FMP

FMP

Enter

S&P500

New High

Earning Highlig

Q3 Earnings

Netflix

S&P 500 Hits Historic Hat-Trick: Tech Momentum Drives Record Highs

-

twitterlinkedinfacebook
blog post cover photo

Image credit: Adi Goldstein

Introduction:

The S&P 500 notched a remarkable feat by securing a new all-time high for the third consecutive session, fueled by optimistic bets on the technology sector. In a dynamic market environment, the index closed at an unprecedented 4,864.11, showcasing the persistent influence of bullish sentiments.

Sectoral Performances:

  • Technology Triumph: The tech-driven NASDAQ Composite also surged, closing at a record high. The robust performance of technology stocks played a pivotal role in driving overall market gains.

  • Industrial Setbacks: Industrials faced headwinds, with 3M Company witnessing an 11% decline, primarily due to a weaker-than-expected full-year guidance. Lockheed Martin Corporation grappled with a 4% slip, reporting decreased sales in Q4, influenced by specific business divisions.

Earnings Highlights:

  • United Airlines Soars: United Airlines emerged as a standout performer, experiencing a more than 5% rise post-better-than-expected Q4 results. The strong demand for travel during the holiday season bolstered quarterly results, offsetting concerns about a wider Q1 loss related to the grounding of Boeing's 737 Max 9.

  • General Electric's Mixed Bag: General Electric faced a 1% dip after providing a somewhat disappointing first-quarter outlook. Despite Q4 earnings surpassing expectations, concerns lingered regarding the impact on Q1 due to the industrial conglomerate's grounded jet engine business.

Homebuilder Struggles:

The homebuilding sector, represented by companies like PulteGroup Inc, Lennar Corporation, and DR Horton Inc, faced challenges. DR Horton reported Q1 earnings below expectations, with margin pressures attributed to price cuts and incentives for attracting homebuyers. Ongoing margin challenges are anticipated through Q2.

Tech Surge Ahead of Netflix Earnings:

As anticipation built around Netflix's earnings announcement, the technology sector added to its recent gains. The outcome of Netflix's results was awaited with keen interest, contributing to the overall positive momentum in the tech space.

Verizon's Positive Guidance Boost:

Verizon Communications experienced a notable surge, surpassing 6%, following positive guidance. The telecom giant's annual earnings forecast exceeded expectations, positioning the company favorably for growth in 2024.

Other Blogs

May 14, 2024 11:41 AM - Sanzhi Kobzhan

The easiest way to calculate stock’s target price and why the target price is important.

A stock's target price, also known as its fair value, is an indication of what a share can cost based on the company’s forecasted financial statements. It is important to know a stock's fair value to find undervalued stocks with great growth potential. Let's consider how investment analysts calculat...

blog post title

May 24, 2024 9:30 AM - Rajnish Katharotiya

How to Access and Analyze Earnings Call Transcripts

Earnings call transcripts are invaluable resources for investors, analysts, and financial enthusiasts. They provide insights into a company's performance, strategy, and future outlook, making them essential for making informed investment decisions. With Financial Modeling Prep, Earnings Call Transcr...

blog post title

May 27, 2024 3:30 PM - Rajnish Katharotiya

The best 5 GPU stocks other than NVDA

In the ever-evolving world of technology, certain sectors have consistently demonstrated exceptional growth and innovation. The graphics processing units (GPUs) industry is one such sector, offering investors a golden opportunity for potentially high returns. In this blog, we'll delve into why inves...

blog post title
FMP

FMP

Financial Modeling Prep API provides real time stock price, company financial statements, major index prices, stock historical data, forex real time rate and cryptocurrencies. Financial Modeling Prep stock price API is in real time, the company reports can be found in quarter or annual format, and goes back 30 years in history.
twitterlinkedinfacebookinstagram
2017-2024 © Financial Modeling Prep