In a tight trading bounce on Wall Street, stock markets are mostly weaker in Asia following a mixed batch of earnings reports from major US companies. Oil prices have also diminished.
Japan said its trade deficit narrowed in March as exports increased more than expected, helped by a nearly 40% rise in the value of vehicle exports. Exports to China have dropped, showing the gradual recovery from the disruptions caused by the pandemic. Import growth has also slowed.
Tesla hit the market hard after the electric vehicle company cut prices on its two best-selling models, the fourth price cut in the US this year. Given the changes in US electric vehicle tax credits, this could mean Tesla is trying to increase sales. Tesla declined by 2% before releasing its latest post-trade earnings report.
Netflix stocks dropped 3.2% after the business revealed lower-than-anticipated earnings for its latest quarter. However, profits were in excess of predictions.
Despite announcing higher-than-expected earnings and revenue, the stock price of Elevance Health dropped by 5.3%.
Most companies have exceeded earnings expectations, despite the relatively low bar set due to high inflation and declining interest rates in certain areas of the global economy.
Intuitive Surgical posted one of the biggest gains in the S&P 500, up 10.9% after the company posted better-than-expected earnings and revenues in its most recent quarter.
Abbott Laboratories increased by 7.8%, Nasdaq Inc. increased by 3.1%, and United Airlines rose by 7.5% after beating Wall Street’s earnings expectations.
Particular attention was paid to the health of banks after higher interest rates last month helped US banks collapse for the second and third time in history.
The industry giants largely fared better than expected. Many said they benefited from the industry turmoil as customers transferred deposits to them and divested from smaller banks that looked more valuable.
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