📆 Wednesday, April 24
► The Stoxx Europe 600 index rose slightly, holding its gains after a substantial two-day rise. Despite a strong performance from tech firms like ASM International, which surged due to better-than-expected orders, the overall market was weighed down by poor results in the banking and luxury sectors. Lloyds Banking Group and Kering, the parent company of Gucci, saw declines due to disappointing earnings, casting a shadow over the broader market.
► US markets saw a positive shift with futures on the Nasdaq 100 leading gains, lead by after-hours gains of Tesla. Despite Tesla's 9% drop in first-quarter revenue, the biggest decline since 2012, missing analysts’ Q1 revenue, profitability and margin expectations Tesla was able to turn investors optimistic about its future due to the potential of more affordable EV models, Optimus, humanoid robots, FSD, Robotaxi, and it's charging network. Almost like a sleight of hand, Tesla has managed to shift the focus from a disastrous quarter to visions for the future (“don't look there – look here”) – after initial euphoria, our chief analyst therefore expects share price losses again as it will take a long time for these investments to actually translate into sales. The S&P 500 continued its upward trend, marking its best consecutive rally in months, spearheaded by Nvidia and other tech giants. This comes amidst expectations of relaxed Federal Reserve policies following weaker-than-expected business activity indicators, suggesting a potential easing of monetary policy.
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