Stock Indexes Wrap: Techꩵ Charges Higher Alongside Homebuilders; PepsiCo Slips on Earnings Disappointment

The Dow

Verizon (VZ) rose 2.9%, regaining most of what it lost yesterday following a 澳洲幸运5官方开奖结果体彩网:disappointing earnings report. 

Tech giants advanced ahead of their earnings reports later this week. Microsoft (MSFT) rose 1.5% and Amazon (AMZN) gained 1.3%. 

Apple (AAPL) rose 0.6% as it scheduled a May 7 event at which it is expected to 澳洲幸运5官方开奖结果体彩网:unveil new iPads. 

The S&P 500

GE Aerospace (GE) soared 8.3% after reporting 澳洲幸运5官方开奖结果体彩网:better-than-expected earnings and raising its full-year profit outlook. GE Vernova (GEV),ꦓ which reported earnings with GE's aerospace unit for the▨ last time, gained 8.2%. 

Homebuilder Pulegroup (PHM) jumped 4.6% after handily beating earnings estimates. Data released Tuesday also showed new home sales rose in March to their highest since September. Peers Builders FirstSource (BLDR) and D.R. Horton (DHI) advanced 5.1% and 3.5%, respectively. 

General Motors (GM) climbed 4.4% after also topping first-quarter earnings expectations and 澳洲幸运5官方开奖结果体彩网:raising its full-year guidance.

Nvidia (NVDA) rose 3.7%, advancing more than 3% for a second straight day as markets embraced the AI trade after last week’s crushing sell-off. Fellow AI darling Super Micro Computer (SMCI) soared 6.3% Tuesday. 

UPS (UPS) gained 2.4% after its first-quarter 澳洲幸运5官方开奖结果体彩网:earnings topped estimates despite revenue🔥 com🧜ing in below expectations. 

Nucor (NUE) tumbled 8.9% after 澳洲幸运5官方开奖结果体彩网:missing earnings estimates and offering disappointing guidance as lo﷽wer steel prices weighed on performance. 

Tapestry (TPR) fell 2.2% after the Federal Trade Commission sued to block its $8.5 billion merger with Capri Holdings (CPRI).

The Nasdaq 100

Tesla (TSLA) added 1.8% ahead of its first-quarter earnings report, in which it is 澳洲幸运5官方开奖结果体彩网:expected to say revenue and profit fell from last year. 

PepsiCo (PEP) fell 2.9% after 澳洲幸运5官方开奖结果体彩网:topp♔ing first-quarter earnings estimates, but reporting a Quaker Oats recall and s෴luggish sales in North America hurt total sales. ꧂;

Cadence Design Systems (CDNS) slipped 1.1% after issuing a softer-than-expected 澳洲幸运5官方开奖结果体彩网:current-quarter outlook.

High Mortgages Rates Are Boosting Homebuilde🎉r Sales and Stocks

Shares of U.S. homebuilders rose on Tuesday amid signs a dearth of existing homes for salღe and resilient de🐬mand in the face of high interest rates are buoying earnings. 

Pultegroup (PHM), one of America’s largest homebuilders, reported profit increased 32% to $3.10 per share in the first quarter, well ahead of the $2.37 consensus estimate among analysts surveyed by Visible Alpha. Home sales revenue increased 10% to $3.8 billion, driven by an 11% increase in closing.

“After more than a decade of underbuilding, it is estimated that our country has a structural shortage of several million homes,” said President and CEO Ryan Marshall in the company’s earnings release. “Given PulteGroup’s broad operating platform and deep pr🥃oduct portfolio…we are well positioned to expand our market share while helping to provide much needed new housing stock.”

But underbuilding isn't the only reason buyers are increasingly turning to new homes constructed by builders like Pultegroup. High mortgage rates, currently 澳洲幸运5官方开奖结果体彩网:averaging about 7.5%, have effectively 澳洲幸运5官方开奖结果体彩网:locked homeowners into their existing 3% and 4% mortgages, starving the market of inventory. Plus, homebuilders have been able t꧂o offer homebuyers incentives like mortgage rate buy-downs, taking some of the edge off of high rates and keeping new builds selling.

