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Markets today: Stocks slump as Tesla and LVMH earnings disappoint

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Stocks slumped on lackluster results from Tesla Inc., LVMH and Deutsche Bank AG, fueling concern about the health of global business as the reporting season kicks into overdrive. Nasdaq 100 index futures sank more than one per cent.

Alex Nicholson and Julien PonthusThe New York Stock Exchange in New York, US, on Friday, June 28, 2024. --

“What we’re seeing during this earnings season is the growing gap between the rather optimistic profit consensus from analysts and slowing economic growth,” said Benoit Peloille, chief investment officer at Natixis Wealth Management. “With unemployment now on the rise, earnings disappointment is to be expected and that’s what we’re seeing this season. This is true for the U.S. and to some extent for Europe.”So far, about a fifth of S&P 500 companies have reported results.

Alphabet shares fell in premarket trading after a report on Tuesday showed the Google parent sunk more resources into its drive to outmatch rivals in artificial intelligence, fueling spending higher than analysts expected. Capital spending rose to US$13.2 billion in the second quarter, the company said.In Europe, LVMH shares dropped to a six-month low after a disappointing set of results signaled that even the strongest brands are succumbing to a slowdown in demand for high-end items.

 

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