Stocks Rally As Wall Street Cheers on Tech Earnings

Microsoft's upbeat earnings report is boosting sentiment on Wall Street

Deputy Editor
Apr 27, 2022 at 12:16 PM
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Stocks are higher this afternoon, as big tech earnings help the major indexes recover from yesterday's tumble. The Dow Jones Industrial Average (DJI) was last seen up more than 177 points, while the S&P 500 Index (SPX) is also notably higher. Elsewhere, the tech-heavy Nasdaq Composite (IXIC) is staging a comeback from yesterday's biggest percentage drop since September 2020, and is up triple digits thanks to upbeat earnings from Big Tech staples such as Microsoft (MSFT). 

Continue reading for more on today's market, including: 

  • More on Lucid Group's Saudi Arabia deal.
  • One blue-chip name that faltered in the earnings confessional.
  • Plus, Nokia sees pre-earnings options activity; JBT pops after earnings; and Spotify stock hits all-time lows.

Midday Market Stats April 27_2022

Options traders are targeting Nokia Oyj (NYSE:NOK), just ahead of the company's first-quarter earnings report, which is due out after the close tomorrow, April 28. Already today, 16,000 calls and 40,000 puts have been traded, with volume running at seven times the intraday amount. The most popular contract by far is the weekly 4/29 4.50-strike put, followed distantly by the May 5 call, with positions being opened at both. NOK was last seen down 1.4% to trade at $5.02. It's lost over 19% in 2022.

One of the best stocks on the New York Stock Exchange (NYSE) today is John Bean Technologies Corp (NYSE:JBT), following a blowout first-quarter earnings report. JBT was last seen up 8% at $110.65, recovering from yesterday's annual closing low of $102.47. Year-over-year, John Bean Technologies stock is down 21.4%.

Spotify Technology SA (NYSE:SPOT) is one of the worst stocks on the NYSE today, last seen down 9.1% at $100.32. The music streaming giant reported top- and bottom-line beats in its fiscal second-quarter report, but it's current-quarter forecast missed expectations. Spotify Technology stock hit an all-time low of $96.60 earlier today, and is 55.2% lower year-to-date.

SPOT Chart April 27

 

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