To The Moon

Stock market presented mixed results at close session on 07 May 2024. The Nasdaq Composite edged down by 0.1%, affected by declines in major technology and semiconductor stocks. In contrast, both the S&P 500 and the Dow Jones Industrial Average saw slight gains of 0.1%. The Russell 2000 outperformed, posting a 0.4% increase.

The market breadth was mixed, with a slightly positive tilt in the number of advancing stocks versus declining ones on the NYSE, whereas the Nasdaq saw a marginal dominance of decliners.

Sector Performance - Consumer Staples and Materials Win

The majority of S&P 500 sectors ended the day on a positive note, with only three sectors recording losses.

Consumer discretionary and information technology sectors experienced the largest declines, while materials and utilities sectors led the gains, each climbing over 1.1%.

We also saw consumer staples up by more than 1%.

Mixed Movements From Yields. Strong Demand On 3-Year Notes

There was mixed movements showing from the yields on government securities. With the 2-year note yield slightly increasing by one basis point to 4.83%, and the 10-year note yield decreasing by three basis points to 4.46%.

This follows a $58 billion sale of 3-year notes, which attracted strong demand. Year-to-date, the Nasdaq Composite and S&P 500 are both up by 8.8%, while the Dow Jones Industrial Average has risen by 3.2%, and the Russell 2000 has increased by 1.9%.

Consumer Credit For March Expanded

Consumer credit for March expanded by $6.3 billion, below the expected $15.3 billion, signaling a slowdown in credit growth with minimal changes in revolving credit.

We will be looking at more economic calendar includes updates on the MBA Mortgage Index, March Wholesale Inventories, and weekly crude oil inventories.

Oil Flat, Gas Slight Up, Gold and Silver Declines.

In commodities, crude oil prices remained nearly unchanged, while natural gas saw a slight increase. Precious metals like gold and silver experienced declines, whereas copper prices edged higher.

Mixed Earnings Impact - Disney and FMC

Investor reactions to recent earnings updates were varied. Walt Disney faced sharp declines after disappointing earnings, dropping 9.5%. On the other hand, FMC Corp. was among the best performers, gaining 9.5% following positive earnings reports.

Stocks To Watch Today (08 May 2024)

$Pfizer(PFE)$ has announced a temporary halt to dosing in a phase 3 trial of its gene therapy for Duchenne muscular dystrophy following the death of a young patient. The boy, who was part of the phase 2 DAYLIGHT trial, suffered cardiac arrest after receiving the treatment earlier this year. While the exact cause of death is still under investigation, Pfizer has paused dosing in the CIFFREO trial as a precautionary measure.

$Upstart Holdings, Inc.(UPST)$ delivered a better-than-expected financial report for the first quarter, surpassing both revenue and earnings estimates. The company also provided a positive outlook for the remainder of the year, expecting a return to profitability in the fourth quarter.

This is one of the stocks I would be loading. Very nice demand (buying) from UPST on its earnings day, and we should see more upside after their positive outlook today.

$Twilio(TWLO)$ exceeded first-quarter earnings expectations and provided a robust outlook for the second quarter of 2024. The company reported a notable year-over-year revenue increase and announced upcoming plans to enhance its board governance in response to pressure from activist investors.

We saw very nice demand from Twilio, and we should be seeing more upside today considering the MACD upside move.

$Lyft, Inc.(LYFT)$ outperformed expectations with its first-quarter results, showing strong growth in rides and bookings. The company is optimistic about continued demand growth across various transportation segments, supporting its financial outlook for the year.

For Lyft, this might be a good time to buy as we could see a reversal happening soon.

Summary

Market would continue to have mixed results as the retracement of the gains might still happen. As we expect more earnings to have mixed trading. There are some potential one.

So we will need to be cautious as we expect more economic data, and the next data might show Fed coming with rate cut in September possible?

Appreciate if you could share your thoughts in the comment section whether you think market would still showed us mixed results as there is retracement of gains happening, but S&P 500 passed 5,200 might start a new bull market?

@TigerStars @Daily_Discussion @Tiger_Earnings @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.