Stock Market Update Thursday April 25, 2024 Stocks rebounded from early losses, leaving the S&P 500 weaker by only 0.4% on the day. The broad average is poised to rally on Friday following stronger-than-expected post-market results from Google and Microsoft.
Away From Stocks: Treasury's absorbed moderate selling across the curve as 2- and 30-year yields settled at 4.96% and 4.82%, respectively, up seven and four basis points on the day, while WTI crude broke higher at nearly $84 a barrel and gold advanced to $2,332 per ounce. The VIX settled south of 15.5, two points below its highs.
These time pivots are known before the stock market opens at 9:30am
Tomorrow's Time Pivot's Today, However They May Change in The Morning When The Markets Open at 09:30am
Last night's earnings report release proved brutal for investors with a bullish outlook, as tech giants Meta and IBM suffered steep selloffs. IBM's plunge was attributed to accounting issues, raising concerns about the company's financial health. ServiceNow, a poster child for the high-growth stock market rally, also faltered. These companies experienced material losses, evident in the significant gaps down on their charts – clear indications that their earnings reports significantly missed market expectations. Importantly, our proprietary algorithm successfully predicted these earnings misses, potentially saving our clients from significant losses. Our algorithm knew in advance that they were going to miss earnings.
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