Markets Mixed Ahead of Tech Earnings

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published April 24, 2023
Table showing the performance of major U.S. financial indexes on April 24, 2023

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Key Takeaways

  • Major U.S. equities indexes were mixed on April 24, 2023, remaining relatively flat ahead of earnings reports by key tech companies due later in the week.
  • The Dow and the S&P 500 managed to close Monday's session slightly higher, while the Nasdaq ticked lower on weakness in tech stocks.
  • Shares of Fox Corporation (FOXA) declined on news that Tucker Carlson had parted ways with Fox News.

U.S. equities were mixed and little changed on Monday, April 24, ahead of key earnings reports from some of the biggest names in the tech sector. Alphabet (GOOGL) and Microsoft (MSFT) are set to announce their results on Tuesday, with Meta Platforms (META) due to report on Wednesday and Amazon (AMZN) on Thursday.

Tech stocks struggled. Intel (INTC) shares lost 2% on indications of slow demand for its Sapphire Rapids chip. Tesla (TSLA) shares dropped after a group of investors said that CEO Elon Musk should spend more time focusing on running the electric carmaker. First Solar (FSLR) shares declined on an analyst downgrade.

Carrier Global Corporation (CARR) was the worst-performing stock in the S&P 500 on a report that the maker of heating, ventilation, and cooling products is close to acquiring German industrial manufacturer Viessmann for more than $10 billion. The best-performing stock in the index was First Republic Bank (FRC) ahead of its quarterly financial report. However, shares of regional banks Zions Bancorporation (ZION), KeyCorp (KEY), and Comerica (CMA) were down.

Bed Bath & Beyond (BBBY) shares fell to an all-time low as the retailer announced that it was seeking bankruptcy protection. Shares of Fox Corporation (FOXA) plunged on word that late-night anchor Tucker Carlson has left Fox News.

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Getty Images (GETY) shares jumped on a $4 billion takeover offer from Trillium Capital. Oil futures rose more than 1%, driving up shares of oil and gas companies. Medtronic (MDT) shares gained following an upgrade from Wells Fargo. Shares of Ford (F) and General Motors (GM) advanced.

Gold prices gained. The 10-year Treasury note fell. The U.S. dollar lost ground to the euro and pound but advanced against the yen. Most major cryptocurrencies traded slightly lower.

Table showing the S&P 500 stocks with the biggest gains and losses on April 24, 2023

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