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Nasdaq composite falls after setting new high

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
April 28, 2021
in Markets, Stock Market
Trading and Investment for beginners: How to prepare for the stock market
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A day after setting a new high, the Nasdaq Composite fell 48.56 points, or 0.3 percent, to 14090.22. The S&P 500 index fell 0.9 point or less than 0.1 percent to 4186.72 from record highs. The Dow Jones Industrial Average barely moved, ending the day at 33984.93, up 3.36 points or less than 0.1 percent.

For the first time in three weeks, the S&P 500 finished the day in the red, putting an end to the stock market’s steady ascent. Tesla shares weighed on the broad index after investors were underwhelmed by the electric carmaker’s latest quarterly report, highlighting the market’s strong expectations for stocks this earnings season.

Tesla shares plummeted $33.46 or 4.5 percent to $704.74 in the trading session, after the company posted a record profit. The stock of the electric carmaker has struggled this year, rising just 0.1 percent since the end of December; beset with a slew of problems including an investigation into a Model S sedan accident in Texas earlier this month. Over the last year, the stock has increased by more than 300 percent.

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After exceeding Wall Street earnings expectations, Microsoft shares dropped more than 3% in after-hours trading.

Investors became more positive about Alphabet’s earnings report after it smashed sales records in the first quarter. Google’s parent company reported a $4.75 billion net gain on equity assets in its first-quarter earnings report on Tuesday, accounting for 22 percent of Alphabet’s pre-tax revenue. Net profits increased by more than 160 percent to $17.9 billion, surpassing the previous high of $15.2 billion set in the fourth quarter.

As markets await the results of the Fed conference, bonds have weakened, pushing 10-year Treasury yields past 1.6 percent. Inflation projections for the next ten years have reached an eight-year peak, according to a market indicator.

Before the economy and labour market completely rebound from the Covid-19 pandemic, the Fed has indicated that it has no concrete intentions to tighten monetary policy. Hence, investors will be paying careful attention to Federal Reserve Chairman Jerome Powell’s press conference after the Fed’s new policy meeting on Wednesday. Investors will be watching for signs that the Fed’s stance on interest rates has shifted in light of recent economic evidence, some of which shows that inflation is returning.


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Tags: Dow Jones Industrial AverageNasdaq CompositeS&P 500
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

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