Equity Indexes Wrap: Tech Stocks Bounce Back From Two-Day♔ Sell-Off; Airlines Tumble on Fuel Costs, Boeing Delays

The Dow

3M (MMM) led the index higher, rising 5% after it tapped former head of defense firm L3Harris Technologies (LHX) William M. Brown 澳洲幸运5官方开奖结果体彩网:to be its next CEO. 

IBM (IBM) shares a꧃dvanced 3.2% amid reports it would reduce its marketing and communicati💫ons staff.

Tech giants Microsoft (MSFT) and Amazon (AMZN) rose 2.7% and 1%, resp👍ectively, amid a rebound in enthusiasm for artificial intelligence beneficiaries. 

Boeing (BA) fell 4.3% after Southwest Airlines 澳洲幸运5官方开奖结果体彩网:lowered its capacity forecast for the year♏ as it anticipates Boeing delivering significantly fewer planes than previously e൩xpected. 

Nike (NKE) slipped 0.9%, weighed on by an 澳洲幸运5官方开奖结果体彩网:earnings miss from sneaker competitor On Holding (ON). 

The S&P 500

Oracle (ORCL) surged 11.8% after it reported better-than-expected q🌳uarterly earnings amid strong demand for its artificial intelligence products. 

Archer Daniels Midland (ADM) rose 3.9% after 澳洲幸运5官方开奖结果体彩网:reiterating that weaknesses in its 🍨accounting controls would not materially impact its full-year earnings. 

Apple (AAPL) ticked up 0.3% despite 澳洲幸运5官方开奖结果体彩网:conceding that it would allow developers to distribute💟 apps to European customers through their own websites rather than relying solely on the App Store, where it collects a fee. 

Southwest Airlines (LUV) tumbled 14.9% on the aforementioned cut to its full-year🌄 capacity outlook.

American Airlines (AAL) slid 4.7% after it lowered its full-year earnings outlook due to higher-than-expected fuel costs. 

The Nasdaq 100

Nvidia (NVDA) surged 7.1%, rebounding from a 澳洲幸运5官方开奖结果体彩网:two-day sell-off. Fellow chip stocks Advanced Micro Devices (AMD) and ASML Holding (ASML) each rose more than 2%.

PDD Holdings (PDD) jumped 5.6%, rising for a second day after yesterday being 澳洲幸运5官方开奖结果体彩网:upgraded by Jefferies, which cited gains in market share.

Costco (COST) advanced 3.2% to rebound slightly from a two-day 澳洲幸运5官方开奖结果体彩网:post-earnings sell-off. 

Illumina (ILMN) slumped 4.6% amid reports activist investor Carl Icahn had calℱled off his threat to push for a board seat. 

ADM Gains as It Provid▨🐲es Update on Accounting Probe

Shares of agriculture commodity company Archer-Daniels-Midland (ADM) rose Tuesday as the company provided a much-anticipated update on an internal investigati🅰on into the accounting practices of one of its divisions and released a delayed fourth-quarter earnings report.

ADM posted $720 million in adjusted net income and $1.36 in adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS), short of analyst estimates compiled by Visible Alpha, but the company's update on its accounting investigation may have eased investors' concerns.

In January, 澳洲幸运5官方开奖结果体彩网:ADM's stock tumbled after it announced an investigation into the accounting practices of its nutrition division and placed its 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Vikram Luthar on leave.

The audit revealed that some sales figures of goods sold between the nutrition division and some of ADM's other divisions were not reported at market value. In a statement and SEC filing, ADM 澳洲幸运5官方开奖结果体彩网:reiterated that the weaknesses in its accounting practices wouldn't have a material impact on its earnings.

ADM's board also approved an additional $2 billion under its existing 200-million-share buyback program through 2024.

Shares of ADM were 4.3% higher at $57.29 late in the afternoon on Tuesday. They've lost about one-fifth of their value since the start of 2024.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

NYCB Completes $1 Billion C🐲ash Injection;🀅 Plans Reverse Stock Split

New York Community Bancorp (NYCB) shares rose Tuesday after the bank announced the completion of a $1 billion equity ꦑinvestment by a group of firms and 𝔍its intention to implement a one-for-three reverse stock split. 

As 澳洲幸运5官方开奖结果体彩网:part of the deal, former Comptroller of the Currency Joseph Otting was named the lender’s new chief executive. He also joined the bank’s board of directors, the size of which was reduced to 10 members, alongside former Treasury Secretary Steven Mnuchin and investors Milton Berlinksi and Allen Puwalski.

The company also said on Monday that it was proposing a one-for-three 澳洲幸运5官方开奖结果体彩网:reverse stock split to increase its share price, which has plummeted this year amid concern about 澳洲幸运5官方开奖结果体彩网:its exposure to troubled commercial real estate loans.

