Stock Market Today: Stocks higher with tech earnings on deck: Tesla soars

Wall Street is looking to extend its recent rally ahead of the first of the Big Six big tech earnings after the closing bell.

Apr 24, 2024 - 18:30

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Stock Market Today: Stocks higher with tech earnings on deck: Tesla soars

Check back for updates throughout the trading day

U.S. equity futures were mixed in early Wednesday trading, with the dollar holding steady against its global peers, as investors looked to build on yesterday's solid rally amid another busy slate of corporate earnings.

Updated at 8:37 AM EDT

Boeing bounce

Boeing shares are set for a solid opening bell gain after posting a narrower-than-expected first quarter loss and noting "predictable, stable and efficient cycle times" in its troubled 737 Max program.

Outgoing CEO Dave Calhoun, who steps down later this year, noted that while "lower deliveries can be difficult for our customers and for our financials ... safety and quality must and will come above all else."

Boeing shares were marked 3.5% higher in premarket trading immediately following the earnings release to indicate an opening bell price of $175.71. Such a move would trim the stock's year-to-date decline to around 32.6%

Check back for updates throughout the trading day

Stocks powered higher on Tuesday, with the S&P 500 gaining 1.2% into the close of the session, as a softer-than-expected reading for U.S. business activity pulled Treasury yields lower and a record auction of 2-year notes drew solid demand from foreign investors.

S&P Global's Composite PMI reading fell to the lowest level in four months in April, with the survey's reading of manufacturing activity slipping into contraction. Alongside the $69 billion 2-year auction, which attracted around $185 billion in overall bids, Treasury yields retreated firmly.

Meta Platforms will kick off the first of the Big Six tech earnings after the close of trading, with analysts looking for a bottom line of $4.32 per share on revenue of $36.16 billion.
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A solid set of earnings from GE Aerospace (GE) , United Parcel Service (UPS) and PepsiCo (PEP) , all of which raised or reiterated their full-year profit forecasts, added to the bullish tone, which was cemented by Visa (V) and Tesla (TSLA) after the closing bell.

Tesla, in fact, is set to open 12.1% higher after vowing to stick to plans for a low-cost car model, while quickening its efforts to expand in robotics and autonomous driving technologies.

Elon Musk's shareholder-friendly conference call also assuaged concerns that the world's second-richest man might be looking elsewhere to develop some of his broader AI ambitions.

That said, Wall Street is looking at a muted open Wednesday, with futures contacts tired to the S&P 500 indicating a 7 point gain ahead of earnings from Boeing (BA) before the bell and Meta Platforms (META) , IBM (IBM) and Ford Motor (F) after the close of trading.

AT&T (T) shares slipped 2.1% after the telecoms giant posted weaker-than-expected first-quarter revenues and reiterated its full-year profit forecast.

Futures linked to the Dow Jones Industrial Average, meanwhile, suggest a 33 point dip while Tesla's gains are likely to drive the Nasdaq to a 97 point gain.

In the bond market, benchmark 2-year notes were marked at 4.946% while 10-year notes were pegged at 4.644% ahead of a $70 billion auction of 5-year notes later in the session. Traders also braced for tomorrow's GDP data and the key PCE inflation report expected on April 26.

More Wall Street Analysts:

Overseas, Europe's Stoxx 600 was marked 0.17% higher in Frankfurt, with Britain's FTSE 1200 rising 0.57% in London after PMI data from both regions topped analysts' forecasts and were set against dovish comments from central bank officials.

Overnight in Asia, the yen tested the 155 level against the U.S. dollar once again, with no support as yet from government officials, helping the Nikkei 225 close 2.42% higher in Tokyo.

The regionwide MSCI ex-Japan index, meanwhile, was marked 1.65% higher into the close of trading following last night's rally on Wall Street.

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