Traders work on the floor of the New York Stock Exchange on April 26, 2023 in New York City.
Michael M. Santiago | Getty Images
Here are the most important news items that investors need to start their trading day:
1. Tech vs tank
Stocks have stumbled a bit these past few days. Even as tech giants have done well with their earnings report (more on that below), worries about First Republic‘s troubles (more on those below, too) have weighed on the minds of investors who are concerned about a revival of last month’s banking crisis. Markets will have even more big earnings reports to chew over Thursday, with Merck and American Airlines posting results before the bell and Amazon and Intel due after the close. The U.S. GDP print for the first quarter is also due Thursday morning. Follow live market updates.
2. Meta physics
Founder and CEO of US online social media and social networking service Facebook Mark Zuckerberg reacts upon his arrival for a meeting with European Commission vice-president in charge for Values and Transparency, in Brussels, on February 17, 2020.
Kenzo Tribouillard | AFP | Getty Images
What went down is going up again. Meta‘s earnings report blew away Wall Street on Wednesday, sending the Facebook parent’s stock surging more than 10% in extended trading. That means it’s primed to build on its already huge 2023 – its shares were up more than 74% through Wednesday’s close after losing two-thirds of their value last year. So what impressed investors so much? Revenue rose unexpectedly, and for the first time in three quarters. Its forecast for the current quarter also topped estimates, as did its average revenue per user. There was so much good stuff in the report that investors pretty much ignored the fact that the company’s metaverse business lost another $3.99 billion during the quarter.
3. First Republic problems
It’s an understatement to say that First Republic Bank is in trouble. Its shares are down more than 90% so far this year after another brutal…
Read the full article here