Investors were first spooked by the company’s decision at the end of January to 澳洲幸运5官方开奖结果体彩网:slash its dividend after reporting a surprise quarterly loss. Shares came under further pressure late last month when the bank 澳洲幸运5官方开奖结果体彩网:replaced its longtime CEO after identifying “material weakne♌sses” in internal controls. 

NYCB shares were up 3.4% at $3.36 Tuesd🥃ay afternoon. Still, the stock has lost about 67% of its value in the last month and a half alone.

3M Stock ꦦClimbs After Company Appoints Bill Brown as CEO

Shares in 3M Company (MMM) moved sharply higher Tuesday after the company said it had appointed William M. "Bill" Brown as the new chief executive officer.

Brown, who was formerly CEO of aerospace and defense firm L3Harris Technologies (LHX), succeeds Mic🌳hael Roman, who will become 3M’s executive chairman, according to the statement from t✅he company. Both appointments take effect May 1.

The transition comes as the industrial conglomerate weathers a series of legal challenges. Last year, the company agreed to pay $10.3 billion to settle broad class-action lawsui🐬ts over so-called “forever chemicals" and also 🧸reached a $5.5 billion settlement over earplugs🅠 provided to the military.

Shares of 3M were up 4.9% at $98.67 Tuesday, after rising as high as $100.85 early i𝓀n the session. Shares of the company have lost about half their value since Roman became CEO in July 2018.

-澳洲幸运5官方开奖结果体彩网:Marc Zerbola Challande

Southwest and American Airl♈ines Give Guidance Warnings, Shares Plummet

Shares of Southwest Airlines (LUV) and American Airlines Group (AAL) fell Tuesday as problems with Boeing (BA) jet deliveries and higher fuel prices, respec꧅tively, are exp🌱ected to affect their results.

Southwest announced that it will have to cut capacity and reduce its outlook because it will receive fewer Boeing jets than anticipated this year. Southwest explained that the plane maker, which is the airline's sole supplier, has advised the carrier that it should anticipate delivery of 46 737 Max 8 planes, 12 fewer than originally planned.

The Boeing situation led the carrier to write in a regulatory filing that it is “reevaluating all prior full ye✤ar 2024 guidance, including the expectation for capital spending,“ and plans to give an update in its first-quarter earnings release April 25.

For American, the issue is the cost of jet fuel. The airline warned that its current-quarter adjusted loss would be at “the low end” of its previous forecast of a decline of $0.15 to $0.35 per share. American said fuel prices “have increased considerably since the Company’s initial first-quarter guidance issued on January 25, 2024.”

Southwest Airlines was the worst-performing stock in the S&P 500 early Tuesday afternoon, down 14.5% to $28.85. American Airlines (down 4.3%) and Boeing (down 4.4%) were also near the top of the list of big declinerꦉs.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Kohl's Posts Earnings Beat, But Forecasts Declining Profit This Year

Kohl's (KSS) shares slipped Tuesday despite the department-store chain releasing holiday-quarter results that beat analysts' profit 🦩expectations.

Kohl's posted a fiscal fourth-quarter profit of $186 million, or 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.67, exceeding analyst estimates compiled by Visible Alpha. The figures were also well above those in the fourth quarter of the 2022 fiscal year, when Kohl's posted a loss of $273 million or $2.49 a share.

This marks the fourth consecutive quarter that Kohl's has beat analysts' EPS estimates after a 澳洲幸运5官方开奖结果体彩网:turbulent ending to 2022, inclu𒀰ding a sudden CEO departure. Kohl's posted a $317 million profit for the full 2023 fiscal year, or $2.85 a share.

This year, however, may be less profitable♉. The retailer forecast net sales would range from a decrease of 1% to an increase of 1%, while full-year EPS would fall in a range of $2ꦗ.10 to $2.70.

Kohl's shares were down 2.7% at $26.47 midday Tuesday. The stock is down about 7% so far in 2024, but up 6% in the last 12 months.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Advance Auto Parts Gains as Activist Hedge Fund Third Point Takes Stake, Adds Directors

Automotive aftermarket parts provider Advance Auto Parts Inc.'s (AAP) shares rose in early trading on Tuesday after Dan Loeb’s 澳洲幸运5官方开奖结果体彩网:activist hedge fund Third Point LLC dis♔closed a stake and added three newꩲ directors to its board on Monday.

T🙈hird Point has teamed up with Saddle Point L.P., run by former Pershing Square Capital Management partner Roy Katzovicz, to take 🏅the position in the Raleigh, N.C.-based company, Advance Auto Parts said in a statement Monday.

The three directors appointed to the board are A. Brent Windom, Gregory L. Smith, and Thomas W. Seboldt. The company's board temporarily will expand to 12 directors w🦹ith the new appointments.

Advance Auto Parts' stock jumped 4% to $78.83, its highest price this year, on Tuesday.

