KEY TAKEAWAYS
- U.S. equities posted solid gains at midday, lifted by strong tech earnings.
- Google-parent Alphabet’s shares jumped to an all-time high, a day after it reported blowout earnings, declared its first-ever dividend, and announced a $70 billion stock buyback program.
- Intel’s stock plunged despite better-than expected Q1 results after its current quarter outlook fell short of estimates amid greater competition.
- Shares of ExxonMobil and Phillips 66 also slipped as lower refining margins ate into profits.
U.S. equities gained at midday, driven higher by strong tech company earnings. The Nasdaq jumped 2%, the S&P 500 added 1%, and the Dow was higher as well.
Alphabet (GOOGL) shares traded at an all-time high as the operator of Google and YouTube beat profit and sales estimates, declared its first-ever dividend and announced a $70 billion stock buyback program.
Shares of ResMed (RMD) soared as the maker of sleep apnea machines rejected concerns that the booming demand for weight-loss drugs will hurt its business, arguing that it will help instead.
Newell Brands (NWL) shares soared as the maker of consumer products said its better-than-expected results were the result of its turnaround plan working.
Intel (INTC) shares slumped after the chipmaker’s current quarter guidance missed forecasts because of increased competition. Weaker guidance also prompted some analysts to scale back their price targets for the stock.
Shares of Phillips 66 (PSX) declined as lower energy prices cut into the energy firm’s refining margins. Lower gas prices also impacted rival Exxon Mobil (XOM), whose shares were down as profit fell.
Oil and gold futures were little changed. The yield on the 10-year Treasury note dropped. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded lower.
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