Stocks traded lower on Wednesday, April 25, after stronger-than-expected earnings from Boeing Co. (BA) and Twitter Inc. (TWTR) failed to steady some investors’ concerns over the fate of corporate profitability in the face of rising bond yields and commodity prices.
The Dow Jones Industrial Average fell 89 points, or 0.37%, to 23,934, the S&P 500 declined 0.39%, and the Nasdaq fell 0.38%.
Stocks finished sharply lower on Tuesday, April 24, as corporate earnings disappointed and the yield on the 10-year Treasury traded above 3% for the first time in four years. Early Wednesday, the 10-year U.S. Treasury yield traded at 3.018%.
Boeing Co. (BA) rose 2% after the aircraft manufacturing company reported better-than-expected quarterly earnings and raised full-year guidance for three key financial metrics. The Chicago-based company posted adjusted earnings of $3.64 a share, handily beating analysts’ estimates of $2.58. Revenue of $23.38 billion also topped forecasts calling for $22.28.
Twitter Inc. (TWTR) posted first-quarter adjusted earnings of 16 cents a share, 4 cents ahead of estimates. Revenue was $655 million vs. estimates of $608 million.
Twitter said monthly active users were 336 million, beating analysts’ forecasts of 334.2 million. Shares rose slightly.
Via The Street
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019