. Uniswap rose around 8%, Ethereum was up more than 3% and Cardano up 2%. Bitcoin was down almost 2% and trading just under $54,000 at time of writing.


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Oil registers small gains: Oil was trading just under $64 at time of writing as demand for the black gold increases with some seeing the pandemic’s end in sight.


Busy day in earnings season: Today, more than 10% of the SPX500 will be reporting quarterly earnings updates. Some of the big names include Caterpillar, Mcdonald’s, Comcast and Merck which will post earnings prior to the opening bell. Amazon , Twitter, US Steel, Gilead Sciences and Western Digital are some of the big names set to publicize earnings after the market closes.


Europe opens higher: The UK100 opened 10 points higher, the GER30 rose 22 points, and the FRA40 was up 7 points.