10 minutes ago
Nasdaq heads for best quarter since 2020 with Wednesday’s gain
The tech-heavy Nasdaq Composite ended Wednesday’s trading session nearly 2% higher, putting the key index on track for a 13% gain by the end of the quarter. That would be the Nasdaq’s best gain since the fourth quarter of 2020.
A rally in tech stocks throughout the session helped boost the broader market, while investors also allayed fears of further contagion from the Silicon Valley bank collapse.
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Nasdaq Composite, 5 years
20 minutes ago
RH slips 5% after missing Wall Street earnings expectations
Shares in luxury furniture company RH slid more than 5% in extended trading after missing analysts’ expectations when reporting fourth-quarter results.
The company reported earnings per share of $2.88, down from the $3.34 expected by analysts polled by Refinitiv. Revenue was also lower than expected at $772 million compared to the consensus estimate of $780 million.
RH expects first quarter and full year earnings to be below analyst consensus estimates for those periods.
The stock has lost 8% in 2023 and has continued to fall after falling 50.2% in 2022.
– Alex Harring
30 minutes ago
Indices are on track to win the week with two sessions left
With just two of the five trading sessions left in the trading week, the big three indices are on course for victory.
The Dow is the biggest gainer so far this week, gaining 1.5%. The S&P 500 is just behind, up 1.4%.
The Nasdaq Composite, meanwhile, is up 0.9%, a relatively muted rise as investors weighed the prospects for technology and other growth stocks. Since the beginning of the year, however, the index has still gained the most.
– Alex Harring
49 minutes ago
Ed Yardeni says the S&P 500 can gain double digits from here
Market veteran Ed Yardeni believes the S&P 500 can still gain double digits this year despite the banking crisis and fears of a hard landing.
“This banking crisis is being contained very well by both the Fed and the FDIC. At the same time, I think it will keep the Fed from raising rates even more,” Yardeni said on CNBC’s Closing Bell on Wednesday.
The President of Yardeni Research set his year-end target for the S&P 500 at 4,600, which would translate to a year-to-year gain of about 20% and a 14% rally from Wednesday’s close of 4,027.81.
— Yun-Li
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