Stock Market News

S&P 500 stumbles pressured by cruise stocks as earnings season heats up

2023.08.01 15:39


© Reuters

Investing.com — The S&P 500 stumbled Tuesday, pressured by weakness in consumer stocks as investors digested the latest round of quarterly results.            

The fell 0.2%, the rose 0.2%, or 67 points, was down 0.3%.

Falling cruise stocks weigh on market

Norwegian Cruise Line Holdings Ltd (NYSE:) slumped 13% after the cruise company’s third-quarter guidance fell short of estimates and overshadowed its better-than-expected .

The company forecast adjusted EPS of $0.70 in the third quarter, below estimates of 80 cents per share, stoking investor worry about demand.

The weaker guidance weighed on other cruise stocks including Carnival Corporation (NYSE:).

Pfizer drags health care lower; Merck impresses

Pfizer Inc (NYSE:) reported mixed quarterly results as earnings topped, but revenue fell short of estimates.

The company also cut its full-year revenue guidance warning of “near-term revenue challenges.”

Merck & Company Inc (NYSE:), meanwhile, reported a narrower loss as topped analyst estimates, underpinned by the strength of its cancer drug Keytruda.

Uber and Cat shine on earnings stage

Uber Technologies Inc (NYSE:) rose more than 2% after its third-quarter guidance overshadowed , missing analyst estimates on both the top and bottom lines. The company also reported its first quarter of free cash flow of over $1 billion and its first operating profit. 

Uber’s management’s guidance for the third quarter “calls for adj. EBITDA in the range of $975mm to $1,025mm, ahead of the Street’s $927mm forecast and above our $950mm estimate,” Wedbush said as it raised its price target on the stock to $55 from $52.

Jobs market shows signs of softness

On the economic front, the labor market looks to be easing after the number of in June fell more than expected in June to 9.58 million, from 9.61M openings in May.

The signs of weaker labor demand are likely to be welcomed by the Federal Reserve and bolster expectations that rate hikes are unlikely to be resumed.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 76,030.37 1.60%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,916.26 3.61%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 202.39 7.80%
bnb
BNB (BNB) $ 597.71 0.60%
usd-coin
USDC (USDC) $ 0.999654 0.02%
xrp
XRP (XRP) $ 0.549916 0.19%
dogecoin
Dogecoin (DOGE) $ 0.197336 3.47%
staked-ether
Lido Staked Ether (STETH) $ 2,913.80 3.53%
cardano
Cardano (ADA) $ 0.431501 16.43%
tron
TRON (TRX) $ 0.161357 0.46%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,454.78 4.09%
the-open-network
Toncoin (TON) $ 4.87 0.68%
avalanche-2
Avalanche (AVAX) $ 27.72 3.25%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 2.04%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,022.37 1.72%
weth
WETH (WETH) $ 2,916.65 3.65%
chainlink
Chainlink (LINK) $ 12.95 5.43%
bitcoin-cash
Bitcoin Cash (BCH) $ 372.75 1.00%
sui
Sui (SUI) $ 2.31 3.65%
polkadot
Polkadot (DOT) $ 4.29 5.70%
leo-token
LEO Token (LEO) $ 6.33 2.18%
usds
USDS (USDS) $ 0.994084 0.65%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,067.63 3.65%
litecoin
Litecoin (LTC) $ 71.12 0.60%
uniswap
Uniswap (UNI) $ 8.75 1.95%
near
NEAR Protocol (NEAR) $ 4.22 1.73%
aptos
Aptos (APT) $ 9.67 0.71%
pepe
Pepe (PEPE) $ 0.000011 3.72%
bittensor
Bittensor (TAO) $ 501.45 2.06%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.40 0.39%
internet-computer
Internet Computer (ICP) $ 7.68 0.26%
dai
Dai (DAI) $ 0.999608 0.04%
monero
Monero (XMR) $ 164.50 1.54%
stellar
Stellar (XLM) $ 0.101842 4.21%
ethereum-classic
Ethereum Classic (ETC) $ 20.17 1.30%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.15%
crypto-com-chain
Cronos (CRO) $ 0.104174 22.88%
whitebit
WhiteBIT Coin (WBT) $ 19.55 1.17%
kaspa
Kaspa (KAS) $ 0.112603 4.90%
aave
Aave (AAVE) $ 181.24 2.02%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.34748 2.65%
blockstack
Stacks (STX) $ 1.65 0.99%
okb
OKB (OKB) $ 40.20 0.51%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.47%
dogwifcoin
dogwifhat (WIF) $ 2.35 0.75%
arbitrum
Arbitrum (ARB) $ 0.572185 0.09%
filecoin
Filecoin (FIL) $ 3.72 0.56%
mantle
Mantle (MNT) $ 0.656392 3.58%