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Wall Street closed sharply higher on Thursday buoyed by strong first-quarter 2022 earnings results. The results of technology behemoths in particular strengthened market participants’ confidence despite a contraction of the U.S. GDP in last quarter. All three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 1.9% or 614.46 points to close at 33,916.39. Notably, 26 components of the 30-stock index ended in positive territory while 4 in red. The blue-chip index recorded its best daily percentage gain since Mar 9.
The tech-heavy Nasdaq Composite finished at 12,871.53, appreciating 3.1% or 382.59 points due to the strong performance of large-cap technology stocks. The tech-laden index registered its best daily percentage gain since Mar 16. Meanwhile, the S&P 500 surged 2.5% or 103.54 points to end at 4,287.450. The broad-market index posted its best daily percentage gain since Mar 9.
All 11 broad sectors of the benchmark index closed in positive zone. The Energy Select Sector SPDR (XLE), the communications services Select Sector SPDR (XLC), the Consumer Discretionary Select Sector SPDR (XLY) and the Technology Select Sector SPDR (XLK) rallied 3%, 4%, 2.1% and 4%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 5.1% to 29.99. A total of 12.3 billion shares were traded Thursday, higher than the last 20-session average of 11.8 billion. The S&P 500 recorded five new 52-week highs and 44 new 52-week lows. On the other hand, the Nasdaq Composite posted 25 new 52-week highs and 672 new 52-week lows.
Strong First Quarter Earnings Results
The first-quarter 2022 earnings season is currently in full swing. Earnings results are better-then-expected so far.
Meta Platforms Inc. came out with quarterly earnings of $2.72 per share, beating the Zacks Consensus Estimate of $2.54 per share. This compares to earnings of $3.30 per share a year ago. These figures are adjusted for non-recurring items. The company posted revenues of $27.91 billion for the quarter ended March 2022, missing the Zacks Consensus Estimate by 1.08%. This compares favorably to year-ago revenues of $26.17 billion.
Qualcomm Inc. (QCOM - Free Report) reported solid second-quarter fiscal 2022 results. Quarterly non-GAAP net income came in at $3,661 million or $3.21 per share. The bottom line exceeded management’s guidance and beat the Zacks Consensus Estimate by $0.30. Non-GAAP revenues in the reported quarter were $11,158 million beating the consensus mark of $10,579 million.
Mastercard Inc. (MA - Free Report) reported first-quarter 2022 earnings of $2.76 per share, which outpaced the Zacks Consensus Estimate by 27.2%. The bottom line surged 59% year over year. Revenues of this leading techy company in the global payments industry amounted to $5.2 billion, which improved 24% year over year in the quarter under review. The top line beat the consensus mark by 5.4%.
The Department of Commerce reported that the U.S GDP declined by 1.4% year-over-year in the first-quarter 2022 compared with the consensus estimate of an increase of 1%. This unexpected contraction was primarily due to record high trade deficit, lower government spending and declining inventories. However, consumer expenditure and business investment remained steady.
The Department of Labor reported that weekly jobless claims fell by 5,000 to 180,000 for the week ended Apr 23. The consensus estimate was 181,000. Previous week’s data was revised slightly upward to 185,000 from 184,000 reported earlier.
Continuing claims (those who already received government benefits) dropped to 1.408 million for the week ended Apr 16, marking the lowest level since Feb 7, 1970. Previous week’s data was revised downward to 1.409 million.
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Stock Market News for Apr 29, 2022
Wall Street closed sharply higher on Thursday buoyed by strong first-quarter 2022 earnings results. The results of technology behemoths in particular strengthened market participants’ confidence despite a contraction of the U.S. GDP in last quarter. All three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 1.9% or 614.46 points to close at 33,916.39. Notably, 26 components of the 30-stock index ended in positive territory while 4 in red. The blue-chip index recorded its best daily percentage gain since Mar 9.
The tech-heavy Nasdaq Composite finished at 12,871.53, appreciating 3.1% or 382.59 points due to the strong performance of large-cap technology stocks. The tech-laden index registered its best daily percentage gain since Mar 16.
Meanwhile, the S&P 500 surged 2.5% or 103.54 points to end at 4,287.450. The broad-market index posted its best daily percentage gain since Mar 9.
All 11 broad sectors of the benchmark index closed in positive zone. The Energy Select Sector SPDR (XLE), the communications services Select Sector SPDR (XLC), the Consumer Discretionary Select Sector SPDR (XLY) and the Technology Select Sector SPDR (XLK) rallied 3%, 4%, 2.1% and 4%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 5.1% to 29.99. A total of 12.3 billion shares were traded Thursday, higher than the last 20-session average of 11.8 billion. The S&P 500 recorded five new 52-week highs and 44 new 52-week lows. On the other hand, the Nasdaq Composite posted 25 new 52-week highs and 672 new 52-week lows.
Strong First Quarter Earnings Results
The first-quarter 2022 earnings season is currently in full swing. Earnings results are better-then-expected so far.
Meta Platforms Inc. came out with quarterly earnings of $2.72 per share, beating the Zacks Consensus Estimate of $2.54 per share. This compares to earnings of $3.30 per share a year ago. These figures are adjusted for non-recurring items. The company posted revenues of $27.91 billion for the quarter ended March 2022, missing the Zacks Consensus Estimate by 1.08%. This compares favorably to year-ago revenues of $26.17 billion.
Qualcomm Inc. (QCOM - Free Report) reported solid second-quarter fiscal 2022 results. Quarterly non-GAAP net income came in at $3,661 million or $3.21 per share. The bottom line exceeded management’s guidance and beat the Zacks Consensus Estimate by $0.30. Non-GAAP revenues in the reported quarter were $11,158 million beating the consensus mark of $10,579 million.
Mastercard Inc. (MA - Free Report) reported first-quarter 2022 earnings of $2.76 per share, which outpaced the Zacks Consensus Estimate by 27.2%. The bottom line surged 59% year over year. Revenues of this leading techy company in the global payments industry amounted to $5.2 billion, which improved 24% year over year in the quarter under review. The top line beat the consensus mark by 5.4%.
Both Meta Platforms and Mastercard carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The Department of Commerce reported that the U.S GDP declined by 1.4% year-over-year in the first-quarter 2022 compared with the consensus estimate of an increase of 1%. This unexpected contraction was primarily due to record high trade deficit, lower government spending and declining inventories. However, consumer expenditure and business investment remained steady.
The Department of Labor reported that weekly jobless claims fell by 5,000 to 180,000 for the week ended Apr 23. The consensus estimate was 181,000. Previous week’s data was revised slightly upward to 185,000 from 184,000 reported earlier.
Continuing claims (those who already received government benefits) dropped to 1.408 million for the week ended Apr 16, marking the lowest level since Feb 7, 1970. Previous week’s data was revised downward to 1.409 million.