Dow Jones closed positive 263.71 points in response to bright results by InfoQuest

InfoQuest – The Dow Jones New York Stock Exchange index closed positive on Tuesday (April 23) in response to stronger-than-expected operating results of listed companies. This includes General Motors Co. (GM), as investors watch for earnings reports from major technology companies. Including important US economic data.

The Dow Jones Industrial Average closed at 38,503.69 points, up 263.71 points or +0.69%, the S&P 500 index closed at 5,070.55 points, up 59.95 points or +1.20%, and the Nasdaq index closed at 15,696.64 points, up 245.33 points or +1.59%.

Ten of the 11 stocks in the S&P 500 closed in positive territory, led by the communications services and technology stocks, which rose 1.86% and 1.71%, respectively, while the materials index fell 0.84%.

The New York Stock Exchange was boosted by strong performance of listed companies, with GM, a major US automaker. Revealed 1Q 2024 earnings per share at 2.62, higher than analysts’ expectations of $2.15, causing GM shares to close up 4.4%.

Shares of United Parcel Service (UPS), the world’s largest package delivery company, rose 2.41% after the company reported first-quarter 2024 earnings per share of $1.43, beating analysts’ expectations of $1.29.

Shares of Spotify, the Swedish music streaming giant, soared 11.4% after the company reported first-quarter 2024 profits of more than 1 billion euros ($1.1 billion). for the first time

Shares of GE Aerospace, a major U.S. aircraft engine maker, jumped 8.3% after the company revealed better-than-expected results for the first quarter of 2024 and released its forecast for the full fiscal year. 2024 that is higher than expected

Tesla shares jumped 1.85% before the company released earnings after the market closed. Investors will be keeping an eye on earnings reports from other tech companies this week, including Meta Platforms, Alphabet and Microsoft.

PepsiCo announced first-quarter 2024 earnings per share at $1.61, higher than analysts’ expectations of $1.52, which was an early support for the stock price. But PepsiCo shares closed down 2.9% after news of a recall of “Quaker Oats” brand food products, a subsidiary of PepsiCo.

Data from FactSet indicates that as of Tuesday, April 23, approximately 20% of S&P 500 companies have reported earnings, with 76% reporting earnings above analysts’ estimates.

The yield on the 10-year US government bond fell below 4.6% last night after S&P Global revealed that The Purchasing Managers’ Index (PMI) combines the U.S. manufacturing and primary service sectors. It dropped to 50.9 in April, which was the lowest level in 4 months, from 52.1 in March.

Investors will be keeping an eye on the release of the Personal Consumption Expenditures (PCE) Price Index this Friday (April 26) to look for signs of the Federal Reserve’s (Fed) interest rate outlook. The PCE Index is a measure. Inflation that the Fed cares about Because it can detect changes in consumer behavior and covers the prices of goods and services more broadly than the Consumer Price Index (CPI).

The latest data from LSEG indicates that financial market investors now expect the Fed to cut interest rates by a total of 0.43 percentage points this year, down from previous expectations that the Fed will cut interest rates by 0.43% this year. The overall interest rate will be reduced by 1.50% this year.

In addition to the PCE index, investors are also waiting to see other U.S. economic data this week. This includes March durable goods orders. On Thursday, it will reveal the number of weekly jobless claims, Gross Domestic Product (GDP) in the first quarter of 2024, the number of home sales contracts pending closing sales (Pending Home Sales) in March, and the risk index. April Final Consumer Confidence from the University of Michigan

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