Indexes On Wall Street Meander Amid Lackluster Corporate Results

Barry Adams
09 May, 2024
New York City

Benchmark indexes on Wall Street lacked direction after investors turned cautious following a string of weak quarterly results. 

The S&P 500 index and the Nasdaq Composite edged lower by 0.2% in early trading, the yield on 10-year Treasury notes edged lower, and crude oil prices advanced. 

Initial jobless claims for the week ending May 4 rose from 22,000 to 231,000, the U.S. Labor Department reported Thursday. 

The initial claims for unemployment benefits rose to their highest levels since August 2023, indicating tight labor market conditions may be moderating as economic growth slows down. 

 

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.2% to 5,175.81, and the Nasdaq Composite fell 0.26% to 16,282,07. 

The yield on 2-year Treasury notes edged lower to 4.85%, 10-year Treasury notes inched lower to 4.45%, and 30-year Treasury bonds edged lower to 4.65%.

WTI crude oil increased $0.55 to $79.53 a barrel, and natural gas prices increased 2 cents to $2.20 a thermal unit.

Gold increased by $14.09 to $2,322.96 an ounce, and silver rose 51 cents to $27.84. 

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 105.48.

 

U.S. Stock Movers

Warner Bros. Discovery declined 4% to $7.49 after the media company reported weaker-than-expected quarterly results. 

Uber Technologies rose 0.8% to $66.90 after the company reported a loss in its latest quarter on Wednesday. 

Uber stock dropped as much as 7% after the quarterly results fell short of market expectations. 

Airbnb dropped 7.8% to $145.51 after the short-term rental platform operator reported better-than-expected first-quarter results, but the company's second-quarter revenue growth outlook fell short of investors' expectations. 

Arm Holdings PLC declined 6.6% to $99.08 after the advanced chip designer estimated full-year revenue to range between $3.8 billion and $4.1 billion. 

Robinhood Markets rose 6.7% to $19.02 after the trading platform operator reported revenue in the first quarter of $618 million and earnings per share of 18 cents, ahead of analysts' expectations.