Markets Flat Following Bank and Healthcare Earnings

By
Terry Lane
Terry Lane
Full Bio
Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina.
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Published April 19, 2023
Table showing the performance of major U.S. financial indexes on April 19, 2023

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Key Takeaways

  • U.S. equities indexes ended mostly flat on April 19, 2023, as the market digested earnings reports from more key companies.
  • The Dow ended Wednesday's session around 0.2% lower, while the Nasdaq and the S&P 500 were little changed on the day.
  • Shares of Netflix (NFLX) dropped after the streaming service's subscriber growth came in lower than expected.

U.S. equities were little changed after another set of earnings reports. The Dow was 0.2% lower, while the S&P 500 and Nasdaq finished flat.

Netflix (NFLX) shares dropped more than 3% after it reported lower-than-expected subscriber growth. Declines in shares of Disney (DIS) and Facebook parent Meta Platforms (META) weighed on the communications sector. Tesla (TSLA) shares fell more than 2% and are down 3.7% in after-hours trading after the electric vehicle maker said that price cuts reduced the company's income by more than 20%.

Healthcare stocks pushed higher on the strength of makers of medical devices and instruments. Abbott Labs (ABT) shares rose close to 8% after the company reported profits and revenues that beat expectations. Shares of Intuitive Surgical (ISRG) were up more than 10% on growth of its robotic surgical systems.

Morgan Stanley (MS) was the latest bank to report earnings, and its shares gained 0.7% after falling earlier in the day as it reported declining earnings and revenue. Shares of Citigroup (C) and Wells Fargo (WFC) were also up less than 1%, helping push the financial sector into the green.

Shares of major airlines rose following a United Airlines (UAL) earnings report that showed strong summer travel projections, sending its shares up by 7.5%. American Airlines (AAL) shares gained more than 2.5%, and Delta Airlines (DAL) shares were up 1.6%.

Oil futures declined. The U.S. dollar fell against the euro but was up versus the yen. Prices of major cryptocurrencies fell, as the price of Bitcoin (BTC/USD) dropped more than 3%, while the price of Ethereum (ETH/USD) was down nearly 5%. The yield on the 10-year Treasury note moved up slightly.

Table showing the S&P 500 stocks with the biggest gains and losses on April 19, 2023

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