The meta advertiser made a profit after yesterday’s close and warned of higher spending due to investment in AI development. Caterpillar’s revenues also missed. IBM is also taking a hit in premarket trading after announcing its results. So some gains are missing. stocks under pressure arrive during the day.
US GDP then added another layer of negativity after showing lower growth and higher inflation (stagflation). Markets don’t like that word. Core PCE data for the current month will be released tomorrow at 8:30 a.m. ET, with one-month expectations of 0.48% now being touted by some analysts.
A market overview currently shows:
- Dow Industrial Average -500 points or -1.31% to 37958
- S&P index -70.83 points or -1.40% to 5000.34
- NASDAQ Index -350.0-2.25% at 15258
The small-cap Russell 2000 is also down -25 points or -1.27% at 1970.10
Looking at some individual stocks:
- IBM -8.6%
- Metaplatforms, -15.3%
- ServiceNow -5.6%
- Amazon -4.8%
- Caterpillar -7.43%
- Microsoft -4.30%
- Alphabet -4.11%
Microsoft, Alphabet, Intel, T-Mobile and Gilead all released their reports after today’s close.
If we look at US yields, they are significantly higher, with the 2-year yield trading above 5%:
- 2-year yield 5.018%, +8.1 basis points
- 5-year yield 4.745%, +8.7 basis points
- 10-year yield 4.733%, +7.7 basis points
- 30-year yield 4.838%, +5.5 basis points
Crude oil is trading down $0.20 at $82.61.
Bitcoin is moving downward on risk-free (?) flows (I never know). The current price is trading at $63,262. The highest price today was $64,708. The low price was $62,785.
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