1 minute ago
For a broader market rally, the profit outlook must improve, the asset manager says
Despite strong gains in the Nasdaq Composite and the S&P 500 year to date, corporate earnings need to recover for the market rally to extend, according to Michael Landsberg, chief investment officer of Landsberg Bennett Private Wealth Management.
“Earnings need to improve to drive broader stock market gains, as the S&P 500 posted three straight quarters of declining year-over-year earnings,” Landsberg said.
“Markets had a good run, particularly in technology, and they took time to cool down, which is partly why we have seen broader market declines over the last two months. Higher interest rates and money market rates create more competition for stocks, which increases pressure on the market,” he added.
Landsberg said the company rebalanced its customer portfolios over the summer to reduce technology exposure given the dramatic rally over a six-month period.
“This is normal cycle activity, with some sectors warming and others cooling,” Landsberg said.
– Hakyung Kim
16 minutes ago
Stocks make the biggest moves in after-hours trading on Tuesday
Here are some of the stocks seeing the biggest moves in extended trading.
Costco – Shares fell nearly 2% even as the company posted a rise in profit and sales in the previous quarter. The company reported earnings per share of $4.86 on revenue of $78.94 billion. According to LSEG, analysts had estimated earnings per share of $4.79 on revenue of $77.09 billion. Meanwhile, e-commerce sales fell 0.8% compared to the same period last year.
MillerKnoll – Shares of the furniture company rose 16.2% after it reported its first quarter fiscal 2024 results. MillerKnoll exceeded analysts’ profit and sales estimates in the previous quarter, and its sales forecast for the second quarter was weaker than expected.
AAR Corp – Shares of the aircraft services company rose 2.4% after beating analyst forecasts for profit and revenue in the first quarter of fiscal 2024. The company reported quarterly revenue of $550 million, up 23% year over year.
– Hakyung Kim
46 minutes ago
Stock futures rise slightly on Tuesday
US stock futures trended higher on Tuesday.
Futures tied to the Dow Jones Industrial Average gained 46 points, or 0.13%. Meanwhile, S&P 500 and Nasdaq 100 futures edged up 0.13% and 0.06%, respectively.
– Hakyung Kim