Stock Indexes Wrap: Alphabet, Microsoft ♌Spur⛄ AI Rally; Intel and Oil Giants Slide

The Dow

Amazon (AMZN) surged 3.4%, boosted by 澳洲幸运5开奖号码历史查询:earning💟s reports from AꦿI hyperscaler peers Alphabet and Microsoft. 

Microsoft (MSFT) gained 1.8% after 澳洲幸运5开奖号码历史查询:topping earnings estimates anꦿd reporting strong demand for its cl🤪oud services. 

Chevron (CVX) ticked up 0.3% after reporting 澳洲幸运5开奖号码历史查询:first-quarter profit declined about as much as analysts were expecting. 

Intel (INTC) tumbled 9.2% after 澳洲幸运5开奖号码历史查询:forecasting current-quarter revenue below Wall Street’s expectations. Analysts at Bank of America and Goldman Sachs 澳洲幸运5开奖号码历史查询:lowered their price targets on the stock, citing its relatively limited share of the AI market. 

The S&P 500

RedMed (RMD) led the inde🐎x higher, climbing 18.9% after topping♚ quarterly earnings estimates. 

Alphabet (GOOGL) soared 10.2% to close with a market cap of more than $2 trillion for the first time. It and Microsoft’s 澳洲幸运5开奖号码历史查询:earnings reports lifted shares of AI hardware suppliers Super Micro Computer (SMCI), up 8.9%, and Nvidia (NVDA), up 6.2%. 

DexCom (DXCM) tumbled 9.9% despite beating 🌞earnings estimates; it raised the lower end of its full-year sales guidance, but the midpoint remained below analysts’ estimates.

AbbVie (ABBV) slid 4.6% after warning sales of its blockbuster drug Humira 澳洲幸运5开奖号码历史查询:would fall 32% in the current quarter as it los🍸es market share to new generic alternatives.

Phillips 66 (PSX) dropped 3.6% after it reported that a nearly 澳洲幸运5开奖号码历史查询:50% decline in refining margins crimped its quarterly profit. 

ExxonMobil (XOM) shed 2.9% after reporting a larger-than-expected 澳洲幸运5开奖号码历史查询:drop in first-quarter profit. 

Paramount (PARA) shares fell 2.2% amid reports its board was considering removing CEO Bob Bakish as it engages in merger talks. 

The Nasdaq 100

The AI rally sparked by Alphabet and Microsoft earnings lifted plenty of semiconductor stocks. Broadcom (AVGO) rose 3.8%, Micron (MU) gained 2.9%, and Advanced Micro Devices (AMD) climbed 2.4%. 

Atlassian (TEAM) tumbled 9.6% after it said its long🐻time co-CEO would be leaving the company. 

Tesla (TSLA) slid 1.1% after federal regulators said they were 澳洲幸运5开奖号码历史查询:investigating its recall oﷺf 2 million cars in Decem𒐪ber to resolve self-driving safety issues.

ResMed Leads Among S&P 500 Gainers

ResMed (RMD) was the best-performing stock in the S&P 500 Friday after the medical dev꧒ice maker reported better-than-an💮ticipated sales and earnings in its fiscal third quarter. 

The company reported net income of $300 million, or $2.04 per share, a 29% increase from the same period last year. Revenue increased 7% to $1.2 billion, driven primarily by growth in its American and software businesses. Revenue and profit both exceeded analysts’ forecasts.

Gross margins widened to 57.9% from 55.3% in🦩 the year-ago quar🦩ter due to lower freight and manufacturing costs.

ResMed shares wer♔e up more than 18% with about half an hour left in Friday’s session. They have gained about 26% so far this year.

Snap Stock Soars Aft𒐪er 💞Strong Advertising Sales Drive Q1 Results and Outlook

Snap (SNAP) shares jumped 26% Friday after the Snapchat owner released quarterly financial results above analysts’ estimates and guided better-than-expected current-quarter earnings and revenue amid robust 澳洲幸运5开奖号码历史查询:advertising sales and user growth.

In the March quarter, the 澳洲幸运5开奖号码历史查询:Generation Z-focused company posted 澳洲幸运5开奖号码历史查询:adjusted earnings of 3 cents per share, whereas analysts had expected a loss of a ﷽nickel per share. Revenue of $1.19 billion, which primarily comes from advertising, swelled 21% from the year-ago period and🦹 topped forecasts of $1.12 billion.

On the user activity front, Snap reported a 10% jump in its daily active users from a year earlier, taking the count to 422 million. Moreover, it expects that number to increa💮se to 431 million by the end of the current quarter, above the 430 million consensus view.

