Breakfast News: Action Packed
November 8, 2024
| Thursday's Markets |
|---|
| S&P 500 5,713 (+0.74%) |
| Nasdaq 18,180 (+1.51%) |
| Dow 41,795 (0.00%) |
| Bitcoin 67,729 (+0.4%) |
Source: Image created by Jester AI.
1) Busy News Day
Post-election momentum continued Thursday, with further all-time highs for the S&P 500 and Nasdaq. Nvidia (NVDA 1.86%) became the first company to surpass a $3.6 trillion market cap.
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Powell sticks to the script: The U.S Federal Reserve cut interest rates by 0.25%, with little reaction by the market given this was widely expected.
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China back in focus: Investors were optimistic following this morning's announcement of a new Chinese $1.4 trillion stimulus package spread over five years.
2) Full Schedule
Airbnb (ABNB 1.42%) fell after the market closed, with revenue and EPS missing expectations, but flagged up a more optimistic outlook for Q4.
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Standout performer: Upstart Holdings (UPST 0.94%) beat forecasts and is up almost 20% ahead of the open as the CEO noted the business is "back in growth mode."
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Mixed fortunes: Toast (TOST +0.54%) surpassed expectations for revenue, and earnings per share; as did Pinterest (PINS +2.33%), but Q4 guidance was a little weaker than anticipated. In contrast, Block (SQ 0.83%) raised full-year guidance following improving margins, but posted a significant revenue miss.
3) Too-Great Expectations
Two stocks that have easily beaten the market over the last five years saw volatile moves after missing lofty analyst forecasts.
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"Likely nothing more than the market looking at normal course-of-business stuff and correcting": MercadoLibre (MELI 0.78%) fell 16% following the company's Q3 results, though having soared around 75% year to date (YTD), Fool analyst Bill Mann believes it wasn't "for reasons that should concern long-term investors."
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Suffering a similar fate: The Trade Desk (TTD +5.17%) posted beats on revenue and earnings but is down around 10% in pre-market trading, its near-90% rise YTD having priced in extremely high expectations for this quarterly report.
4) Guidance Dictating Moves
5) Next Up: Earnings Flurry & Data
Before the market opens, Fulgent Genetics (FLGT 1.55%) will report. EPS is forecasted at -$0.48, compared to the loss of $0.43 from the same quarter last year.
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Industrial conglomerate reports: Icahn Enterprises (IEP +0.27%) will post earnings, with revenue due at $2.32 billion and adjusted earnings expected at $0.21.
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Pulse check on consumers: The Michigan Consumer Sentiment index for November is due, with the consensus reading being 71, improving from the 70.5 from last month
6) Foolish Fun
Yesterday saw the latest Stock Advisor recommendation released! Sometimes, the most boring-sounding businesses make the best investments. What "boring business" has brought great returns to your portfolio? Discuss with friends and family, or become a member today to read what your fellow Fools are saying (and to learn all about the newest SA rec)
