Stocks sink, Nasdaq slumps as all eyes on tech earnings: Stock market news today
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Stocks sink, Nasdaq slumps as all eyes on tech earnings: Stock market news today
Here's what's moving markets on Tuesday, April 25, 2023.
U.S. stocks sank on Tuesday, led by the Nasdaq as tech conglomerates were set to highlight a busy earnings week.
At the close, the S&P 500 (^GSPC) sank by 1.58%, while the Dow Jones Industrial Average (^DJI) fell by 1.01% or more than 300 points. The technology-heavy Nasdaq Composite (^IXIC) dropped by 1.98%.
Bond yields slipped after the release of fresh housing and consumer confidence data. The yield on the 10-year note slid to 3.38%, while rate-sensitive two-year note yields also declined to 3.98% Tuesday, a further dip from this morning where it stood above 4%.
Wall Street is focused on results from big tech, especially given the sector’s outsized influence on broader market gains so far this year. Alphabet (GOOGL) and Microsoft (MSFT) are scheduled to report after the bell. Alphabet stock is up 20.1% this year while Microsoft has gained more than 17.5%.
Amazon (AMZN) and Meta (META) earnings are on deck for later this week.
Positive earnings surprises have largely been in line with Wall Street expectations, with about 60% of companies beating sales and 70% topping earnings estimates, a bit below their longer-term averages, according to UBS.
Another focal point for Wall Street will be the energy market, as some of the largest players post earnings at the end of the week, including Exxon (XOM), Chevron (CVX), Valero (VLO), and TotalEnergies SE (TTE).
WTI crude oil dropped 2% to $77.11 as it was set to mark the lowest settle value since March 31.
Separately, home prices climbed in February for the first time since June, ending seven consecutive months of price declines, as buyers came back into the market, according to the S&P CoreLogic Case-Shiller National Home Price Index. Still, on the housing front, new home sales surged 9.6% in March, topping economists' expectations of a 1.3% drop for the month.
Meanwhile, consumer confidence dipped again in April as worry over a slowing economy and possible recession weighed on American households. The Conference Board reported Tuesday that its consumer confidence index fell to 101.3 in April from 104 in March.
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