Lookin🍎g ahead to the June quarter, the company projects revenue of between $1.225 billion and $1.255 billion, with the midpoint of that band coming in above the $1.22 billion Street estimate. It sees adjusted earnings in the period ranging from $15 million and $45 million, which compares to analyst expectations of $15.5 million.

Despite Friday's gains, Snap shares have lost about 15% of their value this year.

-澳洲幸运5开奖号码历史查询:Timothy Smith

Phillips 66's Refining Margins Sink, Dragging Down Profits

Phillips 66 (PSX) shares dropped in intraday trading Friday after the energy producer’s quarterly profit fell as refining margins thinned.

The company reported first-quarter net earnings slumped 61.9% to $748 million, with adjusted earnings of $822 million, or $1.90 per share, short of estimates. Reven꧑ue rose 3.8% to $36.44 billion, ahead🦋 of forecasts.

Phillips 66 noted that its realized refining margins dropped to $10.91 per barrel, nearly half of what they were a year earlier. Market capture, which measures refining profit to industry standards, fell to 69% from 93%.

Shares of Phillips 66 h🅷it an all-time high earlier this month, and even with today’s 3.5% decline are up about 14% year-to-date.

-澳洲幸运5开奖号码历史查询:Bill McColl

Inflation Higher, Stocks Higher. What Gives?

This week’s economic data did little to revive hopes of imminent rate cuts—澳洲幸运5开奖号码历史查询:inflation remained stubbornly high in the first three months of tﷺhe year—and yet stocks were mostly in the green Friday and the S&P 500 was squarely on track to snap a three-week losing streak. Why? 

Disappointing quarterly results have sunk a few stocks this week but, for the most part, companies have been reporting resilient earnings. At the end of last week, with 14% of the S&P 500 having reported, the index was reporting earnings growth for the third consecutive quarter. Plus, the percentage of companies beating earnings estimates and the magnitude of those beats were both above their 10-year averages. 

And huge earnings beats from the likes of Alphabet (GOOGL) and Microsoft (MSFT) this week have even imp🧜roved the outlook. 

“Given the elevated levels of inflation…the market is going to need to get ove🅘r 🧔hopes for Fed rate cuts,” wrote Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance, in a note on Friday.

“We’re still optimistic on the market, however, as we believe that rate cuts aren’t necessary for the bull market to 🐷continue. Instead, continued economic expansion and growth in corporate profits…are what will propel stock prices to new highs,” he wrote.  

Though the pꦦath higher, like inflation’s path lower, will be a bumpy one, he warned. “Just be aware that volatility around the election, geopolitical events and even future inflation data is likely.”

I꧅ntel Stock Slides as Weak Guidance Outweighs Earni🌺ngs Beat

Intel (INTC)&nb🍌sp;stock sank Friday as weaker-than-anticipated revenue guidance for the second quarter overshadowed the chipmaker's topping revenue and earnings estimates for the first three months of the year.

The company reported a loss of $437 million, or 9 cents per diluted share, in the first quarter, an 86% smaller loss than in the year-ago quarter and better than 澳洲幸运5开奖号码历史查询:analyst estimates of a $454.86 million, or 13 cent-per-share, loss.

Adjusted earnings, which don't include items such as share-based compensation and restructuring charges, came in at $759 million, or 18 cents per diluted share, also better than estimates.

But the company forecast Q2 revenue would come in between $12.5 billion and $13.5 billion, with the highℱer end of that guidance falling short of the $13.79 billion consensus among analysts sur🌠veyed by Visible Alpha.

Intel shares were down more than 9% Friday afternoon, bring🐭ing their year-to-date losses to almost 37%.

-澳洲幸运5开奖号码历史查询:Mrinalini Krishna

ExxonMobil Stock Slips as Profit ♋Falls Short of Estimates

Shares of ExxonMobil (XOM) slipped in early trading Friday as the oil and gas giant reported larger year-over-year profit declines 🌳than analysts were expecting.

ExxonMobil reported 澳洲幸运5开奖号码历史查询:net income $3 billion lower than the first quarter of 2023, falling to $8.22 billion, or $2.06 澳洲幸运5开奖号码历史查询:per share, from the $11.43 billion and $2.79 per share the company reported last year. Analysts expected the decline to be smaller, projecting income of $8.77 billion, or $2.20 per share.

However, the 澳洲幸运5开奖号码历史查询:total revenue it reported of $83.08 billion was above analyst estimates of $♏82.11 billion thanks to increased production from some of Exxon's investments like its operations in Guyana.

