S&P 500 futures have risen by 17 points, indicating a 0.3% increase above fair value. Similarly, Nasdaq 100 futures are up by 109 points, a 0.5% rise, while the Dow Jones Industrial Average futures have climbed 284 points, showing a 0.7% increase.
Stocks like Apple (AAPL, Financial) and Amgen (AMGN) have seen significant pre-market gains following their earnings reports. Apple announced a $110 billion buyback program after beating earnings estimates, and Amgen also reported earnings that exceeded expectations.
Before the release of the April Employment Report, Treasury yields have decreased slightly. The 10-year note yield is down to 4.56%, and the 2-year note yield has dropped to 4.87%. The jobs report is anticipated to reveal a 250,000 increase in payrolls.
Today's economic indicators include:
- 9:45 AM: S&P Global US Services PMI for April (Final)
- 10:00 AM: April ISM Non-Manufacturing PMI
Key corporate updates:
- Apple (AAPL, Financial) reported earnings slightly above estimates and confirmed an increase in its dividend by 4%, alongside a substantial share repurchase program.
- Amgen (AMGN) exceeded earnings expectations and provided guidance that aligns with forecasts for the fiscal year.
- Block (SQ) surpassed earnings expectations and reported a rise in Cash App revenue, with positive adjustments to its full-year financial guidance.
- Expedia (EXPE) exceeded earnings forecasts but revised its full-year revenue expectations downward.
- Booking Holdings (BKNG) outperformed on earnings and revenue, with an increase in gross bookings and potential cost savings from GenAI technology.
- Coinbase Global (COIN) beat earnings and revenue forecasts and provided projections for the next quarter.
- Cloudflare (NET) reported earnings and revenue above expectations, with optimistic guidance for the upcoming quarter.
- Fortinet (FTNT) beat earnings projections and updated its full-year guidance positively.
- DraftKings (DKNG) reported mixed results but raised its revenue and EBITDA outlook for the year.
Reviewing overnight developments:
Today's News
Tesla (TSLA, Financial) has unveiled aggressive new expansion strategies, aiming to increase its manufacturing footprint globally. The announcement spurred optimism among investors, leading to a significant uptick in Tesla's stock price. The expansion includes plans for new factories and enhancements to existing facilities, positioning Tesla to meet the rising global demand for electric vehicles.
In related technology sector news, Apple (AAPL, Financial) released its latest earnings report, which surpassed Wall Street expectations. The robust performance was primarily driven by an increase in iPhone sales and a strong demand for its services. Apple's positive financial results have reinforced its market position and led to a rise in its stock value.
Amazon (AMZN, Financial) is reportedly in advanced talks to acquire MGM Studios, a move that could significantly bolster its content library for Amazon Prime Video. This potential acquisition highlights Amazon's commitment to expanding its presence in the entertainment industry, competing more directly with streaming giants like Netflix and Disney.
Pharmaceutical giant Pfizer (PFE, Financial) announced progress in the development of a new treatment that has shown promise in early-stage trials. This development could have significant implications for Pfizer’s product pipeline and financial outlook, contributing to a slight increase in its stock price as investors respond to the positive news.
On the retail front, Walmart (WMT, Financial) has launched a new initiative aimed at boosting its e-commerce platform, directly challenging Amazon's dominance in the sector. Walmart's strategic move to enhance its online services could lead to increased market share and investor interest in its stock.
Lastly, in the energy sector, ExxonMobil (XOM, Financial) reported better-than-expected quarterly earnings, driven by rising oil prices and efficient cost management. The positive financial results reflect a recovering market environment for oil and gas, prompting a favorable investor response toward ExxonMobil’s stock.
GuruFocus Stock Analysis
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