Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dow Falls as Energy, Tech Stumble Despite Upbeat Economic Data

Stock MarketsApr 30, 2021 03:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim

Investing.com – The Dow fell Friday, shrugging off upbeat economic data amid weakness in energy stocks following mixed quarterly results from oil majors ExxonMobil and Chevron .

The Dow Jones Industrial Average fell 0.49%, or 166 points, the S&P 500 was down 0.67%, and the Nasdaq Composite was down 0.79%.

Exxon Mobil Corp (NYSE:XOM) reported first-quarter results that topped Wall Street estimates as improving oil prices in the quarter bolstered growth. But its shares slipped more than 2%.

Chevron (NYSE:CVX), meanwhile, swung to a first-quarter profit, but missed analysts expectations on both the top and bottom lines, sending its shares more than 3% lower.

Lower oil prices also weighed on energy as rising infections in India continue to muddy the outlook for crude demand.

Yet, despite the losses on the day, energy was the best performing sector for Q1.

"Higher oil prices and expectations for improving earnings for traditional brick and mortar stores led to greater returns within the energy and consumer discretionary sectors," Wells Fargo (NYSE:WFC) said in a note.

Tech slipped even as Amazon rounded off this week's wave of corporates earnings from the Fab 5 with better-than-expected results, but gave up some of its intraday gains.

Amazon.com (NASDAQ:AMZN) reported blowout quarterly profit that topped expectations underpinned by record profit for the quarter.

Apple (NASDAQ:AAPL), meanwhile, fell more than 1% after the European Commission accused it of antitrust actions against music rivals following a complaint from Spotify (NYSE:SPOT).

Twitter (NYSE:TWTR), meanwhile, fell more than 14% after its weaker second-quarter revenue guidance and slower growth offset in Q1 offset better-than-expected quarterly profit and revenue.

Financials also weighed on the broader market as banks slipped on falling Treasury yields despite a raft of better-than-expected data showing an improvement in consumer spending and inflation.

This morning, consumer spending rose 4.2% in March, a tenth of a percentage point more than expected, according to Bloomberg, and the largest monthly increase since June.

"This puts consumption - and likely GDP - on track for double digit growth in Q2," Jefferies (NYSE:JEF) said.

The price consumption index, the fed's preferred measure of inflation, rose 0.5% in March, and 2.3% on an annualized basis, the most since August 2018. 

The latest data pointing to an increasing pace of inflation comes just days after the Federal Reserve kept rates unchanged and continued to suggest that rising price pressures would prove transitory.

In other news, Reddit-favorite Microvision (NASDAQ:MVIS) slumped 15% after missing expectations on both the top and bottom lines.

Dow Falls as Energy, Tech Stumble Despite Upbeat Economic Data
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (9)
TL Chan
TL Chan May 02, 2021 2:38AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This phenomenon can also mean the fund houses are desperate to unload stocks. Any analyst could not see through that, you can ask yourself do you want to listen to that analysts anymore! They would Not be able to offer any help !
TL Chan
TL Chan May 02, 2021 1:53AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This phenomenon can also mean the fund houses are desperate to unload stocks. Any analyst could not see through that, you can ask yourself do you want to listen to that analysts anymore! They would Not be able to offer any help !
TL Chan
TL Chan May 02, 2021 1:52AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This phenomenon can also mean the fund houses are desperate to unload stocks. Any analyst could not see through that, you can ask yourself do you want to listen to that analysts anymore! They would offer any help !
Investing Man
Investing Man Apr 30, 2021 8:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fact is all trickle down economics did was tax every american to make a few CEO's very very rich. THey didn't trickle it down. They used loop holes, breaks, horded it, and sent jobs and experience to China. It's the greatest disaster ever.  It should have lifted up everyone.  Tesla for example, there is no reason every single people working for them shouldn't have had wage increases as Elon got his own. Case over.  I will tell you if you continue to see the wealth gap increase you will continue to see very angry people who are being taxed/burdened with the debt becoming more angry.  And don't pretend the rich are taxed more than anyone.  They only share taxes they report on. THey have so many loop holes, subsidies, tax breaks and off shore movements they don't pay anything at all.
Dave Jones
Dave Jones Apr 30, 2021 8:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Buy physical silver to protect yourself
Vlad Lozovskiy
Vlad Lozovskiy Apr 30, 2021 7:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Upbeat numbers are simply fake news.  There is higher consumer spending because people are spending Biden's handouts.  It has nothing to do with real economy.
Red Riley
Red Riley Apr 30, 2021 3:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
stimulus has to end. no one is willing to work. how to ruin an economy in 100 days. JB
John Gallagher
John Gallagher Apr 30, 2021 3:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This morning, consumer spending rose 4.2% in March, a tenth of a percentage point more than expected, according to Bloomberg, and the largest monthly increase since June.
Barani Krishnan
Barani Krishnan Apr 30, 2021 3:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ok, my 2 cents: Firstly, I don't trade to ensure no bias in my work as a commodities analyst for Investing. But looking at the earnings of this week, it's ludicrous to see tech at this levels. What happened to Microsoft post-earnings especially was a joke. The typical rant we've had for months is that everything is so overvalued. Yet, let me ask: When have PE multiples on their own stopped a bull market? The people talking about overvaluation now are those who didn't get in. They want the market to crash so they can buy everything cheap. Of course, once they're in, they would longer be talking overvaluation -- until they are out that is.
Barani Krishnan
Barani Krishnan Apr 30, 2021 3:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Valuation is often nothing more than the political use of the term ****** One man's ******is another's freedom fighter. Likewise what is overvalued for one person might be fair value to another. It's always personal bias that decides these things. To be more specific, it's jealousy and FOMO: Am I in? Do I have skin already in the game? I'm not? So how do I get in? Can I crash the market to get in? Tech is the most dynamic sector of the world now, people. It isn't going away. In fact, it is going to lead us to where we're going. Good luck and happy weekend, everyone.
Robert Griffin
Robert Griffin Apr 30, 2021 3:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
a PE ratio of 42 is a large deviation from normal so the market is relatively historically overvalued
Dave Jones
Dave Jones Apr 30, 2021 3:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If you don't trade then it's just your opinion. It's all a meme anyway and valuations don't matter. Just about everything is owned by the Vanguard BlackRock duopoly and they are behind this they will keep share buybacks going to make them happy. it's very self destructive and look for yourself to see corporations hollowed out one after another. Boeing is a perfect example of putting buybacks in front of safety and quality....and look who owns Boeing.
Barani Krishnan
Barani Krishnan Apr 30, 2021 3:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Of course, it IS my opinion. I started out by saying it's my 2 cents, right? Anyway, thanks for your perspective. We always encourage our readers to share thoughts and insights, all in a respectful way, of course :)
Barani Krishnan
Barani Krishnan Apr 30, 2021 3:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dave Jones Dave, with Boeing, I'm totally in agreement with you. Someone from there should have gone to jail for the two crashes. And, of course, US corporate culture is such that no one will.
Thomas DeVito
Thomas DeVito Apr 30, 2021 1:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I guess we are in a good news bad market. Too addicted to that fiscal heroin.
Mitchel Pioneer
Mitchel Pioneer Apr 30, 2021 1:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Another round of losses whisked out of the system.  Assume the proper position America.
MD Mas Ud
MD Mas Ud Apr 30, 2021 1:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
as aw
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email