Business

Wall Street remains in a lull as indexes drift

Uber Technologies fell 7.6% after reporting results for the latest quarter that were worse than analysts expected. He also gave a forecast booking range for the current quarter whose midpoint fell below analysts.

Shopify fell 19.8% despite earnings and revenue above analysts' expectations for the latest quarter. The company, which helps people and businesses sell products online, said its revenue growth would likely slow this quarter and it would likely make less profit on each dollar of revenue.

Match Group fell 6.8% despite better-than-expected profits. The company behind Tinder, Hinge and other apps gave revenue forecasts for the current quarter that fell short of analysts. It said its efforts to improve Tinder for women and Gen Z customers in particular hurt some short-term performance metrics.

Intel fell 2.6% after saying the U.S. Commerce Department had revoked export licenses to a Chinese customer. This could cause its current quarter revenue to fall below the midpoint of the previously forecast range.

They helped offset Lyft, which rose 8.2% after beating profit and revenue expectations. Growth was particularly strong for morning commutes, commutes, and weekends and evenings.

Reddit was another winner and rose 4.2% after releasing its first quarterly report as a publicly traded company. It reported a lighter loss and better-than-expected revenue, while also giving higher-than-expected revenue guidance for the current quarter.

Arista Networks climbed 7.4% for one of the biggest gains in the S&P 500 after beating earnings and revenue expectations.

Most companies announced profits for the start of the year that were higher than those expected by analysts. That and recently revived hopes of an upcoming interest rate cut by the Federal Reserve have helped the U.S. stock market recover from a tough April.

Treasury yields have largely eased since Jerome Powell, Chairman of the Federal Reserve said last week that it remained closer to a cut in its main interest rate than to an increase in it, despite a series of measures stubbornly high readings on inflation this year. A cooler than expected jobs report Friday, in the meantime, suggested to American economy could achieve the balancing act of remaining strong enough to avoid a serious recession without being so strong that it keeps inflation too high.

The 10-year Treasury yield recouped some of those losses to add more pressure to the stock market. It rose to 4.48% against 4.46% Tuesday evening.

The yield on the two-year Treasury note, which is close to expectations for Fed action, fell slightly to 4.82% from 4.83%.

In foreign stock markets, indexes fell across much of Asia. Japan's Nikkei 225 index fell 1.6% after Nintendo forecast a drop in net profit next fiscal year and announcement that the announcement of a successor product to its popular Switch device will be announced by March 2025.

Stock indices rose slightly in Europe.

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AP Business writers Matt Ott and Elaine Kurtenbach contributed.

Sources

1/ https://Google.com/

2/ https://www.daytondailynews.com/nation-world/stock-market-today-global-shares-mostly-higher-after-calm-day-on-wall-st/LGWVUSBM6NHFTITYPDTCA4GH2Q/

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