Results for: Nasdaq

Futures contracts for the S&P 500 and Nasdaq gained traction on Wednesday, buoyed by a resurgence in growth stocks. Investors cheered upbeat earnings from Tesla and eagerly anticipated economic data later this week that could provide insights into the Federal Reserve’s interest rate trajectory.

Tesla emerged as a standout, with a remarkable 9.9% pre-market jump in share prices following the electric vehicle manufacturer’s plans to introduce affordable models. Other electric vehicle stocks joined the rally, with Lucid Group, Nikola, and Nio witnessing gains ranging from 1.2% to 3.7%.

Other growth stocks experienced upward momentum, including Amazon.com, Microsoft, and Nvidia, which rose by 0.3% to 1.6%. Meta Platforms and Snap also made notable gains of 1.7% and 2.1%, respectively, following the US Senate’s approval of a bill that could potentially ban TikTok in the United States if its Chinese parent company, ByteDance, fails to divest the short video platform.

US equities appear to have rebounded from last week’s decline, which was attributed to geopolitical tensions in the Middle East and revised expectations for Federal Reserve rate cuts.

The corporate earnings season is gaining momentum, with analysts projecting a 6% annual growth in adjusted blended earnings for the quarter, according to LSEG data. Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, highlighted the significance of the substantial volume of company results this week, stating that it provides investors with a wider focus beyond macroeconomic events and contributes to the increased market activity.

Market participants are keenly awaiting the release of the Personal Consumption Expenditures (PCE) index for March, the Fed’s preferred inflation measure, on Friday, to gauge the likelihood of interest rate cuts this year. Money markets currently anticipate approximately 41 basis points of cuts in 2022, a downward revision from the 150 bps projected earlier this year, based on LSEG data.

The economic calendar for the day includes the release of durable goods data for March at 8:30 a.m. ET. Pre-market trading witnessed Visa soaring by 2.8% after the payment processing giant surpassed Wall Street estimates in its second-quarter results, indicating that consumers remain resilient despite concerns about economic slowdown. Texas Instruments also climbed 7.3% after the chipmaker’s positive second-quarter revenue forecast, suggesting growing demand for its analog semiconductors. Arm Holdings, Micron Technology, and Advanced Micro Devices also experienced gains, ranging from 1.4% to 3.6%, reflecting the positive sentiment surrounding chip stocks.

S&P 500 and Nasdaq futures surged on Wednesday, fueled by strong earnings from Tesla and anticipation of upcoming economic data. Megacap stocks led the rally, with Tesla soaring 9.9% premarket after announcing plans for affordable models. Other growth stocks, including Amazon, Microsoft, and Meta Platforms, also advanced significantly. The US Senate’s passage of a bill potentially banning TikTok contributed to gains in Meta and Snap. Corporate earnings season is in full swing, with Meta, Microsoft, and Alphabet among those slated to report this week. The Personal Consumption Expenditures (PCE) index, the Fed’s preferred inflation gauge, is expected to be released on Friday, providing insights into the central bank’s interest rate policy. Visa and Texas Instruments also reported strong results, boosting their stock prices. Chip stocks like Arm Holdings and Micron Technology also benefited from the positive sentiment.

After concerns over Middle East tensions subsided, Wall Street is now focusing on tech earnings and their impact on the US stock indices, particularly the Nasdaq. Investors are cautiously optimistic, as the Nasdaq has recorded its steepest weekly loss in over 5 months and stocks like Nvidia and Tesla have declined significantly. Despite the recent market volatility, the focus is now on upcoming earnings reports, with Tesla’s announcement being particularly crucial. Traders are closely monitoring the company’s revenue, cost-cutting measures, and progress in self-driving technology. The Nasdaq index is currently near its lows for the year and is expected to experience volatility this week, with support levels likely to dictate sentiment.

