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Nasdaq Composite Today: Earnings Season Heating Up and Inflation Looming
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Amazon hasn't been this cheap is years
10:02 amAmazon (AMZN) stock is up 42% over the past year and gained 25% in the past 6 months alone, bringing its market cap to $1.9 billion. However, the stock hasn’t been this cheap in over a decade.
With a forward price to earnings (PE) ratio of 39 and EV/EBIT of 33.85, one would need to go back to 2010 the last time the stock was this affordable.
Nasdaq opens down- but these stocks are moving higher
9:37 amThe Nasdaq Composite opened the last trading day of the week down -48.91 or -.34% but Fastenal (FAST) is one of the bigger gainers on the day, up 4%.
Software developer Atlassian (TEAM) is up 3.87% on the day and Amazon (AMZN) is up a modest .59%.
As of 8:45 a.m. ET today, US stock futures are trading lower as the unofficial start to earning season kicks off with large banks releasing quarterly earnings.
- Futures Implied Nasdaq Open: -56.50 (-.28%)
- Futures Implied Dow Open: -18 (-.04%)
- Futures Implied S&P 500 Open: -3.25(-.06%)
Investors are paying close attention to how the Fed’s potential rate hikes could affect lending margins and profits in the financial sector.
JPMorgan Chase (JPM) reported a decline in profits due to credit loss provisions, even as its investment banking arm posted strong results. The bank’s shares edged up 1% in premarket trading. Meanwhile, Wells Fargo (WFC) saw a nearly 4% rise after reporting a drop in both net interest income and profit.
Asset management giant BlackRock (BLK) recorded its third consecutive quarterly high in assets under management, benefiting from the stock market’s rally, while BNY Mellon (BK) reported a 16% increase in profit as net interest income climbed.
At the same time, investors continued to scrutinize the latest consumer inflation data, which left uncertainty about the Fed’s next move on interest rates. The lack of clear signals regarding potential rate cuts or hikes kept markets cautious.
In the Nasdaq, Tesla (TSLA) is an taking one on the chin down over 6% as investors were not impressed with the company’s Cybercab and Robotaxi event last night.
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