Live Nasdaq Composite: Tech Stocks Ride Catalysts in Mixed Showing
Quick Read
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Apple (AAPL) and Nvidia (NVDA) fell, Netflix (NFLX) and Broadcom (AVGO) rose (AVGO $2.05 EPS), CNX Resources (CNX) near highs, Berkshire (BRK-B) CEO buying $15M, Morgan Stanley (MS) cuts 2,500 jobs, Trade Desk (TTD) up 23%, CEO bought $6M.
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Markets fell on fearful sentiment amid mixed earnings and corporate actions including Broadcom’s beat, Berkshire CEO’s stock purchase commitment, and Morgan Stanley layoffs.
Live Updates
Let's Make a Deal
Netflix may have bowed out of the Warner Bros bidding, but it’s making another deal. The content streaming giant has acquired AI filmmaking platform InterPositive, whose founder is famous actor and filmmaker Ben Affleck. NFLX stock is currently up fractionally.
Nvidia Pivots on Production
Nvidia has stopped production of its H2oo chips that were headed for China’s market and has instead pivoted to its Vera Rubin AI chip set, directing production capacity from Taiwan’s TSMC toward the more efficient chip solution, according to the FT. Nvidia stock is now fractionally higher. The Nasdaq Composite has turned lower.
Labor Market Signals
Fewer Americans filed for unemployment benefits last week than economists expected, with initial jobless claims totaling 213,000 vs. forecasts calling for 215,000 as the labor market continues to signal stability.
This article will be updated throughout the day, so check back often for more daily updates.
Fearful sentiment has returned, with all three of the major stock market averages losing ground out of the gate. The Nasdaq Composite is down fractionally amid a mixed showing, with Apple (Nasdaq: AAPL | AAPL Price Prediction) and Nvidia (Nasdaq: NVDA) under pressure while Netflix (Nasdaq: NFLX) and Broadcom (Nasdaq: AVGO) are bucking the downward trend and moving higher. Semiconductor stocks are lower as a group. Crude oil is trading at nearly $78 per barrel, while Brent Crude is hovering just below $84/barrel. Natural gas stock CNX Resources (NYSE: CNX) is nearing 52-week high levels.
Bank of America warns that a spike in oil prices remains the primary threat to the U.S. economy, noting that the U.S.-Iran war has done little to change the broader economic outlook. For now, risks remain contained unless crude prices take a significant leg higher.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 48,418.43 Down 326.36 (-0.67%)
Nasdaq Composite: 22,763.88 Down 18.27 (-0.27%)
S&P 500: 6,849.65 Down 20.68 (-0.30%)
Market Movers
Broadcom stock is rising in response to its latest earnings report. The company’s Q1 EPS of $2.05 per share beat analyst estimates. Wall Street analysts are turning increasingly bullish on AVGO for its AI and data center positioning.
New Berkshire Hathaway (NYSE: BRK-B) CEO Greg Abel has shared plans to reportedly direct his entire paycheck to buying more BRK stock for as long as he is leading the company, according to reports. Abel officially took the helm from Warren Buffett in recent days. To kick things off, he’s so far filed to purchase $15 million worth of Berkshire shares.
Investment bank Morgan Stanley (NYSE: MS) is implementing cost-cutting firmwide, slashing 2,500 jobs across divisions or 3% of its global workforce.
The Trade Desk (Nasdaq: TTD) is soaring by over 23% as investors buy the dip after an earnings-triggered sell-off that had sent the stock spiraling in recent days. The CEO has recently went on a buying spree, acquiring $6 million worth of TTD shares for his portfolio.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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