U.S. stocks traded higher towards the end of trading on Tuesday, with the S&P 500 gaining more than 1%, while the Dow and NASDAQ also rose. General Motors Company reported better-than-expected earnings for its fiscal first quarter, with quarterly sales growth of 7.6% year-on-year. Communication services and materials sectors were the leading and lagging sectors, respectively. In commodity news, oil traded up 1.8% while gold traded down 0.2%. European and Asian markets closed mostly higher, with the eurozone’s STOXX 600 rising 1.09% and Japan’s Nikkei 225 gaining 0.30%. Sales of new single-family houses jumped 8.8% in March, while the S&P Global services PMI and composite PMI fell to 50.9 and 50.9, respectively.

US stocks are continuing to gain momentum on Tuesday, with the Nasdaq leading the charge. Investors are impressed by the first wave of company earnings, with Spotify, General Motors, and GE all reporting strong results. Tesla is set to release its earnings after the market closes, and analysts are eager to see if the hype surrounding EVs has been replaced by AI. In other news, new house sales data revealed that the market accelerated faster than expected in March.

Pineapple Energy (PEGY) has announced plans to regain compliance with Nasdaq’s listing requirements by July 24, 2024. The company’s shares have been trading below $0.10, violating the exchange’s minimum bid rule. To meet the requirement, Pineapple Energy plans to implement a reverse stock split before the deadline. The company will seek shareholder approval for the split at its annual meeting on July 1 and aims to enact it by July 11. PEGY stock has surged 43.7% following the announcement, with high trading volume. If the reverse stock split is approved and implemented, Pineapple Energy should be able to trade above $1 per share and regain compliance before the cutoff date.

Incyte (NASDAQ: INCY) has entered into an agreement to acquire Escient Pharmaceuticals, a privately held biotechnology company focused on developing novel therapeutics for immune and neuro-immune disorders. The transaction, valued at $750 million plus Escient’s net cash, is expected to close in the third quarter of 2024, subject to customary closing conditions. Upon completion, Incyte will gain exclusive rights to Escient’s portfolio of compounds, including EP262 and EP547, which target the MRGPRX2 receptor expressed on mast cells. EP262 is currently being evaluated in a mid-stage clinical trial for chronic spontaneous urticaria, a type of allergic skin condition. The acquisition is expected to strengthen Incyte’s position in the inflammatory disease space and provide potential launch opportunities starting in 2029.

U.S. stocks closed positive on Monday, with the Dow Jones Industrial Average gaining 0.7% to 38,239.98, the S&P 500 rising 0.9% to 5,010.60, and the Nasdaq climbing 1.1% to 15,451.31. Notable stock movements include a 2.42% dip for DJT despite its recent gains, a 23.11% surge for RIOT following Bitcoin’s rise, a 175.86% jump for MTTR due to a CoStar Group acquisition deal, a 4.67% decline for VZ despite positive revenue results, and a 3.40% drop for TSLA after a price cut for its FSD software.

SuperCom (NASDAQ: SPCB), a leading provider of IoT and smart solutions, has announced robust financial performance for Q4 and full-year 2023. The company’s revenue reached a five-year high of $26.6 million, marking a 51% increase from the previous year. SuperCom’s focus on innovative technology and strategic acquisitions, particularly in the electronic monitoring sector within public safety, has been instrumental in driving this success. The company’s key takeaways include a 51% increase in revenue, with a record $4.8 million in EBITDA, indicating its fourth consecutive year of positive earnings. Gross profit increased by 60%, while operating expenses decreased. SuperCom’s cash and cash equivalents stood at $5.6 million at the end of 2023. The acquisition of LCA for $3 million has generated over $30 million in new project wins. The company holds over 100 patents and is exploring the potential for patenting AI capabilities.

Triller, the social media platform known for its ownership of BKFC, has completed a merger with AGBA, a Hong Kong-based finance company. The combined entity, AGBA Group Holding, is now publicly traded on NASDAQ, resulting in a significant boost in Triller’s stock price. The merger values the combined company at $4 billion, with Triller shareholders owning 80% and AGBA shareholders owning 20%. The move allows Triller to finally go public, a goal it has been pursuing for some time.