Nasdaq leads stock drop, Pfizer, CVS buck selling – Fox Business
Kaltbaum Capital Management President Gary Kaltbaum, Kadina Group president Gary B. Smith and Payne Capital Management President Ryan Payne discuss the markets, Biden’s spending plans and economic recovery.
U.S. stocks slipped in early trading as investors digested a fresh batch of corporate earnings.
The Nasdaq Composite paced the declines down over 1% led by Tesla and AMD.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 13587.694078 | -307.42 | -2.21% |
| TSLA | TESLA, INC. | 665.86 | -19.04 | -2.78% |
| AMD | ADVANCED MICRO DEVICES, INC. | 77.73 | -0.82 | -1.04% |
While the Dow Jones Industrial Average and the S&P 500 also fell 0.25% and 0.53%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33869.92 | -243.31 | -0.71% |
| SP500 | S&P 500 | 4145.01 | -47.65 | -1.14% |
In earnings news, both Pfizer and CVS boosted financial outlooks as demand for COVID-19 related items fueled results and shares moved higher.
“We delivered strong first-quarter results and improved our outlook for the year,” said CVS Health President and CEO Karen S. Lynch. “We continue to execute on our strategy while simultaneously managing through a pandemic, helping the country on the road to recovery.
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Moderna also in focus after announcing plans to boost its manufacturing facility in Massachusetts. “Our manufacturing facility has been core to our long-term strategy and has enabled us to provide the scale and flexibility to support the development of our mRNA medicines and vaccines including our COVID-19 vaccine,” said CEO Stéphane Bancel in a statement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PFE | PFIZER INC. | 40.13 | +0.34 | +0.84% |
| CVS | CVS HEALTH CORP. | 79.66 | +2.00 | +2.58% |
Marathon Oil shares were also lower after the company announced it has reduced $500 million in debt.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRO | MARATHON OIL | 11.18 | +0.03 | +0.27% |
After the closing bell investors will get results from Lyft, Xilinx, and Zillow to name a few.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LYFT | LYFT INC. | 53.79 | -3.29 | -5.76% |
| XLNX | XILINX, INC. | 121.40 | -2.15 | -1.74% |
| Z | ZILLOW GROUP INC | 117.67 | -8.03 | -6.39% |
In commodities, oil continues its upward climb touching the $65 per barrel level, while gold was modestly lower trading at $1,782 an ounce.
