Meta shared its quarterly earnings earlier this week, with the results beating the expectations of analysts. The company saw its earnings per share coming at $4.71 versus $4.32 per share expected, while the revenue of $36.46 billion also beat estimations of $36.16 billion.

However, the company issued a weak forecast for the next quarter, predicting sales to come in the range of $36.5 billion to $39 billion, while the analysts expected $38.3 billion. Additionally, the company now expects to have a capital expenditure of between $35 billion and $40 billion compared to previous expectations of $30 billion to $37 billion due to focus on AI.

“We expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts,” Meta shared in a statement.

Meta’s shares closed at $493.50 on Wednesday but plunged all the way down to $421.18 in after-hours trading and wiped out close to $200 billion of market value. Before the plunge, the company’s stock was 42.51% up year to date.

The post Meta Stock Slides 14% After Announcement of Plans for “Aggressive” AI Expenditures appeared first on theprimarymarket.com.

Futures on the Dow Jones Industrial Average were down 0.3%, which is a sign of improvement after the index slumped by 1.4% during after-hours trading on Thursday. The S&P 500 declined by 0.4% while futures on the tech-heavy Nasdaq 100 fell by 0.6%, narrower than previous declines.

One stock that was hit unexpectedly is Netflix, with the streaming giant declining by 3% in after-hours trading. While the company added over nine million new subscribers in the past quarter, its value was dragged down due to a revenue guidance of $9.49 billion for the second quarter, lower than an estimated $9.51 billion.

The post Stocks Continue Slide as Israel-Iran Tension Ensues appeared first on theprimarymarket.com.

United Airlines reported a pre-tax loss of $164 million as well as an adjusted loss of 15 cents per share, which was a lot better compared to the predictions of analysts, who expected 54 cents per share. The company believes the first quarter would be profitable if it weren’t for the $200 million impact that was caused by the grounding of Boeing 737 MAX 9 after Alaska Airlines experienced an incident with the same model.

The airliner also surpassed the expectations of analysts with $12.5 billion in operating revenue, which represents a 9.7% increase compared to the same period last year. The projections were that United Airlines will have $12.45 billion in revenue for the period.

United Airlines now projects a profit of $3.75 to $4.25 per share for the Q2 compared to Wall Street expectations of $3.76 profit per share.

After closing at $41.50 per share on Tuesday, the United Airlines stock rallied in after-market trading. It opened at $44.39 per share on Wednesday and continued its climb to $47.60 at one point. This is the highest the company’s shares have been in April.

The post United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2 appeared first on theprimarymarket.com.

Futures on the Euro Stoxx 50 rose 0.7%, while in the United States, futures remained relatively static, with futures listed on the S&P 500 and Nasdaq 100 remaining unchanged. Nikkei futures rose by 0.3%, while Hong Kong’s Hang Seng slumped by 1.6%. The Shanghai Composite edged 0.2% higher.

Gold rose by 0.7% to hit a record value of $2,389.34 an ounce. As supply uncertainty rises due to Middle East tensions, with West Texas Intermediate crude rising by 0.8% to $85.69 per barrel. In cryptocurrencies, Bitcoin rose 0.6% to $70,940.49 while Ether was up 0.5% to $3,543.65.

The post European Stocks Rises as Gold Hits Fresh Record appeared first on theprimarymarket.com.

Contracts listed on the tech-heavy Nasdaq Composite index rose 0.3% higher, with futures on the S&P 500 and the Dow Jones Industrial Average rising marginally higher. The 10-year Treasury Yield rose to 4.45%, with 4.5% being viewed as a potential tipping point by some investors as it appears to be on track to return to last year’s highs.

Wednesday’s CPI report is expected to provide a deeper indication of whether the central bank will indeed consider implementing three rate cuts this year as previously mentioned by Fed Chair Jerome Powell. Investor anxiety was stoked last Thursday when Minneapolis Fed president Neel Kashkari claimed that the Fed may even forego interest rate cuts entirely this year depending on the trajectory of price pressures.

The post Futures Stall as Markets Await Fresh Inflation Data appeared first on theprimarymarket.com.

303,000 jobs were added in March, vastly outperforming the rise of 205,000 that was predicted by Wall Street analysts. The unemployment rate declined from 3.9% to 3.8% on a monthly basis. The main source of growth came from the healthcare industry, which added 72,300 jobs, followed by 71,000 government jobs.

In commodities, oil prices rose on the back of rising Middle East tensions, threatening to bottleneck supplies. West Texas Intermediate futures rose to $86.60 per barrel, while international benchmark Brent crude futures rose past $91 per barrel.

The post Positive Jobs Report Lifts U.S. Stocks appeared first on theprimarymarket.com.

The benchmark S&P 500 edged 0.1% higher, while the tech-heavy Nasdaq Composite rose by about 0.2%. The Dow Jones Industrial Average slipped lower by 0.1%.

