T oday’s highlights
- Facebook on the rise
- Amazon climbs while eBay slumps
- UK100 flat again
Facebook’s all-time high lifts markets
The DJ30, SPX500 and NASDAQ were all in the green yesterday, with Facebook helping power the SPX500 and NASDAQ100 higher with a daily gain of 7.3%, reaching a new all-time high. DISH Network led the SPX500, however, with an 8.3% gain. DISH stock is now up more than 20% in the past month, and more than 50% over the past three months. There were eight SPX500 names that fell by more than 6% yesterday, including Ford. The automaker unveiled quarterly earnings that beat expectations, but it was forced to cut its guidance due to production problems caused by a global shortage of semiconductors.
Amazon jumps, eBay plummets after earnings
Although they have very different business models, Amazon and eBay 's quarterly earnings reports yesterday made for an interesting comparison. eBay’s shares slumped by more than 10% after it delivered its update, as its growth rate appears to be trending back to normal after a boost from the pandemic. The firm offered a tepid outlook on the rest of the year that led multiple analysts to downgrade their ratings on the stock. Amazon, which has a market cap more than 40 times greater than eBay’s, enjoyed a 3% plus share price bump in after-hours trading following its earnings release. In Q1 2021, Amazon’s sales were 44% higher than Q1 2020, and unlike eBay its guidance shows that growth is continuing. Amazon also confirmed its Prime Day sales event will happen in June, pulling what is normally a July event forward into Q2.
UK100 flat as banks faced mixed day
Yesterday, for the second time in seven days, the UK100 didn’t move meaningfully in either direction. At the top of the index, bank Standard Chartered and medical equipment manufacturer Smith & Nephew both turned in 5% plus daily gains. Yet that failed to outweigh names in the red, including NatWest Group and information analytics firm RELX, which both fell by around 3% after they released quarterly earnings. For its part, Standard Chartered, which is focused on Asia, reported a record quarter from its wealth management arm. NatWest also beat expectations, but investors may have been spooked by a warning that a money laundering case the bank is facing could lead to significant costs.
Other highlights
Cryptos mostly higher: The crypto market was in the green over the past 24 hours, as the majority of top 10 cryptos registered gains. Binance Coin and XRP led the top 10, with the latter climbing 10%. Bitcoin didn’t move much, still trading around $54,000.
Asian markets seen lower: Markets in the East were in the red this morning, as both the China50 and HKG50 indices were down more than 1% at time of writing, joined by the JPN225 index.
Oil takes a step back: After yesterday reaching price levels not seen in around 6 weeks, the black gold showed a slight correction this morning, but was still holding above $64. Rival oil giants ExxonMobil and Chevron will both deliver quarterly earnings today, with each sitting on a 25% plus share price gain in 2021 so far.
1-800-Flowers.com jumps on earnings beat: e-commerce firm
1-800-Flowers.com yesterday released quarterly earnings, showing a 70% increase in revenue. As a result, the FLWS stock ended more than 20% higher. For the most recent and significant price movements in markets, check out the Market Movers page.
Europe opens mixed: While the UK100 opened 14 points lower, the GER30 and FRA40 opened 19 and 4 points higher, respectively.
