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Wall Steet slightly up early in today's session
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State Street loses 11% after release of quarterly results
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Google under pressure from report on Samsung
The first trading session of the week begins with slight rises for most Wall Street indices. Investors' attention is mainly focused on the publication of Q1 2023 financial results, with the current focus on companies in the financial sector. Investors also reacted today to the NY Fed's reading, which comes out for April at 10.8 points against an expectation of -18 points and the previous level of -24.6 points. The magnitude of the surprise is indeed considerable. It is the highest reading since July last year. It is worth mentioning that the ISM for manufacturing remains below 50 points.
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The money market is now pricing in an 86% probability that the FOMC will raise interest rates by 25 points at its next meeting in May. Source: Bloomberg
Stocks from the S&P 500 index categorised by sector and industry. Size represents market capitalisation. Source: xStation5
The S&P 500 Index is trading mixed early in the session and struggling to break above the resistance zone defined by the peaks of the recently recorded consolidation zone. Source: xStation 5
Company news:
SpaceX postponed the test launch of the Starship rocket due to a problem with the pressurisation system.
Alphabet (GOOGL.US) shares are down more than 4% today following a report that Microsoft's Bing (MSFT.US) will replace Google as the default search engine on Samsung devices.
Companies in the crypto-related sector are trading down sharply at the start of the session. The reason for the sell-off is the bottoming out of the USD 30 000 barrier by Bitcoin.
HP Inc (HPQ) shares are gaining 2.3% after JPMorgan upgraded the company's rating to 'overweight' from its previous 'neutral' rating. The bank's analyst also downgraded Dell Technologies (DELL) to 'neutral'; the stock is currently losing nearly 2.3%.
Charles Schwab (SCHW.US) shares gained 3% on better-than-expected quarterly results. The company reported earnings of 93 cents per share, beating Refinitiv's forecast of 90 cents per share. .
Details of Charles Schwab Bank's results. Source: Bloomberg
Powerful declines are being recorded at the beginning of today's session by the shares of State Street (STT.US), which are currently down nearly 11%. The reason for such large declines is the publication of worse-than-expected results for the first quarter of 2023.
Detailed earnings data. Source: Bloomberg
State Street (STT.US) share price. Source: xStation5
