Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 19, 2023.
Brendan McDermid | Reuters
Here are the most important news items that investors need to start their trading day:
1. Mixed bag, more earnings
Stocks on Monday still didn’t quite shake off the stink of last week. While the Dow finished higher, the S&P 500 barely squeaked out a win, while the Nasdaq declined. Tuesday brings more major earnings reports, including General Motors (see below) and McDonald’s before the bell, and Microsoft and Google parent Alphabet after the closing bell. Investors will also get to chew over several new bits of economic data Tuesday, with consumer confidence and home sales readings on the schedule. Follow live market updates.
2. General Motors boosts its outlook
General Motors CEO Mary Barra, center, at the New York Stock Exchange, Nov. 17, 2022.
Source: NYSE
General Motors on Tuesday morning raised its earnings outlook for the year after its results for the first quarter topped the company’s own expectations. The company also said it was feeling the impacts from its cost-cutting efforts more quickly than it had expected. Investors, meanwhile, are eager to hear more about GM’s electric vehicle push on the company’s earnings call Tuesday morning. For the moment, though, GM is feeling good, according to one key executive. “All-in-all we’re feeling confident about 2023,” CFO Paul Jacobson told reporters.
3. Jarring numbers from First Republic
A First Republic bank branch in Manhattan on April 24, 2023 in New York City.
Spencer Platt | Getty Images
First Republic, one of the lenders at the heart of the banking crisis in March, was in much worse trouble than believed. The bank reported first quarter earnings after the bell Monday, revealing that its deposits fell nearly 41% during the period – and that even reflects the $30 billion in deposits from 11 other banks during a rescue effort at the end of March. First Republic’s deposits would have…
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