EARNINGS WEEK: Four Magnificent Seven Stocks Plus 4 More “Blue Chips” Reporting

Posted on April 23, 2024 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Busy earnings week will focus on the Magnificent Seven

Big Tech is leading the stock-market rout, but in the coming days, it has the opportunity to turn things around. Magnificent Seven members Microsoft, Meta, Alphabet, and Tesla are among the 178 S&P 500 companies scheduled to report their earnings this jam-packed week.

Other blue-chip stocks reporting include GM, Boeing, IBM, and PepsiCo.

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“Magnificent Seven” Stocks Down while Bitcoin Up

Posted on March 7, 2024 by Dr. David Edward Marcinko MBA

STATE OF THE UNION EVENING

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  • Markets: Stocks rose yesterday as investors watched Jerome Powell tell lawmakers that he still expects to cut interest rates this year, just not right away.
  • Stock spotlight: Troubled regional lender New York Community Bancorp, which fell 40% before soaring back up after announcing it’s getting $1 billion from investors, including ex-Treasury Secretary Steven Mnuchin’s firm.

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Meanwhile, Stocks tumbled on Tuesday as several of the “Magnificent Seven” tech giants shed some of their gains from earlier this year, dragging the entire market with them. One of those companies was Apple, which fell about 3% after a report suggested that iPhone sales in China have plunged in the first six weeks of 2024.

And, Bitcoin set a new record yesterday, briefly jumping past $69k before falling back down to ~$62k. The rally highlighted the crypto’s seemingly rapid recovery from the nail-in-the-coffin that was FTX’s demise in 2022.

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DAILY UPDATE: Markets Mixed as Technology Stocks Remains Under Pressure

Posted on February 22, 2024 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 6.29 points (0.1%) to 4,981.80; the Dow Jones Industrial Average® (DJI) added 48.44 points (0.1%) to 38,612.24; the NASDAQ Composite dropped 49.91 points (0.3%) to 15,580.87.
  • The 10-year Treasury note yield (TNX) rose more than 4 basis points to 4.319%.
  • The CBOE Volatility Index® (VIX) fell 0.05 to 15.37.

Chipmakers continue to be among the softest performers this week, which sent the Philadelphia Semiconductor Index (SOX) lower for the fourth-straight day. Small caps also remained under pressure as the Russell 2000® Index (RUT) declined 0.5%, its third-straight daily decline. Energy shares were among upside leaders with an assist from a jump of more than 1.3% in WTI crude oil (/CL)futures.

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DAILY UPDATE: Nvidia Stock Down as Markets Extend Losses

Posted on February 21, 2024 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Stocks fell to start the week as investors awaited Nvidia’s big earnings report today. Recent earnings for tech companies in the so-called Magnificent Seven have been a mixed bag, but as a group, they have never been stronger. Meanwhile, Intuitive Machines’s stock zoomed as its pilot less spacecraft remained on track to touch down on the lunar surface Thursday.

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) fell 30.06 points (0.6%) to 4,975.51; the Dow Jones Industrial Average lost 64.19 points (0.2%) to 38,563.80; the NASDAQ Composite declined 144.87 points (0.9%) to 15,630.78.
  • The 10-year Treasury note yield (TNX) fell about 2 basis points to 4.275%.
  • The CBOE Volatility Index® (VIX) rose 0.71 to 15.42.

Nvidia shares fell 4.4%, weakness that helped drag down shares of other chip makers and contributed to a drop of 1.6% in the Philadelphia Semiconductor Index (SOX), which ended near a two-week low. Energy shares also took pressure as WTI crude oil futures (/CL) sank 1.6%. Small caps were also soft, as the Russell 2000® Index (RUT) dropped 1.4%.

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DAILY UPDATE: Consumer Spending Down While CVS Earnings Up

Posted on February 20, 2024 by Dr. David Edward Marcinko MBA

By Staff Reporters

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To See What’s Next For Consumer Spending, Take a Closer Look at High ...
  • Stat: 0.8%. That’s how much consumer spending fell in January 204—a much bigger dip than expected (CNBC).

