tl;dr
Stock index futures were mixed Wednesday, with growth stocks outperforming following Tesla's earnings. S&P 500 futures (SPX) 0.1%, Dow futures (INDU) -0.1%, and Nasdaq 100 futures (NDX:IND) 0.5%. The 10-year Treasury yield (US10Y) rose 3 basis points to 4.64%. The 2-year yield (US2Y) rose 2 basis ...
Stock index futures were mixed Wednesday, with growth stocks outperforming following Tesla's earnings. S&P 500 futures (SPX) 0.1%, Dow futures (INDU) -0.1%, and Nasdaq 100 futures (NDX:IND) 0.5%. The 10-year Treasury yield (US10Y) rose 3 basis points to 4.64%. The 2-year yield (US2Y) rose 2 basis points to 4.95%. Wall Street on Tuesday continued its recovery and ended with solid gains, boosted by technology stocks ahead of key quarterly reports from Magnificent 7 members over the next few days. "Several factors helped to drive this, but perhaps the most important was actually the disappointing flash PMIs in the U.S., which added to hopes that rate cuts would still happen this year," said Deutsche Bank's Jim Reid. The composite PMI (flash estimate) came in at 50.9, down from 52.1 in the previous month, signaling business activity in the U.S. expanded at a slower pace during the month, in the wake of signs of weaker demand. "S&P's PMI survey suggests investors have written off too hastily the chances of the economy weakening suddenly in Q2," said Pantheon Macroeconomics. Tesla (TSLA), which reported its earnings after close on Tuesday, is up 12% in pre-market trade after the company committed to launching a more affordable model that can be produced on the same manufacturing lines that are currently utilized for the firm's current model lineup. Tesla's gains come despite the EV maker posting a sharp drop in Q1 revenue, deliveries, margins, and EPS from a year ago. "Earnings season will continue apace today, as we’ll hear from Meta after the U.S. close later. Before the Tesla results, the weakness in the U.S. PMIs helped to set the tone, with Treasury yields seeing a sharp intraday decline after they came out," Reid said. Meta (META) is expected to release its results after the bell today. On the economic front, durable goods orders for March are due before the bell. Economists expect a 2.5% gain, with a 0.3% rise in core durables orders. "We see scope for a significant undershoot in durable goods orders in March relative to the consensus," said Pantheon Macro. Orders are "a volatile series, with a very wide forecast range for the headline; so, presenting the outcome as being above or below consensus is not especially helpful," said UBS' Paul Donovan. The Survey of Business Uncertainty is also slated for today during market hours.
More about Tesla Inc
Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. Tesla's current products include electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, as well as other related products and services.
In 2020, Tesla had the highest sales in the plug-in and battery electric passenger car segments, capturing 16% of the plug-in market (which includes plug-in hybrids) and 23% of the battery-electric (purely electric) market. Through its subsidiary Tesla Energy, the company develops and is a major installer of solar photovoltaic energy generation systems in the United States. Tesla Energy is also one of the largest global suppliers of battery energy storage systems, with 3 GWh of battery storage supplied in 2020.
Industry: MANUFACTURING, MOTOR VEHICLES & PASSENGER CAR BODIES
Market Cap: 460.775B
P/E Ratio: 33.65
Dividend Yield: None
EPS: 4.3
52-Week High: 30.49
52-Week Low: 0.155
EBITDA: 96.773B
Price/Book: 171.36
Price/Sales: 1.115
Price/Cashflow: 0.035
More about Meta Platforms Inc.
Meta Platforms Inc. Summary Meta Platforms Inc.
Meta Platforms, Inc. develops products that enable people to connect and share with friends and family through mobile devices, PCs, virtual reality headsets, wearables and home devices around the world. The company is headquartered in Menlo Park, California.
Industry
Technology, Services-Computer Programming, Data Processing, etc.
Financial Overview
Market Cap: $1.258 trillion
Current Price: $33.34
Dividend Yield: 0%
52-Week Range: $14.88 - $52.41
EPS: $0.29
Volume: 134,901,998
Average Volume: 500,120
P/E Ratio: 2.002
Beta: 0.247
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