US: Stocks mixed ahead of tech earnings deluge

WALL Street stocks were mixed at the end of a choppy session Monday (Apr 24), ahead of closely-watched corporate earnings and economic data in the coming days.

After trading sideways much of last week, investors are gearing up for a week that could prove more dynamic with earnings reports from tech giants like Amazon and Google parent Alphabet, along with major economic data releases.

The Dow Jones Industrial Average finished 0.2 per cent higher at 33,875.40.

The broad-based S&P 500 added 0.1 per cent at 4,137.04, while the tech-rich Nasdaq Composite Index dipped 0.3 per cent to 12,037.20.

Edward Moya of the Oanda trading platform noted that large tech companies have outperformed the broader market thus far in 2023, in part based on expectations for an easing of Federal Reserve interest rate policy.

“For the rally to continue we need to see a few hundred basis points in rate cuts, which is not necessarily going to happen if the Fed chooses inflation over financial stability over the next year,” Moya said.

Among individual companies, shares of Fox Corporation dropped 3.0 per cent after Fox News confirmed that top-rated commentator Tucker Carlson was leaving the network days after the outlet paid a huge settlement to end a defamation case.

Carlson was the best-known personality on Fox’s presenting roster, hosting a prime-time evening show that resonated with the broadcaster’s substantial number of right-wing viewers.

Getty Images surged 31 per cent following an announcement by Trillium Capital that it has offered around US$4 billion to acquire the photo and content library.

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US: Wall St opens lower as focus turns to tech earnings, economic data

Besides corporate earnings, this week’s schedule also includes an advance estimate of first-quarter US economic growth, alongside consumer confidence and personal income data. AFP