4 hours ago
Best day in almost a month for the SPDR S&P Bank ETF
The SPDR S&P Bank ETF (KBE) had its best day since March 21.
A rise in regional bank stocks pushed the fund higher as reports said deposits were stabilizing after the banking crisis in March. Western Alliance Bancorp added 24% on Wednesday, a day after the bank said its deposits rose $2 billion in the first two weeks of April — a reversal from an 11% drop in deposits in the first quarter .
Meanwhile, Zions Bancorporation gained 7.4% ahead of its earnings report, which came after Wednesday’s closing bell. Finally, the company reported that its deposits fell 3.4% in the first quarter.
Other names that posted gains in the ETF include New York Community Bancorp, up 2.7%, and Northern Trust, which closed 1.2% higher.
– Darla Mercado, Chris Hayes and Jesse Pound
4 hours ago
Indices are on course for weekly gains
With three of the week’s five trading sessions over, the three major indices are up for the week.
The S&P 500 had its best week yet, rising 0.4%. The Nasdaq Composite followed, up 0.3%. The Dow is just above flat for the week.
– Alex Harring
4 hours ago
Check out the stocks making the biggest after-hours moves
The gains propelled the biggest stock moves in extended trading. Here are some of the biggest changes:
- Tesla – Shares fell 3.6% after the electric vehicle maker said revenue and GAAP earnings fell more than 20% from the year-ago quarter. Adjusted earnings per share were in line with Refinitiv’s consensus estimate, while revenue came in ahead of expectations at $23.33 billion, compared to the $23.21 billion expected.
- Las Vegas Sands — Stock rose 4.3% after the casino and resort company released quarterly results. Las Vegas Sands posted adjusted earnings of 28 cents per share in the first quarter, larger than the 20-cent consensus estimate by analysts polled by Refinitiv. The company also beat revenue expectations, reporting $2.12 billion versus the estimate of $1.85 billion.
- IBM — Shares of the technology services company rose 2.3% after the close after a mixed earnings report for the first quarter. The company reported adjusted earnings per share of $1.36, beating the consensus estimate by analysts polled by Refinitiv by 10 cents. But IBM’s quarterly revenue of $14.25 billion was below the $14.35 billion Wall Street had been expecting.
The full list can be found here.
– Alex Harring
5 hours before
Stock futures are down slightly
Stock futures were slightly down as extended trading began.
Futures linked to the Dow lost 0.1%. S&P 500 futures lost 0.2%, while Nasdaq 100 futures fell 0.2%.
– Alex Harring