U.S. stock indexes in volatile trading advanced as anxious investors await the Fed's rate hike decision tomorrow and comments indicating how far the central bank is willing to go by the year's end.
Shutterstock reported first quarter 2022 quarterly revenues rose 9% but net income declined 10%. CEO Stan Pavolysky also resigned as CEO and a director.
SSTK
SSTK
Expedia Group revenues in the quarter surged as travel rebounded and hotel bookings surged from the previous quarter and a year ago. Gross bookings surged 58% to $24.4 billion but still 15% below first quarter 2019 levels.
EXPE
EXPE
Financial markets around the world are preparing for rate hikes as lagging central banks in the U.S., U.K,, EU, and Australia lift rates. Central banks after a decade of supporting negative rates are preparing to hike rates as a 4-decade high inflation rages around the world.
Chegg Inc reported first quarter revenues and earnings that were ahead of expectations but the company revised lower 2022 revenue outlook on lower demand for its higher education support services.
CHGG
CHGG
Market indexes reversed losses in the final hour of trading lifting the Nasdaq 1.6% and the S&P 500 0.6%. 10-year U.S. Treasury bond yield rose to 3%. European and Asian markets struggled with rising prices and slowing economic activities.
Hub Group reported record quarterly revenues on strong freight demand conditions and lifted 2022 revenues and earnings estimate ranges.
HUBG
HUBG
National Instruments revenues rose 16% in the first quarter and new orders jumped 27%. The company missed revenues expectations set by analysts and offered wider than expected annual earnings range.
NATI
NATI
London-based HSBC is facing pressure from its largest shareholder Ping An to break itself up. China-controlled insurance company Ping An suggested a plan to separate its Asian operations from the West.
HSBC
HSBC
U.S. stock futures showed negative bias as investors reprice assets with economic recession in view. The Fed is scheduled to release its monetary policy statement on Wednesday. Investors are looking ahead to earnings from MGM Resorts, Expedia, Lyft, Uber, and Starbucks.
Exxon Mobil Corp first quarter revenues increased 52% on higher oil prices and net doubled from a year ago despite a charge of $3.4 billon related to Sakhalin oil field business exit from Russia.
XOM
XOM
The company guided that supply chain problems are persisting longer than anticipated and consumers are holding back from purchasing new computers on rising inflation.
INTC
INTC