Powell spoke at Stanford University on Wednesday, explaining that while inflation is on a “bumpy” pathway toward the Fed’s 2% target, the central bank is nevertheless set to introduce rate cuts. While stocks enjoyed a rampant rally to start the year, they entered the red last week following a dent in consumer confidence. The S&P 500 has gained almost 10% for the year to date.

The post Stocks Edge Higher as Fed Chair Confirms Rate Cuts Ahead appeared first on theprimarymarket.com.

March jobs data, set to be released later this week is expected to show that employment has continued to rise this past month. While Powell is expected to provide more insight in Wednesday’s speech, he previously mentioned that Fed policymakers are awaiting further evidence to suggest that prices are being contained before introducing interest rate cuts.

Oil edged towards a five-month high as Middle East tension continues and Mexican supplies remain tight. West Texas Intermediate rose 0.6% to $84.25 per barrel. Spot gold traded 0.2% higher at $2,255.31 an ounce.

The post U.S. Futures Idle as Investors Assess Federal Reserve Outlook appeared first on theprimarymarket.com.

2024 has proven to be a prosperous year for the benchmark S&P 500, with the index closing at record highs on 20 occasions so far this year. The index remains on track to reach its fifth consecutive monthly gain.

Investor confidence, and therefore the trajectory of stocks going forward is expected to be guided by further economic data set to be released later this week. The Personal Consumption Expenditures (PCE) price index is set to be released on Friday. Known as the Federal Reserve’s preferred inflation measure, the PCE is expected to influence the central bank’s monetary policy trajectory.

The post S&P 500 Hits New Record as Dow Surges appeared first on theprimarymarket.com.

Expenses fell by 21.2% to $357.1 million, largely resulting from lower labor costs as well as consulting services and marketing. Reduced labor costs were largely the result of GameStop’s exit from its operations in Austria, Ireland, and Switzerland.

Still, GameStop’s reduced expenses did little to quell worries about its declining revenue, particularly given the rising trends in video game purchases. “An increasing mix of digital downloads is hurting physical retail, and there is simply no reason to go to the store if a consumer can just order a game and download it immediately,” Wedbush Securities analyst Michael Pachter observed, Pachter recommended that GameStop management think of new ways to drive store traffic.

The post GameStop Stock Plunges Following Slump in Revenue appeared first on theprimarymarket.com.

Meta shared its quarterly earnings earlier this week, with the results beating the expectations of analysts. The company saw its earnings per share coming at $4.71 versus $4.32 per share expected, while the revenue of $36.46 billion also beat estimations of $36.16 billion.

However, the company issued a weak forecast for the next quarter, predicting sales to come in the range of $36.5 billion to $39 billion, while the analysts expected $38.3 billion. Additionally, the company now expects to have a capital expenditure of between $35 billion and $40 billion compared to previous expectations of $30 billion to $37 billion due to focus on AI.

“We expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts,” Meta shared in a statement.

Meta’s shares closed at $493.50 on Wednesday but plunged all the way down to $421.18 in after-hours trading and wiped out close to $200 billion of market value. Before the plunge, the company’s stock was 42.51% up year to date.

The post Meta Stock Slides 14% After Announcement of Plans for “Aggressive” AI Expenditures appeared first on theprimarymarket.com.

Futures on the Dow Jones Industrial Average were down 0.3%, which is a sign of improvement after the index slumped by 1.4% during after-hours trading on Thursday. The S&P 500 declined by 0.4% while futures on the tech-heavy Nasdaq 100 fell by 0.6%, narrower than previous declines.

One stock that was hit unexpectedly is Netflix, with the streaming giant declining by 3% in after-hours trading. While the company added over nine million new subscribers in the past quarter, its value was dragged down due to a revenue guidance of $9.49 billion for the second quarter, lower than an estimated $9.51 billion.

The post Stocks Continue Slide as Israel-Iran Tension Ensues appeared first on theprimarymarket.com.

United Airlines reported a pre-tax loss of $164 million as well as an adjusted loss of 15 cents per share, which was a lot better compared to the predictions of analysts, who expected 54 cents per share. The company believes the first quarter would be profitable if it weren’t for the $200 million impact that was caused by the grounding of Boeing 737 MAX 9 after Alaska Airlines experienced an incident with the same model.

The airliner also surpassed the expectations of analysts with $12.5 billion in operating revenue, which represents a 9.7% increase compared to the same period last year. The projections were that United Airlines will have $12.45 billion in revenue for the period.

United Airlines now projects a profit of $3.75 to $4.25 per share for the Q2 compared to Wall Street expectations of $3.76 profit per share.

After closing at $41.50 per share on Tuesday, the United Airlines stock rallied in after-market trading. It opened at $44.39 per share on Wednesday and continued its climb to $47.60 at one point. This is the highest the company’s shares have been in April.

