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Stock Market Today: S&P 500 ekes out gain on Tesla rally but spike in yields bite

Published 04/23/2024, 07:52 PM
Updated 04/24/2024, 04:23 PM
© Reuters.
- The S&P 500 eked out a gain Wednesday, as rising Treasury yields and weakness in industrials weighed, but a spike in Tesla helped tech add to gains ahead of another round of earnings from big tech.  

At 16:00 ET (20:00 GMT), the S&P 500 rise 0.02%, the NASDAQ Composite gained 0.1%, while the Dow Jones Industrial Average fell 0.1%, or 42 points.

Tesla leads tech higher as Magnificent Seven to continue earnings parade; TSM helps chips rise

Tesla (NASDAQ:TSLA) stock jumped 12%, rebounding from a 15-month low hit earlier this week, after the electric vehicle manufacturer said it was accelerating the launch of new EV models including more affordable options, to the second half of 2025.

A cheap EV model could represent the next leg of growth for Tesla, and also enable more sales of its high-margin self-driving software. 

The tech sector will remain in focus Wednesday, as Facebook-owner Meta Platforms (NASDAQ:META) will report earnings after the close, followed by tech giants Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) on Thursday.

As well as big tech, chip stocks were in ascendency following a nearly 6% rise in Texas Instruments (NASDAQ:TXN) rose following Q1 results that topped Wall Street estimates and upbeat guidance for Q2. 

Industrials slip on Boeing, UPS, Jetblue pressure 

Boeing (NYSE:BA) stock fell more than 2% after Mody’s Ratings downgraded Boeing’s credit rating to Baa3 from Baa2, a notch above 'junk' status. 

The aircraft manufacturer had been more than 4% intraday following first-quarter revenue beat expectations. Adding to negative sentiment on the aircraft maker U.S. Transportation Secretary Pete Buttigieg said that Boeing would have to meet convince the Federal Aviation Administration that it has address quality control issues within the 90-day deadline before it can boost production of its 737 MAX jets. 

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United Parcel Service Inc (NYSE:UPS), meanwhile, also dragged industrials lower after the courier service company reported mixed Q1 results as earnings beat, but revenue missed expectations following a 3.2% drop in shipping volumes.

JetBlue Airways Corp (NASDAQ:JBLU) moved off its lows of the day, but still dragged other airline stocks lower after falling 3% on worries about slowing growth after the airline forecast a steeper than expected drop in revenue for Q2.  

Uber (NYSE:UBER), down 2%, also weighed on industrials on worries about rising competition after Tesla said it planned to foray into ride-hailing.

Humana slumps despite Q1 beat, Hasbro shines on earnings podium

Humana Inc (NYSE:HUM) fell more than 3% despite the health insurer beating first-quarter profit expectations.

Hasbro (NASDAQ:HAS) gained nearly 12% after the toymaker reported a smaller-than-expected drop in first-quarter sales and handily beat profit estimates.

Energy stocks inch higher as oil prices dip weighs

Energy stocks closed just above the flatline, as gains were kept in checked by  weaker oil prices even as the data showed a surprise  drop  in U.S. inventories.

U.S. crude inventories fell by 6.4 million barrels in the week ended April 19, confounding expectations for a 1.6M increase.

(Peter Nurse, Ambar Warrick contributed to this article.)

Latest comments

And the manipulative scam continues
who writes this pump and dump crap.
You can find this article's author near the top near the timestamps.
No shortage of criminal miracles in the BIGGEST INVESTMENT JOKE IN THE WORLD.
Miracles are divine, not criminal.
With these earnings, SP500 should be back under 5000 in no time.
Unless the Plunge Protection Team comes to the rescue.
Elon 100% lying about new cars being ready by January lol
This site and their ridiculous headlines are getting tiresome. Watch they make 10 different calls on the directional sentiment before the market opens tomorrow. Enough already!!!
You know, others here were whining this article wasn't updated frequently enough.
Quit these BS articles
another good one monthly payers looking strong ADC up 1.4%. one of the girders in my Roth
TSLA, what a joke. EVs are a nightmare.
I'm not a fan of Musk, however, your comment is a joke as well.
Which part is a joke
the markets are on stilts mag 7 Iran Israel earnings reports dangerous times
The economy is mostly good. At least that is the current narrative.
narrative.... really.. it's a lot better now than at the end of Trump's presidency.
That is the current narrative because the economy is mostly good.
poking my nose above water despite big blows to CME (my big dog) and GD
up up up! bear meat everyday! bear will never awaken, coz they are educated and knowledgeable. taking profit today, tmr join the short squeeze, again.
Is it a lie?
Loss containment 101 in the BIGGEST INVESTMENT JOKE IN THE WORLD.
professional traders think you're the joke Mitch.
Professional trader here. Mitch is and will always be my hero and referent in trading and life.
Still waiting for the swashbuckling, savvy investors to show up. Maybe during the afternoon FED pumping session?
Better change your headline again.
It's been updated several times today.
Bad news is good news
On the other hand, good news is bad news!
It's not about bad or good. It's about better or worse than expected.
Mostly rise? Did you even look at the numbers? Laughable.
they did, and it was on the rise at the start of the session when the article was published. 1 hour makes a difference
It's not “news can not keep up with reality”; it's whiners cannot keep up with the article's timestamps.
You can see market is not healthy when the news can not keep up with reality...whoever writes these news have to run back to fix the options...🤣🤣🤣
We are talking about the news not predictions.....🤣🤣
In New York! Duh....
Looks pretty red to me...😁
NASDAQ will lose 300 points after CPE tomorrow. It's already selling, using the Tesla smoke screen. Don't miss it. QQQ puts.
Black Bear. Mu hunch is that after NASDAQ sells over the PCE, it will rally on Microsoft and Google earnings after the market closes. You might get your 16k on Friday.
Investing . com economic calendar shows the market expects Q1 core PCE to rise from 2% to 3.4%, pretty close to Cleveland Nowcast's 3.48%. 300 points drop (-1.9%) seems excessive.
Smells like an interest rate hike is coming.
Evs will never work here We like our big trucks and fancy corvettes and mustangs and we love oil
Americans also love smartphones, and EVs are just big smartphone with wheels to make them truly mobile.
Continuous scam
Tesla proves the current market logic: talking 💩 is more important than performing 💩
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