MARKET SNAPSHOT FOR 28/04/2021 – News 24-7 Live News 24-7 Live

MARKET SNAPSHOT FOR 28/04/2021

Tepid results from Tesla and 3M weighed on Wall Street on Tuesday, with the S&P 500 and Dow ending near flat as investors focused on wave of earnings reports from Microsoft, Alphabet and other corporate heavyweights.

Electric-car maker Tesla Inc dropped 4.5% after its quarterly results late on Monday fell short of some investors’ expectations, with its revenue beat largely supported by sales of environmental credits and selling bitcoin, rather than vehicle sales.

In extended trade on Tuesday, Microsoft Corp fell nearly 4% following its quarterly report, while Google-parent Alphabet jumped 5% following its report.

Shares of Apple Inc, Facebook Inc and Amazon.com Inc, slated to report later this week, were mixed for much of the trading session.

“Everyone is waiting to see the big tech earnings after bell today. If it’s good, I think I think we’ll have a lot of positive momentum. If they’re disappointing, we may be in for a very volatile week,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

Shares of 3M Co fell 2.6% after the conglomerate said supply chain disruptions from the COVID-19 pandemic and the February winter storm were pushing up its costs.

First-quarter overall earnings per share for S&P 500 companies are expected to jump 35% from a year earlier, which would be the biggest surge since the fourth quarter of 2010, according to Refinitiv IBES data.

News Source: hellenicshipping

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