The post United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2 appeared first on theprimarymarket.com.

Futures on the Euro Stoxx 50 rose 0.7%, while in the United States, futures remained relatively static, with futures listed on the S&P 500 and Nasdaq 100 remaining unchanged. Nikkei futures rose by 0.3%, while Hong Kong’s Hang Seng slumped by 1.6%. The Shanghai Composite edged 0.2% higher.

Gold rose by 0.7% to hit a record value of $2,389.34 an ounce. As supply uncertainty rises due to Middle East tensions, with West Texas Intermediate crude rising by 0.8% to $85.69 per barrel. In cryptocurrencies, Bitcoin rose 0.6% to $70,940.49 while Ether was up 0.5% to $3,543.65.

The post European Stocks Rises as Gold Hits Fresh Record appeared first on theprimarymarket.com.

Contracts listed on the tech-heavy Nasdaq Composite index rose 0.3% higher, with futures on the S&P 500 and the Dow Jones Industrial Average rising marginally higher. The 10-year Treasury Yield rose to 4.45%, with 4.5% being viewed as a potential tipping point by some investors as it appears to be on track to return to last year’s highs.

Wednesday’s CPI report is expected to provide a deeper indication of whether the central bank will indeed consider implementing three rate cuts this year as previously mentioned by Fed Chair Jerome Powell. Investor anxiety was stoked last Thursday when Minneapolis Fed president Neel Kashkari claimed that the Fed may even forego interest rate cuts entirely this year depending on the trajectory of price pressures.

The post Futures Stall as Markets Await Fresh Inflation Data appeared first on theprimarymarket.com.

303,000 jobs were added in March, vastly outperforming the rise of 205,000 that was predicted by Wall Street analysts. The unemployment rate declined from 3.9% to 3.8% on a monthly basis. The main source of growth came from the healthcare industry, which added 72,300 jobs, followed by 71,000 government jobs.

In commodities, oil prices rose on the back of rising Middle East tensions, threatening to bottleneck supplies. West Texas Intermediate futures rose to $86.60 per barrel, while international benchmark Brent crude futures rose past $91 per barrel.

The post Positive Jobs Report Lifts U.S. Stocks appeared first on theprimarymarket.com.

The benchmark S&P 500 edged 0.1% higher, while the tech-heavy Nasdaq Composite rose by about 0.2%. The Dow Jones Industrial Average slipped lower by 0.1%.

Powell spoke at Stanford University on Wednesday, explaining that while inflation is on a “bumpy” pathway toward the Fed’s 2% target, the central bank is nevertheless set to introduce rate cuts. While stocks enjoyed a rampant rally to start the year, they entered the red last week following a dent in consumer confidence. The S&P 500 has gained almost 10% for the year to date.

The post Stocks Edge Higher as Fed Chair Confirms Rate Cuts Ahead appeared first on theprimarymarket.com.

March jobs data, set to be released later this week is expected to show that employment has continued to rise this past month. While Powell is expected to provide more insight in Wednesday’s speech, he previously mentioned that Fed policymakers are awaiting further evidence to suggest that prices are being contained before introducing interest rate cuts.

Oil edged towards a five-month high as Middle East tension continues and Mexican supplies remain tight. West Texas Intermediate rose 0.6% to $84.25 per barrel. Spot gold traded 0.2% higher at $2,255.31 an ounce.

The post U.S. Futures Idle as Investors Assess Federal Reserve Outlook appeared first on theprimarymarket.com.

2024 has proven to be a prosperous year for the benchmark S&P 500, with the index closing at record highs on 20 occasions so far this year. The index remains on track to reach its fifth consecutive monthly gain.

Investor confidence, and therefore the trajectory of stocks going forward is expected to be guided by further economic data set to be released later this week. The Personal Consumption Expenditures (PCE) price index is set to be released on Friday. Known as the Federal Reserve’s preferred inflation measure, the PCE is expected to influence the central bank’s monetary policy trajectory.

The post S&P 500 Hits New Record as Dow Surges appeared first on theprimarymarket.com.

Expenses fell by 21.2% to $357.1 million, largely resulting from lower labor costs as well as consulting services and marketing. Reduced labor costs were largely the result of GameStop’s exit from its operations in Austria, Ireland, and Switzerland.

Still, GameStop’s reduced expenses did little to quell worries about its declining revenue, particularly given the rising trends in video game purchases. “An increasing mix of digital downloads is hurting physical retail, and there is simply no reason to go to the store if a consumer can just order a game and download it immediately,” Wedbush Securities analyst Michael Pachter observed, Pachter recommended that GameStop management think of new ways to drive store traffic.

The post GameStop Stock Plunges Following Slump in Revenue appeared first on theprimarymarket.com.