Key Takeaways
- U.S. equities were mostly higher at midday, with the S&P 500 and Nasdaq trading at record highs, on strong tech earnings.
- Microsoft and Meta Platforms both beat profit and sales estimates.
- Align Technology missed forecasts for earnings, revenue, and guidance on consumer caution and macroeconomic concerns.
The S&P 500 and Nasdaq traded at record highs at midday, boosted by tech earnings news. The Dow Jones Industrial Average was little changed.
Shares of Microsoft (MSFT) and Meta Platforms (META) jumped when both tech giants posted better-than-expected results, with Microsoft benefiting from its Azure cloud computing service and Meta Platforms boosted by artificial intelligence product demand.
EBay (EBAY) was the best-performing stock in the S&P 500 as the online trading site beat profit and sales estimates and gave strong guidance on higher demand for collectables and Pokemon cards.
Carvana (CVNA) also exceeded earnings and revenue forecasts, and topped unit sales expectations, sending the used car retailer’s shares to all-time high.
Align Technology (ALGN) shares cratered after the provider of dental devices missed analysts’ estimates for profit, sales, and guidance, which the company blamed on deteriorating consumer sentiment and macroeconomic worries.
U.S.-listed shares of AB InBev (BUD) tumbled when the world’s biggest beermaker reported second quarter volume and sales that were short of forecasts on soft demand in China and Brazil.
Baxter International (BAX) shares plunged after the medical products supplier’s earnings were below estimates and it slashed its guidance as the company continues to feel the effects of damage to one of its key manufacturing plants caused by Hurricane Helene.
Oil and gold futures fell. The yield on the 10-year Treasury note was down. The U.S. dollar gained on the pound and yen, but lost ground to the euro. Prices for most major cryptocurrencies were higher.
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