US Stocks Mixed on Amazon Earnings Eve
Market Overview
US stocks fluctuated on Thursday, with investors assessing earnings results and awaiting Amazon's (AMZN) quarterly report. The Dow Jones Industrial Average (DJI) declined 0.3%, while the S&P 500 (GSPC) gained over 0.3%. The tech-heavy Nasdaq Composite (IXIC) rose 0.5%, continuing a two-day rally.
Amazon Earnings Await
Investors eagerly anticipated Amazon's quarterly earnings after Alphabet (GOOG, GOOGL)'s cloud revenue miss. Amazon shares experienced a decline as the tech giant provided worse-than-anticipated guidance for the first quarter.
AI and Earnings Reports
Investors closely scrutinized tech and chip-related earnings for indications of Artificial Intelligence (AI) demand. Goldman Sachs highlighted the increasing mentions of AI during earnings calls, indicating a shift in revenue drivers to companies using AI software.
Corporate News
* Salesforce (CRM) declined after announcing management changes.
* Honeywell (HON) confirmed a split into three companies.
Economic Front
Initial jobless claims increased slightly to 219,000, adding to concerns about labor market conditions and inflation risks.
Treasury Yield
Treasury Secretary Scott Bessent eased pressure on the Federal Reserve, affirming President Trump's desire to lower 10-year Treasury yields rather than push for interest rate cuts.
Specific Stock Highlights
* Nvidia (NVDA) shares rallied 3% amid a broader market upswing.
* Ford (F) tumbled over 7% due to muted earnings guidance and concerns over tariffs.
* Skyworks Solutions (SWKS) witnessed a sharp decline as Apple shifted business to a competitor.
* Roblox (RBLX) plunged 13% after missing quarterly metrics.
* Tesla (TSLA) extended losses, declining over 2%.
* Peloton (PTON) surged 23% on better-than-expected sales driven by a partnership with Costco (COST).