Live Markets: Earnings may be mixed but overall view is brighter

Cerillion

02/05/2024 19:19

* 
      U.S. stock indexes rise; Nasdaq out front up >1%
    

        * 
      S&P sectors: Consumer disc up most, materials biggest
laggard
    

        * 
      Dollar dips, crude up; gold off <1%; bitcoin up ~3%
    

        * 
      U.S. 10-year Treasury yield edges down to ~4.58%
    

  
Welcome to the home for real-time coverage of markets brought to
you by Reuters reporters. You can share your thoughts with us at
    
    EARNINGS MAY BE MIXED BUT OVERALL VIEW IS BRIGHTER    
    With Wednesday evening's mixed bag of earnings under its
belt and Apple Inc's results  AAPL.O  due out Thursday after the
bell, LSEG data was showing another slight improvement on the
first-quarter scoreboard for S&P 500 companies.
    With 373 S&P earnings releases already out, the blended,
adjusted estimate, which includes reported numbers and estimates
for remaining companies, is now for Q1 earnings growth of 10%
year-over-year versus 9.7% on Wednesday, according to LSEG. 
    LSEG notes that this estimate also excludes a massive
one-time acquisition-related charge for Bristol Myers Squibb
 BMY.N . When the charge is included the estimate has earnings
still increasing 6.9% up from 6.6% on Wednesday and 3.3% a week
ago.
    The outlook has also brightened for small caps, with LSEG
now expecting an earnings decline of 8.4% year-over-year for the
Russell 2000  .RUT , with 591 of those companies having
reported. In comparison, it was showing a 12% decline a week
before, but with results from just 59 companies out at that
point. 
    The trading aftermath of Wednesday evening's reports
included a rally in shares of Qualcomm Inc after an earnings
beat and a huge jump in shares of Carvana  CVNA.N  after a
surprise rise in current-quarter retail sales. A gain in MGM
Resorts  MGM.N  was more measured after the casino operator beat
expectations. 
    But shares in DoorDash  DASH.O  and ETSY Inc  ETSY.O 
tumbled after their reports disapppointed. 
    For Thursday evening, all eyes will be on reports from
Apple, whose shares were gaining ground ahead of the release,
with reports also due from Amgen  AMGN.O  and United States
Steel Corp  X.N .
     
    (Sinéad Carew)
     *****    

    FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:

    DON'T PUT ALL YOUR EGGS IN ONE BASKET, EVEN IF IT SCREAMS
AI! - CLICK HERE
        
    SO WHAT HAPPENED IN APRIL? - CLICK HERE
    
    THURSDAY DATA: PRELUDE TO PAYROLLS - CLICK HERE
    
    WALL STREET EYES A DOVISH WAIT - CLICK HERE
    
    U.S. INDEX FUTURES CLIMB EARLY AS INVESTORS DIGEST FED -
CLICK HERE
    
    A BALANCING ACT TO LURE INFLOWS INTO UK EQUITIES - CLICK
HERE
    
    THE UK HAS ITS PREMIUM STOCKS TOO! - CLICK HERE
    
    POST-DATA PRICE ACTION SUGGESTS STAGFLATION FEARS - UBS
-CLICK HERE
    
    SCOPE FOR MORE EPS UPGRADES IN EUROPE - BOFA - CLICK HERE
    
    STOXX GOING NOWHERE, "LOW QUALITY BEAT" FOR NOVO - CLICK
HERE
    EUROPE EYES MUTED START POST-FED - CLICK HERE
    INTERVENE, RINSE, REPEAT - CLICK HERE