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CVS reported strong results for its healthcare segment in 2023, showing a 10.2% increase in revenue compared to the prior year. Still, executives lowered the segment’s 2024 guidance in anticipation of rising medical costs, according to earnings released this month.

Finally, the US stock market reopens today after the long weekend, and everyone’s still talking about the Magnificent Seven. That’s because, according to a new report from Deutsche Bank, profits at these seven tech giants are greater than the profits of all publicly traded companies in nearly every G20 country. And in terms of market value, they’d be the second-largest national stock exchange in the world. Goldman Sachs sees this party lasting all night: It raised its 2024 target for the S&P 500 for the second time.

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DAILY UPDATE: Apple and the “Magnificent 7” Stocks Drop with the Markets

Posted on January 3, 2024 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Driving much of the tech slump was a 4% drop by Apple’s stock, a dive precipitated by an analyst downgrade questioning why the $2.9 trillion (market capitalization) company is trading at such an expensive valuation considering its negative earnings and profit growth.

Other members of the “magnificent seven” tech stocks, which gained a collective $5.1 trillion in market cap last year, also flailed Tuesday. Alphabet, Amazon, Meta, Microsoft, Nvidia and Meta each fell 1.6% or more, while Tesla was the sole magnificent seven member in the green, as its shares slipped less than 1% after reporting more fourth-quarter electric vehicle deliveries than fore-casted.

Here is where the major benchmarks ended:

  • The S&P 500 index was down 27.00 points (0.6%) at 4,742.83; the Dow Jones Industrial Average® (DJI) was up 25.50 points (0.1%) at 37,715.04; the NASDAQ Composite was down 245.41 points (1.6%) at 14,765.94.
  • The 10-year Treasury note yield (TNX) was up about 7 basis points at 3.931%.
  • The CBOE® Volatility Index (VIX) was up 0.73 at 13.18.

Semiconductor companies led the way lower Tuesday after Bloomberg reported Netherlands-based ASML Holding NV (ASML) canceled shipments of some of its machines to China at the request of U.S. President Biden’s administration weeks before export bans on the high-end chipmaking equipment came into effect. The Philadelphia Semiconductor Index (SOX) tumbled 3.7%. Health care and energy sectors were among the few areas of strength, the latter gaining despite a 1.6% drop in crude oil futures.

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DAILY UPDATE: Another Health System Data Breach as the “Magnificent Seven” Stocks End Mixed

Posted on December 29, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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A health system in Michigan has experienced its second cybersecurity breach this year, affecting more than 1 million patients, according to state officials. Michigan Attorney General Dana Nessel announced Tuesday there was a breach at HealthEC, a vendor that provides services to Corewell Health’s southeast Michigan properties. The breach exposed patients’ personal and medical information.

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With Nvidia and Tesla on the rise, acronyms like FAANG and MAMAA no longer cut it: The top tech giants (Amazon, Alphabet, Apple, Meta, Google, plus Nvidia and Tesla) have now been dubbed the “Magnificent Seven.” Buoyed by the generative AI gold rush, they were responsible for 29% of the S&P 500’s total value.

Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

  • The S&P 500 index was up 1.77 points at 4,783.35; the Dow Jones Industrial Average was up 53.58 points (0.1%) at 37,710.10; the NASDAQ Composite® (COMP) was down 4.04 points at 15,095.14.
  • The 10-year Treasury note yield (TNX) was up nearly 6 basis points at 3.844%.
  • The CBOE® Volatility Index (VIX) was up 0.03 at 12.46.

The S&P 500, Dow Jones Industrial Average, and NASDAQ Composite are all on track for a ninth consecutive weekly advance. Other parts of the market Thursday turned in mixed performances. The Russell 2000® Index (RUT) fell 0.4% but is still on track for a seventh consecutive weekly gain and has climbed 17% for the year.

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