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Tech Stocks End Winning Streak, Despite Inflation Expectations Ticking Down

Tech Stocks End Winning Streak, Despite Inflation Expectations Ticking Down

Published: by Omor IE

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Key Points

  • The stock market has been mixed today despite good Q1 results from tech companies.

  • Investors are still worried about a potential recession.

  • It is earnings season, so the market has been moving fast.

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The stock market turned negative early in the morning despite claims from President Donald Trump that the Chinese President Xi had called him. The stock market temporarily bounced due to strength from tech companies after the University of Michigan’s inflation expectations report came in better than expected.

It expects 6.5% inflation a year out, which is better than the 6.8% forecast. If this proves true, this is hardly bullish, but the market likes the downward trajectory of inflation expectations. Not only that, Q1 reports from most tech companies have been quite solid, and many of them even boosted their guidance.

Here’s a market update as of 11:00 A.M (ET) today.

  • The S&P 500 is down 1.73 points, or 0.03%.
  • The Nasdaq Composite is up 45 points, or 0.26%.
  • The Dow Jones Industrial Average is down 269.17 points, or 0.67%.
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Tech Stocks Mixed

The stock market is more mixed today, and the tech sector is still shaky despite some earlier strength in the past couple of days.

  • Tesla (NASDAQ: TSLA) is one of the biggest winners today and has outperformed the rest of the Magnificent Seven by gaining 6.7% despite missing on earnings.
  • Apple (NASDAQ: AAPL) is down 0.7%. The company is aiming to source all U.S. iPhones from India and is pivoting away from China.
  • Alphabet (NASDAQ: GOOG) is up 2.34%. Earnings have been strong here. EPS came in at $2.81 vs. Wall Street consensus of $2.01.
  • Microsoft (NASDAQ: MSFT) is flat.
  • NVIDIA (NASDAQ: NVDA) is up 1.5%.
  • Amazon (NASDAQ: AMZN) is up 0.13%.
  • Meta Platforms (NASDAQ: META) is up 2%.

Notable Gainers Today

  • Coursera (NYSE: COUR) is up 13%. The company posted solid Q1 results with revenue beating estimates by 2.58% and EPS beating by 50%.
  • Charter Communications (NASDAQ: CHTR) is up 10.1% after it posted earnings results that beat revenue estimates. Internet and video subscriber losses have also slowed down.
  • Liberty Broadband Corporation (NASDAQ: LBRDA) is up 10.1%.
  • BigBear.ai Holdings (NYSE: BBAI) is up 7.8%. The stock is up due to a submarine AI deal with Austral.
  • Encompass Health (NYSE: EHC) is up 9.5% after Q1 earnings. EPS came in at $1.37 vs. analyst estimates of $1.2. Revenue of $1.46 billion also beat $1.43 billion estimates. Guidance came in solid as well.

Notable Losers Today

  • Saia (NASDAQ: SAIA) is down 28.3%. The company missed Q1 earnings estimates. EPS of $1.86 missed the $2.76 estimate.
  • TMC the metals company (NASDAQ: TMC) is down 15.5% as it cools off from an earlier rally.
  • Avantor (NYSE: AVTR) is down 15.3% after Q1 revenue came in at $1.58 billion vs. estimates of $1.61 billion.
  • AppFolio (NASDAQ: APPF) is down 14.3% after Q1 earnings. EPS missed by $0.02.
  • Biohaven (NYSE: BHVN) is down 12%.
  • T-Mobile (NASDAQ: TMUS) is down 10% due to softer wireless subscription growth.

The image featured at the top of this post is ©MicroStockHub / iStock via Getty Images.

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