New home sales in March rose to an annualized rate of 693,000, an 8.8% increase from February and the most since September. And the median sales price rose to $430,700 from $406,500 the month before.

Meanwhile, existing home sales fell nearly 4% in March to an annual rate of 4.19 million, according to the National Association of Realtors.

Shares of Pultegroup were up more than 4% Tuesday afternoon, bringing their full-year return to 79%. Peers Builders FirstSource (BLDR) and D.R. Horton (DHI) were up 5.2% and 3.7%, resꦕpectively. Builders stock has surged 100% in the last 12 months, whil💧e D.R. Horton has gained 39%.

Spotify Stock Soars as Monthly Active Users Jump

Spotify Technology (SPOT) shares skyrocketed in intraday trading Tuesday after the streaming audio provider posted a quarterly profit and strong sales on a big ju🐟mp in the number of users.

The company reported first-quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of 0.97 euro ($1.04), well above estimates, after registering a loss of EUR1.16 ($1.24) a year ago. Revenue increased 19.5% to EUR3.64 billion ($3.89 billion), also more than expected.

Total 澳洲幸运5官方开奖结果体彩网:Monthly Active Users (MAUs) we🍨re up 19.4% to 615 million, with ad-supported MAUs climbing 22.4% to 388 million. The number of premium subscribers came in at 239 million, a 13.8% gain. Higher prices helped lift average revenue per user for its p💛remium service 5% to EUR4.55 ($4.87).

Shares of Spotify soared as much as 17% to $319, a more than three-year hღigh, on Tuesday.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

GE Aerospace Stock Jumps oﷺn Strong Earnings, Guidance Post-Split

GE Aerospace (GE) shares surged in intraday trading Tuesday after it reported its 澳洲幸运5官方开奖结果体彩网:first earnings as a s🌼tandalone company and boosted its𓆉 full-year outlook for operating profit.

GE Aerospace reported $8.1 billion in revenue, in line with 澳洲幸运5官方开奖结果体彩网:analyst expectations compiled by Visible Alpha. Its adjusted profit of $900 million or 82 cents per share beat estimates of $883 million or 81 cents per share.

GE Aerospace raised its projected range for full-year operating profit to $6.2 billion to $6.6 billion, up from the $6 billion to $6.5 billion the company said it anticipated last month. It also projected full-year 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) for the first time, ant🅺icipating a r𝔍ange from $3.80 to $4.05 per share.

Tuesday's report is the first quarterly report as a standalone company for GE Aerospace, after completing its split 澳洲幸运5官方开奖结果体彩网:earlier this month from General Electric's former energy segment, which spun off to become GE Vernova (GEV), while GE Healthcare (GEHC) was spun off last🐼 year. GE Vernova reports earnings Thursdꩵay, and GE Healthcare reports next Tuesday.

Shares of GE Aerospace were up 6.7% Tuesday aftern🎃oon following the release.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

GM Stock Rises on Earnings Beat, Guidance Boost

General Motors (GM) shares surged in intraday trading Tuesday after the biggest U.S. automaker posted better-than-expected quarterly results and raised its guidance on powerful North American sales, driven by d🅰emand for gas-powered pickup trucks.

The company reported first-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $2.62, with revenue rising 7.6% to $43.01 billion. Both exceeded estimates.

Net income from its North American operations increased 7.4% to $3.84 ♕billion. That 💯helped offset a $10 million loss from its international business, which registered a $347 million profit a year ago.

The mar🦩ket share for GM trucks increased to 31.1% from 29.8ꩵ% a year earlier.

The company now predicts full-year adjusted pr𝓡ofit of $12.5 billion to $14.5 billion, or $9.00 to $10.00 per share, up from its earlier outlook of $12.0 billion to $14.0 billion, or $8.50 to 💖$9.50 per share.

Shares of General Motors we𓆏re up 4.7% around midday Tuesday, bringing their year-to-da🥀te return to 26%.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

UPS Rises After Poꦡsting Q1 Profit Beat, Revenue Miss

United Parcel Service () on Tuesday released first-quarter results that 澳洲幸运5官方开奖结果体彩网:surpassed analyst expectations🍸 for adjusted profit but fell short of revenue expectation꧑s.

