FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange in New York CityMegacap Meta revived Big Tech jitters on Wall St overnight as its pumped-up stock balked at an ostensibly decent earnings update late Wednesday - but the mining sector was abuzz about BHP's a possible $39 billion mega bid for Anglo American.
With almost a third of the S&P500 reported already, nearly 80% have beaten estimates and reported earnings growth has picked up close to 7% - back to where consensus forecasts for the first quarter at the start of the year. And blended first-quarter earnings estimates, which combine what's come in with forecasts for those yet to report, have also climbed back above 3% after a swoon earlier in the month.
The big corporate news was in mining and BHP's $39 billion bid for London-listed Anglo American - a deal that would create the world's biggest copper miner and which sent Anglo's shares surging 13% on Thursday. Copper prices have risen more than 10% this year.
With no sign yet of any intervention to arrest the yen slide, the indication from Japan's government is that may not be considered until the dollar threatens 160 yen.* US Q1 gross domestic product, weekly jobless claims, March trade balance and wholesale/retail inventories, Kansas City Fed's April business survey
Investors are ramping up their exits from Cathie Wood's ARK after an epic 72% decline in her flagship fund Tesla’s first-quarter net income plummeted 55%, but its stock price surged in after-hours trading Tuesday as the company said it would accelerate production of new, more affordable vehicles. The Austin, Texas, company said it made $1.13 billion from January through March compared with $2.51 billion in the same period a year ago. Investors and analysts were looking for some sign that Tesla will take steops to stem its stock's slide this year and grow sales.