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Hello. I'm Margot Patrick, getting you started for Tuesday's session. It is chock full of earnings-including from Tesla after the closing bell. More than 30% of S&P 500 companies are due to release earnings this week. Today includes Visa, Pepsi, GM and Spotify .
U.S. stock futures edged higher, following a bounce back Monday from last week's dismal performance.
Follow our live coverage throughout the day for the latest news affecting markets.
Meanwhile, our Jack Pitcher reports on Cathy Wood's fallen fortunes as her ARK fund investors jump ship.
Live Markets Snapshot Data refreshes every time you open this email. CONTENT FROM: GE Aerospace A New Era Begins
GE Aerospace launched as an independent, public company and delivered strong results in the first quarter of 2024.
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Stocks to Watch
Tesla $(TSLA)$ : All eyes are on the EV maker's earnings, due after the market close. Tesla stock edged up in premarket trading, after a rocky stretch that has seen it fall over 40% in 2024.
Earnings are due from General Motors $(GM)$, PepsiCo $(PEP)$ , Philip Morris (PM) , Spotify $(SPOT)$ and UPS $(UPS)$ ahead of the market open. Visa (V) is set to post results after the market close.
Tapestry $(TPR)$ , Capri Holdings $(CPRI)$ : The Federal Trade Commission said it would block Tapestry's $8.5 billion acquisition of rival Capri, because the combined firm would have too much power in the luxury handbag market.
Cadence Design Systems $(CDNS)$ : The software company's shares declined nearly 6% premarket after its financial outlook missed analysts' expectations.
Sichuan Baicha Baidao Industrial: Shares of the Chinese bubble-tea company known as ChaPanda fell 27% in their trading debut , in Hong Kong's biggest listing this year.
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Cathie Wood's Popular ARK Funds Are Sinking Fast
By Jack Pitcher
Cathie Wood's investors are jumping ship.
They rushed into her funds and won big during the pandemic, when the star fund manager became a social-media sensation by making bold bets on disruptive technology stocks such as Tesla, Zoom Video Communications and Roku.
They largely stuck with her when the funds' fortunes reversed after the Federal Reserve raised interest rates. Now, after years of bruising losses, many of them have had enough.
Investors have pulled a net $2.2 billion from the six actively managed exchange-traded funds at her ARK Investment Management this year, a withdrawal that dwarfs the outflows in all of 2023. Total assets in those funds have dropped 30% in less than four months to $11.1 billion-after peaking at $59 billion in early 2021, when ARK was the world's largest active ETF manager.
Keep reading .
The Wall Street Journal's Evan Gershkovich is being wrongfully detained in Russia after he was arrested while on a reporting trip and accused of spying-a charge the Journal and the U.S. government vehemently deny. Follow the latest coverage , sign up for an email alert , and learn how you can use social media to support Evan.
Charting the Markets
Meta trades around 24 times forward earnings- a 5% premium to Google-parent Alphabet . Meta's shares had averaged a 13% discount to its arch-rival over the three-year period ahead of its last earnings report in February, which kicked off the stock's latest upswing.
What is good for hospitals and healthcare providers can be bad for health insurers. When hospitals are full of patients, insurers aren't likely to do well .
The price of bitcoin rose after the bitcoin network completed its fourth "halving" Friday evening, a pre-programmed event that cuts in half the number of tokens that companies reap for validating transactions on the blockchain.
Must Reads
Two years into the Ukrainian war, Citigroup is the only U.S. bank around, navigating a sometimes treacherous landscape . Alexander McWhorter, the bank's top executive in the country, juggles keeping Citi's staff alive with the role of helping giant companies such as McDonald's and Unilever stay open.
The U.S. is drafting sanctions that threaten to cut some Chinese banks off from the global financial system, arming Washington's top envoy with diplomatic leverage that officials hope will stop Beijing's commercial support of Russia's military production, according to people familiar with the matter.
Barely a decade after Detroit declared bankruptcy, the city is emerging as America's most unlikely real-estate boomtown.
More:
Chinese Villagers Jumped at the Deal of a Lifetime-Then It Turned Sour Blackstone's Beleaguered Real-Estate Fund Stems Exodus UBS's Swiss Rivals Hope Credit Suisse Hires Will Win Wealthy Clients This Day in Markets On this day in 1985: Coca-Cola introduced New Coke, outraging customers who preferred the original formula. Within months, the old version was revived as Coca-Cola Classic. Beyond the Newsroom
Buy Side from WSJ: The Best Running Shoes For the Newbie, Competitor and Everyone in Between
About Us
We want to be the first place you go to get ready for the opening bell every day. This newsletter was written by Margot Patrick ( @m argotpatrick argot.patrick@wsj.com ) in London.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
April 23, 2024 06:45 ET (10:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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