Stocks Persevere Despite Week Rife With Volatility

Blue chips were all over the earnings confessional

Apr 26, 2024 at 1:27 PM
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The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) snapped six-day losing streaks to kick off the week, while the Dow Jones Industrial Average (DJI) saw a triple-digit win. The momentum kept up through the week, with the tech-heavy index scoring a three-session win streak. Despite Thursday's tumble, all three benchmarks are still pacing for solid weekly wins.

Investors had their eyes locked on this week's batch of earnings, especially as Big Tech names took over the confessional. In addition to quarterly reports, Wall Street digested purchasing managers' index (PMI) and personal consumption expenditures (PCE) readings, as well as a gross domestic product (GDP) update.

Earnings Shake Up The Street

While reports from Big Tech firms like Alphabet (GOOGL), Intel (INTC), and Microsoft (MSFT) were the talk to the town toward the end of the week, Meta Platforms (META) kicked things off for the sector with a dismal outlook. Blue-chip companies threw their hats into the ring as well, including IBM (IBM), Verizon (VZ), Merck (MRK), and also Caterpillar (CAT).

Meanwhile, Texas Instruments (TXN) issued a beat-and-raise, Southwest Airlines (LUV) missed expectations and issued a delivery warning, and PepsiCo (PEP) saw a slowdown in demand for sodas and snacks.

Stocks to Watch (CRM) and Bank of America (BAC) flashed bull signals this week, which could result in outsized gains for both stocks. Netflix (NFLX) also looked poised for a bounce off a historically bullish trendline, while American Airlines (AAL) looked like an attractively priced play ahead of its quarterly report.

Interest Rate Decision Ahead

May starts off strong next week, with the Federal Open Market Committee's (FOMC) interest rate decision on tap, in addition to a host of jobs data. The earnings docket is packed to the brim, too, with reports coming from (AMZN), Apple (AAPL), ON Semiconductor (ON), SoFi Technologies (SOFI), Super Micro Computer (SMCI), and more. Before then, take a look at how delta-hedge selling may have spurred last week's decline, and why big moves usually mean major gains for mega-cap stocks.


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