News Formal

Markets today: Stocks slump as Tesla and LVMH earnings disappoint

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 50 sec. here
  • 45 min. at publisher
  • 📊 Quality Score:
  • News: 173%
  • Publisher: 50%

Asia News

Pacific Rim,Top Asia,Pacific Rim

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asia stocks down, yen slump keeps markets on intervention alertAsian shares fell and bond yields spiked on nervousness about inflation on Thursday, while the yen's slide past 160-per-dollar had currency traders bracing ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Markets today: tech lifts U.S. stocks as FedEx up in late hoursA rally in the world’s largest technology companies lifted stocks, with Nvidia Corp. climbing 7 per cent after a US$430 billion selloff.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Markets today: Tech megacaps lift stocks after Nvidia’s selloffA rally in the world’s largest technology companies lifted stocks, with traders also wading through economic data and remarks from Federal Reserve speakers for clues on the outlook for rates.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Markets today: tech hits U.S. stocks as Nvidia extends selloff to 13%Stocks lost traction as an about US$400 billion plunge in Nvidia Corp. raised speculation that the rally in the industry that has powered the bull market was due for a breather.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Markets today: Stocks tick higher as focus swings to tech resultsStocks edged higher as investor attention moved from U.S. politics to a wave of company earnings, with tech heavyweights Tesla Inc. and Alphabet Inc. due to report later Tuesday.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Markets today: Stocks struggle as tech outages hit businessesGlobal equities struggled on Friday as worldwide computer systems outages hit travel, trading and banking services, threatening to exacerbate a pullback in technology stocks.
Source: BNNBloomberg - 🏆 83. / 50 Read more »