UPS reported adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.43 on adjusted net income of $1.22 billion, above the marks of $1.31 per share and $1.12 billion 澳洲幸运5官方开奖结果体彩网:analysts expected, according to estimates compiled by Visible Alpha. However, UPS's r💎evenue of $21.7 billion came in slightly below analyst estimates of $21.89 billion.

“Our financial performance in the first quarter was in line with our expectations, and average daily volume in the U.S. showed improvement through the quarter," UPS 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Carol Tomé said in a stateme༒nt. "Looking ahead, we expect to return to volume and revenue growth.”

UPS shares were up 2.2% late in the morning 𓄧Monday. Still, the stock is down more than 5% year-to-date and 24% in the෴ last year.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Nucor Stock Drops as Lower Selling Prices Weigh on Steelmaker's Results and Outlook

Shares of Nucor (NUE) slumped in early trading Tuesday after the steel producer missed Wall Street’s quarterly estimates and issued a weaker-than-expected current-quarter outlook amid lower selling prices.

The Charlotte, North Carolina-based steelmaker posted first-quarter earnings of $3.46 per share, below analysts’ forecast of $3.64 a share. Revenue in the period of $8.14 billion contracted 7% from the prior year’s corresponding quarter and came in short of the $8.26 billion consensus view, in part, due to the company’s steel products unit reporting a 15% 澳洲幸运5官方开奖结果体彩网:year-over-year (YOY) fall in shipments coupled with lower average selling prices.

Looking ahead, the company sees the 澳洲幸运5官方开奖结果体彩网:bottom line declining on a sequential basis in the current quarter due to ongoing loౠwer average selling prices weighing on its steel mills segment.

After climbing to a new 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) of $203 earlier this month, Nucor's share price has retraced in recent weeks to the 澳洲幸运5官方开奖结果体彩网:50-day moving average. During today’s earning’s-driven sell-off, investors should monitor if the stock can hold above the key $179 level, an area on the chart that finds a 澳洲幸运5官方开奖结果体彩网:confluence of support from a multi-month horizontal line and the 38.2% 澳洲幸运5官方开奖结果体彩网:Fibonacci retracement level. A bre൲akdown below this crucial region could see lower support tested around $171.

Nucor shares were down 6.4% at $179.37 about 1 hour into Tuesday's session.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Stocks Making the Biggest Move Premarket

Gains:

• Spotify (SPOT): Shares of the audio streaming company jumped 11% after reporting it swung to a profit in the first quarter and offered current-quarter guidance ahead of Wall Street’s estimates. 
• Danaher (DHR): Shares of the medical equipment and services company rose 8% after its first-quarter earnings and revenue topped analyst estimates, overshadowing its forecast that sales will decline in the current quarter and full year. 
• GE Aerospace (GE): Shares of the newly independent aircraft manufacturing company rose more than 4% after it narrowly beat earnings estimates and raised its full-year guidance.
  

Losses:

• Affirm Holdings (AFRM): Shares of the buy now, pay later (BNPL) provider fell 8% amid reports Walmart-backed fintech One had begun offering BNPL loans at some locations, threatening Affirm’s position as the exclusive provider of installment loans for Walmart customers. 
• Nucor (NUE): Shares of the steelmaker fell 8% after forecasting earnings would 澳洲幸运5官方开奖结果体彩网:decline in the current quarter as margins come under pressure from lower selling prices. 
• Cadence Design Systems (CDNS): Shares of the semiconductor design firm shed more than 5% after its current-quarter guidance was 澳洲幸运5官方开奖结果体彩网:softer than analysts expected, which the company attributed to the roll-out of new products.

U.S. Stock Fꦅutures Slightly Higher as Earnings Season Rolls On

Futures cont♍racts connected to the Dow Jones Industr🗹ial Average traded less than 0.1% higher on Tuesday morning.

S&P 500 futures were up about 0.1%.

Nasdaq 🌳100 futures were also 0ܫ.1% higher about an hour before markets opened.