-澳洲幸运5官方开奖结果体彩网:Fatima Attarwala

Oracle Stock Jump𒅌s After Earnings Report Shows 🐎AI-Related Gains

Oracle (ORCL) was the best-performing stock in the S&P 500 Tuesday morning after the company reported results that 澳洲幸运5官方开奖结果体彩网:beat analysts' expectations and showcased its position to gain as enterprise cloud customers integrate 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) tech.

The company reported third-quarter revenue for the 2024 澳洲幸运5官方开奖结果体彩网:fiscal year&𝐆nbsp;of $13.3 billion, landing slightly above analyst estimates compiled by Visible Alpha and show🥀ing a 7% year-over-year gain.

Oracle's net income for the quarter was $4 billion, surpassing analyst estimates and up from the previous quarter and year-ago period. 澳洲幸运5官方开奖结果体彩网:Earnings per share (EPS) at $1.41 exceeded analysts' expecta🌞tions and rose 16% from the previous year.

Oracle shares surged over 💜11% to $127 Tuesday morning. The stock has g𒈔ained about 50% of its value over the past year.

-澳洲幸运5官方开奖结果体彩网:Naomi Buchanan

Bank of America Ups 2024 S&P 500 EPS Forecast

Bank of America on Tuesday raised its estimate for S&P 500 profit t♉o a Street high.

The bank upped its 2024 S&P 500 earnings per share estimate to $250 from $235, representing a 12% increase from 2023. BofA also introduced its 2025 EPS at $275.

The analysts upped their ꦕEPS estimate as BofA economists raised their U.S. GDP forecast. They see the U.S. economy expanding by 2.7% in 2024, nearly double their 1.4% estimate made in November. 

Companies have adjusted to last year’s higher rates and tepid demand, argue analysts led by Ohsung Kwon. “The next leg of growth comes from the top line," they wrote. 

And it wouldn't be 2024 without a mention of artificial intelligence. BofA sees "a virtuous cycle forming” from AI investments. Hyperscalers, including Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), and Meta (META), a🅠re expected to increase capital expenditures by 27% year-over-year in 2024.

"Semis and networking are the most obvious beneficiaries,” of this investment, Kwon said, “but increased power usage and the physical build-out of data centers will lead to more demand for electrification, utilities, commodities, etc. Productivity gains from AI and domestic investments are also a major tailwind."

-澳洲幸运5官方开奖结果体彩网:Christiana Sciaudone

Stocks Making the Biggest Moves Premarket

Gains:

• Oracle Corp. (ORCL): Shares of the software company surged more than 11% after it reported 澳洲幸运5官方开奖结果体彩网:better-than-expected earnings on strong demand for its AI products. 
• 3M Co. (MMM): Shares of the industrial conglomerate rose more than 6% after it appointed former L3Harris chief William M. Brown as its new CEO. 
• Carvana Co. (CVNA): Shares of the online used car retailer rose more than 3% after analysts at Jefferies upgraded the stock to hold and raised their price target to $85 from $30.  
  

Losses:

• Southwest Airlines Co. (LUV): Shares of the low-cost carrier tumbled 8% after it cut its 2024 capacity forecast, citing delays from plane manufacturer Boeing (BA), shares of which were down about 2% premarket. 
• American Airlines Group Inc. (AAL): Shares of the airline fell almost 4% after it warned its first-quarter loss would be at the low end of guidance offered in January due to a material increase in fuel costs. 
• Kohl’s Corp. (KSS): Shares of the department store chain fell more than 3% after its quarterly revenue fell short of Wall Street estimates, as did its current-quarter guidance. 

February Inf𒆙lation Hotter Than Economists Predicted—Again

Inflation was stickier than eꦯxpected for a second month i🌠n a row.

The Consumer Price Index showed prices rose 3.2% over the previous 12 months in February, more than January's annual rate of 3.1%. "Core” inflation, which excludes volatile prices for food and energy, declined to 3.8%, down from 3.9% in January. Both numbers were slightly more than economists expected, according to a survey by Dow Jones Newswires and the Wall Street Journal.

Prices ros💛e 0.4% over the month, an acceleration from the 0.3% monthly incre♑ase in January.

Investors also saw the report as news that might delay the Federal Reserve's awaited rate cuts. Just before the release, they were pricing in a 60.8% chance the first rate cut would come in June, according to CME's FedWatch Tool, which forecasts interest rate movements based on fed funds futures trading data. Immediately following the release of the inflation report, that fell to 58.4%.

-澳洲幸运5官方开奖结果体彩网:Diccon Hyatt and 澳洲幸运5官方开奖结果体彩网:Taylor Tompkins

Stock Futures Tick Up Ahead of CPI

Futures contracts connected to the Dow Jones Industrial Average were little changed from Monday's close.

S&P 500 futures ticked up 0.2%.

Nasdaq 100 futures were 0.4%💝 higher about an hour before markets opened.