Despite 澳洲幸运5开奖号码历史查询:oil prices remaining high, Exxon and Chevron (CVX) were 澳洲幸运5开奖号码历史查询:both projected to posꦇt less productiv🍷e quarters thanks to lower natural gas prices and slim margins on refined products. 澳洲幸运5开奖号码历史查询:Chevron also reported earnings Frida✃y, coming closer to analyst projections.

❀ Exxon shares were down 3.6% late iꦚn the morning on Friday. The stock has gained 17% so far this year.

-澳洲幸运5开奖号码历史查询:Aaron McDade

Microsoft Sto𝐆ck Jumps On Earn♋ings Beat Driven By Cloud Segment

Microsoft (MSFT) shares rose Friday after the company reported better-than-expected third-quarter earnings driven by its cloud business.

The company's revenue for the third quarter of fiscal 2024 was $61.9 billion, above analyst expectations and a 17% increase from the year-ago period. That growth came from a 23% year-over-year increase in Microsoft's cloud revenue to $35.1 billion.

Net income and diluted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) were also ab🧜ove analysts' estimates and grew 20% from a year earli✨er.

Microsoft shares were up more than 3% at $411.43 Friday morning, bringing the stock's year-to-date gain to nearly 10%.

-澳洲幸运5开奖号码历史查询:Naomi Buchanan

Alphabet Reclaims Spot in $2 Trillion Club

Alphabet shares soared on Friday morning, launching the company into the tiny group of🌠 companies worth more than $2 trillion. 

It’s not the first time the company’s achieved the milestone. Alphabet became only the third U.S. company, after Apple (AAPL) and Microsoft (MSFT), to cross the $2 tr🌸illion mark during intraday trading on November 8, 2021. However, it couldn’t holꦑd on to the day’s gains, ultimately closing below the threshold. 

After closing Thursday with a market cap of about $1.95 trillion, the stock needs to rise 2.5% on Friday to close above $2 trillion for the first time. With Friday’s 10% sur🐼ge, Alphabet’s market value stood at more than $2.14 trillion, giving it a substantial buffer.🐭 

Google Parent Alphabet Jumps on Ea🍨rnings Beat, First-Ever Dividend

Google parent Alphabet (GOOGL) saw its shares jump over 10% Friday morning after the tech giant reported first-quarter results well above analysts' expectations, as well as plans to distribute its first-ever dividend.

Alphabet reported revenue rose 15% year-over-year to $80.54 billion, above 澳洲幸运5开奖号码历史查询:analyst estimates compiled by Visible Alpha of $78.8 billion. Alphabet's profit of $23.66 billion, for diluted earnings per share of $1.89, beat estimates of $18.95 billion, or $1.51 per share.

For the first time in the company's history, Alphabet's board announced the approval of a dividend program, with a dividend of 20 cents per share to be paid on June 17 to shareholders of record as of market close June 10.

A massive stock buyback program was also announced, with the company's board approving $70 billion to repurchase shares.

After falling close to 2% in Thursday session, Alphabet shares skyrocketed 10% Friday to $171, pushing the company's market cap above $2 trillion.

-澳洲幸运5开奖号码历史查询:Aaron McDade

Stocks Making the Biggest Moves Premarket

Gains:

• Snap (SNAP): Shares of the social media company surged 25% after it reported a return to double-digit revenue growth in the first quarter. 
• Alphabet (GOOGL): Shares of the tech giant jumped 11% after it announced its first dividend, authorized a $70 billion buyback program, and reported blowout first-quarter earnings. 
• Microsoft (MSFT): Shares climbed more than 3% after the company reported 澳洲幸运5开奖号码历史查询♔:better-than-expected quarterly results, with cloud revenue increasing more than 20% from the prior year.
  

Losses:

• Intel (INTC): Shares of the chipmaker tumbled 8% after its current-quarter revenue guidance fell short of Wall Street’s expectations, overshadowing 澳洲幸运5开奖号码历史查询:better-than-anticipated earnings. 
• Atlassian (TEAM): Shares of the enterprise software maker fell more than 7% after the company said longtime co-CEO Scott Farquhar would step down. 
• ExxonMobil (XOM): Shares of the oil giant slid 2% after reporting 澳洲幸运5开奖号码历史查询:profit declined more than analysts were expe♏cting in the first quarter, with lower natural gas prices and slimmer refinery margins. 

Stock Futures Climb Ahead of Inflation Data

F🐓utures contracts connected to the Dow Jones Industrial Average were up 0.2% in premarket trading on🍸 Friday.

S&P 500 futures were 0.8% higher.

Nasdaq 100 futureꦰs rose 1% about an hour before maꦫrkets opened.