Markets Gain to Start Busy Week of 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 17, 2023
Table showing the performance of major U.S. financial indexes on April 17, 2023

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Key Takeaways

  • Major U.S. equities indexes edged higher on April 17, 2023, kicking off a week that will feature earnings reports from some of the world's largest companies.
  • The Dow, S&P 500, and Nasdaq all finished Monday's session around 0.3% higher.
  • M&T Bank (MTB) shares jumped nearly 8% following positive financial results.

U.S. equities finished higher to start a busy week of earnings. The Dow, S&P 500, and Nasdaq all gained 0.3%.

M&T Bank (MTB) was the best-performing stock in the S&P 500, with shares rising 7.8% after the company reported earnings that beat expectations. It was joined by Enphase Energy (ENPH), as its stock price jumped 7.7% after the solar power company received a credit upgrade for its international growth. Warner Bros. Discovery (WBD) shares climbed 7.2% after it announced that it would launch a new streaming service.

Shares of Prometheus Biosciences (RXDX) finished 69.7% higher after the maker of intestinal inflammatory disease treatments said that it will be acquired by Merck (MRK) for $10.8 billion. Merck shares lost 0.3%.

Drugmaker Moderna's (MRNA) stock price dropped 8.3% after results from its cancer vaccine trials with Merck suggested that approval for the treatment could be lengthy. Shares of Google parent Alphabet (GOOGL) declined 2.7% on news that Samsung was considering making Microsoft's Bing the default search engine for its phones.

State Street Shares Decline on Earnings Miss

State Street (STT) posted the largest declines of any stock on the S&P 500, with shares dropping 9% after the financial firm reported an earnings miss and revealed that its deposits were down by nearly $12 billion. Charles Schwab (SCHW) also reported a decline in deposits, but its positive earnings helped boost shares 4%.

Oil futures were down nearly 2%. Most major cryptocurrencies traded lower, as the price of Bitcoin (BTC/USD) fell 0.5% to below $29,500. The U.S. dollar index was up more than 0.5%. The 10-year Treasury note yield rose.

Table showing the S&P 500 stocks with the biggest gains and losses on April 17, 2023

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