Market Updates
Nasdaq Down 2% On Tech Earnings Jitters
Barry Adams
26 Apr, 2022
New York City
Benchmark indexes opened down and quickly lost more than 1.5% following a day when market indexes staged a sharp reversal in the afternoon trading on Monday.
After 45 minutes of trading, the S&P 500 index declined 1.4% and the Nasdaq Composite index dropped 2%.
The S&P 500 and Nasdaq indexes rebounded 2% from the bottom reached at midday to close up on Monday.
The S&P 500 closed up 0.6% and the Nasdaq Composite gained 1.3%.
For April, the Nasdaq is still down 8% and the S&P 500 is down 5%. In the year so far, the Nasdaq has lost 19.5% and the S&P 500 has declined 10.4%
Investors showed a burst of enthusiasm ahead of earnings from tech leaders Microsoft, Google parent Alphabet, and Meta Platforms Inc.
About 700 companies are scheduled to release earnings including about 130 companies in the S&P 500 index.
Pepsico reported better-than-expected earnings of $4.26 billion from $1.71 billion a year ago. Earnings per share jumped to $3.06 from $1.24 a share.
S&P CoreLogic Case-Shiller national home price Index showed prices rose 19.9% in February from a year ago. The index showed a gain of 19.1% in January.
European markets are up between 0.4% and 0.6% in Frankfurt, Paris, and London.
Asian markets closed higher but the Shanghai index lost 1.4% extending three-day losses.
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