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Live Nasdaq Composite: CSX (Nasdaq: CSX) Rises Amid Pivot to Earnings
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Key Points
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Markets are mixed out of the gate as the Nasdaq Composite attempts gains.
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Rail giant CSX is up 1% on the heels of its Q1 earnings report.
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The Dow is spiraling lower and is being pressured by UNH stock on disappointing earnings.
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Markets Go Their Own Way
The stock market indices are trading mixed, with the Nasdaq Composite and S&P 500 posting fractional gains while the Dow Jones Industrial Average is sharply lower, losing 300 points. UnitedHealth Group stock has been a weight on the Dow and S&P 500 today after its worrying quarterly results and outlook.
Honeywell (Nasdaq: HON), which is part of the Nasdaq Composite, is gaining over 2% on the day. The company reports its quarterly results on April 29. The company is in the midst of spinning off a couple of business divisions, and the stock is nearing the $200 per share level.
Alphabet (Nasdaq: GOOGL) is down 1% after BMO Capital cut its price target on the stock to $200 per share, which still represents upside from current levels of $151 per share.
Texas Instruments (Nasdaq: TXN) is gaining 1.5% on the day as the company expands its chip footprint in the auto sector.
Market Gains Slip
The Nasdaq Composite and S&P 500 are struggling to keep their grip on gains after coming out of the gate higher, while the Dow Jones Industrial Average remains pressured with a 1.2% loss on the day. UnitedHealth (NYSE: UNH) stock is a major drag on the Dow, owing to disappointing quarterly results, while CSX (Nasdaq: CSX) remains a bright spot, rising 1.2% on the day.
Chip stock Qualcomm (Nasdaq: QCOM) is up nearly 1% this morning on a bullish report out of Citi analysts.
Sector performance is largely positive, led by a 2.4% gain in energy stocks but dampened by a tech sector that has just turned south.
After yesterday’s massive technology sell-off, the markets are licking their wounds, with the three major stock market averages giving a mixed showing. Among the gainers is the Nasdaq Composite with a 0.63% advance and the S&P 500 also fractionally higher while the Dow Jones Industrial Average is currently erasing over 400 points. Most sectors of the economy are seeing green today, a complete reversal from yesterday’s leader board. The markets are still processing Fed Chairman Jerome Powell’s comments from yesterday, which were on the hawkish side of monetary policy.
Earnings are capturing some attention away from tariffs with railway CSX (Nasdaq: CSX) gaining 1% on the heels of its Q1 print. CSX faced challenges in the quarter, including a 7% year-over-year decline in revenue, but met consensus expectations amid a backdrop of weaker coal prices and dwindling fuel surcharges.
Big Tech is mostly showing green this morning but remains mired in losses over the past five-day stretch, including a 2% drop in Apple (Nasdaq: AAPL), 14% decline in Meta (Nasdaq: META) and nearly 9% drop in Nvidia (Nasdaq: NVDA) over the past week or so.
UnitedHealth (NYSE: UNH) is a big drag on the Dow, shaving off 18% of its value today alone on disappointing earnings results.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 446 (-1.09%)
Nasdaq Composite: Up 118.75 (+0.65%)
S&P 500: Up 22 (+0.41%)
Market Movers
Qualcomm (Nasdaq; QCOM) is rising today on the heels of a bullish report out of Citi analysts, who reportedly raised estimates on the company and added it to their positive catalyst watchlist thanks to robust demand for its chipsets out of China. QCOM stock has been volatile and is down 11% year-to-date.
Citi also likes Generac Holdings (Nasdaq: GNRC), upgrading the stock to “buy” with a “high-risk” tone from “neutral.”
BMO has upgraded shares of wood producer (NYSE: TREX) Trex to “outperform” from “market perform,” calling shares attractive. The stock is up 1.8% today.
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