Business

US stocks mixed ahead of GDP data and new earnings

U.S. stocks traded lower on Wednesday as traders eyed the release of first-quarter GDP data.
Investors are looking at earnings, with mega-cap tech results coming in.
Tesla rallied Wednesday as traders cheered news of a cheaper vehicle model in the works.

U.S. stocks were mostly lower on Wednesday as traders prepared for the release of first-quarter GDP data and digested the latest round of corporate earnings.

Investors are awaiting the release tomorrow morning of advanced estimates of first-quarter GDP, which will give markets an idea of the strength of the economy's growth and indicate the Federal Reserve's next move.

The United States is expected to have grown 2.7% in the first three months of the year, according to Atlanta Fed Economistsbut a particularly high number would increase the risk that the Fed will maintain a restrictive policy in order to prevent inflation from regaining a foothold.

Markets only anticipate one or two rate cuts per year, depending on the CME FedWatch tool, a drop compared to the seven reductions observed at the start of 2024.

Investors are also bracing for further earnings, which have held up so far this quarter. The S&P 500 appears on track to report Profit growth of 7% per year, according to FactSet. Among the companies that have released their financial results so far, 74% beat earnings estimates.

Facebook parent Meta Platforms will report after the closing bell, while Microsoft and Alphabet will report results after Thursday's close.

Tesla shares jumped 11% Wednesday after the automaker's latest earnings report. Revenue fell short of expectations, but investors were pleased with the company's confirmation of the planned launch of a low-cost electric vehicle next year.

Here is where the US indices stood at the 4 p.m. close on Wednesday:

Here's what else is happening:

In commodities, bonds and cryptocurrencies:

West Texas Intermediate crude oil fell 0.5% to $82.91 a barrel. Brent crude, the international benchmark, slipped 0.3% to 88.13 a barrel.
Gold fell slightly to $2,332 an ounce.
The 10-year Treasury yield rose four basis points to 4.644%.
Bitcoin was down 3.29% at $64,393.

Sources

1/ https://Google.com/

2/ https://markets.businessinsider.com/news/stocks/stock-market-today-economy-outlook-gdp-earnings-q1-tech-rally-2024-04

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