My top 10 things to watch for Thursday May 2
- THE S&P500 And Nasdaq are higher on Thursday, a day after giving up their post-Federal Reserve meeting gains and closing slightly lower. After leaving interest rates unchanged, Fed Chief Jerome Powell essentially ruled out a hike as central bankers’ next move. He added that a rate cut would only be considered when policymakers were satisfied that inflation was on track to meet their 2% target.
- Powell said at Wednesday’s news conference, “I don’t see ‘deer’ or ‘flation,'” putting to rest concerns about stagnant economic growth and overheating inflation that emerged during of the release of GDP data for the first quarter last week. The government released its April employment report on Friday. Recent figures show resilient job growth. Salaries will be a priority.
- Qualcomm calls background in cell phones. Beat the quarter in both profit and revenue. Apple must, must, must step up its efforts in artificial intelligence. Qualcomm says its business in China grew 40% year over year. Qualcomm CEO Cristiano Amon says AI is a reason to upgrade. Lots of price target increases on Wall Street. The stock is up nearly 6%.
- We will find out how Apple carried out in the first three months of 2024, when the club name will publish its results after the closing bell on Thursday. The stock, which has seen a decline this year, recently received a boost after longtime skeptic Bernstein analyst Toni Sacconaghi upgraded Apple shares. He sees a good entry point. I was skeptical of the call. Wait for the numbers.
- Coterra Energy, the Club’s only name in oil and natural gas, also reports results after Thursday’s close. But the analysts’ conference call won’t take place until Friday morning. Brut West Texas Intermediate is higher on Thursday, although still below $80 per barrel. WTI fell 3.5% on Wednesday. Coterra is up more than 5% year to date. About half of 2024 oil gains.
- Before Club Bell winnings: Linde beats quarterly profits but misses revenue. The industrial gases and engineering giant is tightening its EPS range. Very good long term, still 10% earnings growth. the theme of decarbonization is still relevant today. The stock, which reached an all-time high in March, was down nearly 4% on Thursday. We have reduced some actions to higher levels.
- Also, Thursday morning: Name of the club Stanley Black & Decker provides momentum in terms of profits and revenue. Fall in stocks. Fed Rate Cut History: This action needs a rate cut. We get a big dividend for waiting. The gross margin is much better. The stock is down more than 4.5%.
- Ford Auto sales in April: electric vehicles up 129% year-over-year. Hybrids up 59%. Internal combustion engine (ICE) vehicles down 9%.
- Etsy gross merchandise value down 5%: “not where we wanted it to be,” admitted CEO Josh Silverman, disappointed with the quarter. Macroeconomic conditions also remain quite difficult in the main markets, the United Kingdom and Germany. The stock is down 15%.
- Consumers’ wallets remain tight, so they often don’t have much left after paying for food, gas rent and child care. The big platforms have won because they sell everyday essentials at low prices. That means Walmart and club name Amazon. Not Etsy.
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