[ad_1]
By Yasin Ibrahim
Investing.com — The S&P 500 rose Monday, as banks mostly continued to post quarterly earnings, though the Google-led tech wobble confirmed gains.
The S&P 500 added 0.2%, the Dow Jones Industrial Average gained 0.2%, or 66 points, and the Nasdaq gained 0.2%.
Alphabet (NASDAQ:GOOGL) Samsung (KS:005930) fell more than 2% on reports that Google is testing Microsoft’s (NASDAQ:MSFT) Bing as the default search engine on its devices. The New York Times reported.
Apple (NASDAQ: AAPL ) was trading below a flat line despite the tech giant’s announcement that it will open a savings account for Apple Card users.
After markets closed down after Netflix ( NASDAQ:NFLX ) slid more than 2% ahead of its quarterly results on Tuesday, some on Wall Street are looking for an update on the streaming giant’s password sharing.
“We believe the key debate in the publication is its impact on paid sharing. [near-term] Growth,” UBS said. “We continue to believe that restrictions on password sharing can be given [mid-single digit percentage] Turn it up to rev (former churn) and quickly convert to recognition,” he added.
Sentiment in growth corners of the market, including technology, was weighed down by a jump in Treasury yields amid growing concerns about further Federal Reserve rate hikes.
“We continue to expect a 25 bp rate hike at the May FOMC meeting,” UBS said, adding that an unexpected pause from the Fed could be driven by “banking system and credit” concerns.
A 25-basis-point rate hike at the Fed’s May 3 meeting is likely to be priced in, according to Investing.com’s Fed Rate Monitor Tool.
Financials continue to dominate the spotlight as banks release quarterly earnings.
Charles Schwab ( NYSE:SCHW ) rose more than 2 percent after reporting mixed first-quarter results that saw revenue rise but revenue fell short of expectations. The brokerage firm also said it has stopped its share buyback program, citing a reduction in deposits.
M&T Bank (NYSE: MTB ) rallied more than 6% as its quarterly results beat both the top and the bottom. State Street Corp (NYSE: STT ) fell 11% after its first-quarter results fell short of estimates.
Roblox (NYSE:RBLX), meanwhile, saw its average bookings per daily user fall 12% in March after the company warned that its revenue would fall year over year.
In agreement news, Prometheus Bioscience Merck & Company Inc (NYSE:MRK) jumped 70% after (NASDAQ:RXDX) announced it agreed to acquire the bioscience company in a $10.8B deal.
Get the news you want
Read market action using a personalized stock feed.
Get the app
[ad_2]
Source link
