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Nasdaq has taken over the Dow Jones leader in the stock market today Netflix (NFLX) has advanced ahead of its first quarter report and published results divide Dow Jones industrials.
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Dow Jones industrialists reduced their gain from 0.5% to 0.3%. Nasdaq rose 0.4%, while the S & P 500 gained 0.2%. (For updates on this story and other market coverage, visit Stock market today.)
Johnson & Johnson (JNJ) jumped nearly 3% to set the tone for the Dow. Western Digital (WDC) climbed to the top of the Nasdaq 100 after an analyst upgrade. Fresh IPO Jumia Technologies (JMIA) has again jumped in opening trade.
On the decline, Bank of America (BAC) was down more than 2% from the mixed results of the first quarter. Leader in trucking and logistics JBHunt Transport (JBHT) fell 4% after a weak report in the first quarter Monday night.
Tuesday's busy schedule includes quarterly reports from IBM (IBM) United Airlines (ALU), Mellanox Technologies (MLNX) and railroad CSX (CSX), in addition to Netflix.
Stock market today: landmarks near the peaks
The market remains in a confirmed upward trend and, despite slight losses on Monday, the S & P 500 has only lost 1.2% of its September record. The Nasdaq was 2% below its peak. The Dow Jones Industrial Average index closed at 2.1% from its October record.
The major stock indexes also cross several other important technical levels as they get closer to the record highs of last year. To get an overview of why sellers often emerge when major indexes reach new heights, read the overview.
See the table of general market indicators here.
Dow Jones: Johnson & Johnson, UnitedHealth
Johnson & Johnson sold a 2.6% gain after a 2% rise in earnings and an almost imperceptible rise in first quarter sales was enough to convince leading analysts. Management has improved the company's earnings growth outlook for 2019, thanks to the strong first quarter performance of its pharmaceutical division. J & J shares finished Monday 2.6% below a point of purchase of 140.10 in a cup base with handle.
UnitedHealth Group climbed 3%, before falling quickly 1.3%. The largest health insurer in the country saw an increase in profits of 23% and 9% of revenues. Both figures exceeded analysts' targets. Dow Jones stocks fell last week to a 52-week low as investors reacted to pressure from Democrats to promote a "Medicare for All" platform.
Bank Of America slips on recipes
Bank of America lost 2.5% in the stock market today after posting mixed results in the first quarter. Profits climbed 13%, better than expected, revenues fell slightly, missing the expectations of a slight gain. net interest yield increased 9 basis points to 2.51%. The bank paid $ 6.3 billion in share buybacks during the quarter, compared to $ 5.2 billion in the fourth quarter. Bank Of America shares have consolidated since August and climbed 32% from their low in December.
Asset Manager Black rock (BLK) rose 2.1% after the first quarter declines were less abrupt than expected. Earnings declined 1%, revenues fell 7%, while assets under management rebounded 2% to $ 6.515 billion. BlackRock is up 16% since the end of December, progressing on the right side of consolidation over 15 months.
Netflix Rises; Ocasio-Cortez Facebook Dumps
Netflix rose 2.4% early in the session, with the idea of reducing by two days the drops compared to the first quarter earnings, after the close of the day. Losses pulled stocks below the 50-day moving average on Friday, as investors reacted to rising competition from Walt DisneyThe new Disney + Broadcast Service (DIS). Netflix is trading 6% under a purchase point of 371.59 in a cup with handle. On Monday, the stock slid 7.9% below the point of purchase, triggering the automatic sell rule for investors whose selling rules are set at the lower limit of 7% to 8%. %.
Facebook (FB) abandoned its pre-market loss and climbed little in the beginning of trading. Internal documents leaked to NBC News reportedly showed that CEO Mark Zuckerberg had exploited users' data against their partners and rivals.
In addition, the US representative Alexandria Ocasio-Cortez said that she had left the social media platform and that she was reducing Twitter (TWTR) and Instagram. She added that the negative effects on users included, according to her, "increased isolation, depression, anxiety, addiction, escape". The Democrat said that Facebook had been the "leading digital organization tool" with which she had launched the campaign that had led to her surprise victory in 2018 in the 14th Congressional District of New York.
Facebook shares gained 7.8% so far in April, are again above key technical support and are working on the right side of a possible nine-month cup base.
IPO Watch: Jumia, Lyft, Tradeweb Rise
Lyft (LYFT) gained 2.4% in trade opening. Tradeweb Markets (TW) jumped 1.3%. Tencent Music Entertainment (TME) has reduced its initial gain to a fraction. Tencent could offer a buying opportunity if it bounces after a 10-week support in a strong trade.
The German Jumia Technologies registered a fast rise of 9%. US IPO deposit receipts ended Monday at 120% higher than Friday's initial offer price.
Keep an eye on the major IPOs on the stock screen of IBD IPO leaders.
China and Europe relaunch their banking operations
US equity futures received a boost from Chinese markets, which gained momentum after the central bank resumed monetary support after an 18-day pause, and before GDP data for the first quarter of 2004. The Shanghai Composite grew by 2.4%. The Hang Seng Hong Kong index gained 1.1%.
Among China-focused ETFs, Direxion Daily CSI 300 China A Share Bull 2X (CHAU) shares rose 6.4% in sub-trading. the FTSE China Bull 3X shares (YINN) Direxion Daily jumped 4%. the iShares MSCI Hong Kong (EWH) added 0.4%.
Today, the European stock market is strengthened in the afternoon exchanges, thanks to the underlying strength of the quarterly reports. Goldman Sachs (GS) and Citigroup (C) strengthened the optimism of the banking sector in Europe. The CAC-40 in Paris canceled the initial losses and increased by 0.1%. The Frankfurt DAX jumped 0.7%. The FTSE 100 in London gained 0.5%.
Follow Alan R. Elliott on Twitter @IBD_Aelliott.
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