Stocks soared on Wall Street after Meta Platforms reported better-than-expected revenue and earnings, fueling a tech rally for the second day in a row. Meta extended a five-month surge to 170%.
Economic growth in the first quarter slowed from the previous quarter as consumer spending growth decelerated. Tech stocks led the gainers after parent of Facebook reported quarterly results showing higher advertising revenue.
Benchmark indexes traded higher on the back of a rally in tech stocks powered by Microsoft and healthier earnings from several companies including McDonald's, Chipotle Mexican Grill and CoStar Group.
Benchmark indexes advanced in pre-market trading after Microsoft reported sharply higher sales and earnings and Google's parent Alphabet also reported less-than-expected decline in advertising revenue.
Regional bank stress was added to a growing list of worries as investors struggled to understand interest rate path and how falling sales are likely to impact earnings in the coming quarters.
Caution prevailed on Wall Street ahead of earnings from big tech companies. The latest batch of earnings including UPS and PepsiCo failed to inspire confidence. First Republic's losses in securities assets highlighted the problem faced by banks of all sizes.
Stocks seesawed and major averages traded in a tight range as the earnings season kicks into the top gear with at least 300 companies scheduled to report quarterly results this week.
Investors are still in the early stages of evaluating how the future higher rates and weak or negative economic growth are likely to impact corporate earnings in the next two to three quarters.
Stocks were in a holding pattern after corporate earnings barely met lowered expectations. Economic data this week also suggested labor market tightness but slowing economic activities in many sectors.
Investors were on alert after more companies declined to provide earnings guidance and reported weakening margins. The latest earnings worries added to the long list of worries ranging from economic slowdown to rate path and terminal rate levels and stress in regional banks.
Economic growth jitters were compounded by weak earnings from leading corporations dented market sentiment on Wall Street. Investors stayed on the sidelines and tech stocks dropped after Tesla and Seagate Technology reported earnings shortfall.
Benchmark indexes rebounded from morning losses and investors digested another batch of mixed earnings. Regional banks remained in focus but worries of deposit outflow ebbed.
Benchmark indexes struggled after rate path worries resurfaced amid a mixed batch of earnings. Home mortgage applications plunged as first time home buyers struggled with rising home prices and higher interest rates.
Investors digested a fresh batch of earnings and Bank of America benefited from the rise in net interest rate margin but Goldman Sachs revenue and earnings fell following the weak corporate merger activity.
