{"id":5642,"date":"2023-05-08T06:55:17","date_gmt":"2023-05-08T10:55:17","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/stock-market-today-dow-ends-week-in-red-despite-apple-inspired-rally\/"},"modified":"2023-05-08T06:55:17","modified_gmt":"2023-05-08T10:55:17","slug":"stock-market-today-dow-ends-week-in-red-despite-apple-inspired-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=5642","title":{"rendered":"Stock Market Today: Dow ends week in red despite Apple-inspired rally"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com — The Dow\u00a0ended the week in the red despite a rally on Friday amid an Apple-led jump in tech and a better-than-expected monthly jobs report that eased worries about a deeper and darker recession.\u00a0<\/p>\n

the added 1.7%, or 546 points lower, and the gained 2.3%, and the\u00a0 was up 2.3%.<\/p>\n

Apple (NASDAQ:) rose more than 3% after reporting fiscal second-quarter that topped Wall Street estimates, underpinned by strong iPhone sales in emerging markets.<\/p>\n

Overall this is remains a \u201cgolden installed base story\u201d for Apple, Wedbush said, setting up for a \u2018new \u2018mini super cycle\u2019 despite the murky macro heading into the anniversary iPhone 15 expected to launch in the September timeframe.\u201d<\/p>\n

Other big stocks including Alphabet Inc Class A (NASDAQ:), Microsoft Corporation (NASDAQ:) and Amazon.com Inc (NASDAQ:) were also higher.\u00a0<\/p>\n

Regional banking stocks Western Alliance Bancorporation (NYSE:), First Horizon National Corporation (NYSE:), and PacWest Bancorp <\/span><\/span> (NASDAQ:) clawed back their losses from a day earlier, though some attributed the move to an oversold rally and suggest that it is too early to suggest the banking turmoil is over.<\/p>\n

\u201cThis oversold rally we are currently seeing has alot of potential firepower behind it, but it is too early to confirm that we have seen the final lows to this banking crisis,\u201d Jennery Montgomery Scott.<\/p>\n

The economic front also helped lift sentiment on risk assets including stocks after the U.S. created more jobs than expected in April, stoking hopes the U.S. may be able to avoid a severe and long recession.<\/p>\n

increased 235,000 in April, well above consensus expectations for 180,000 new jobs, though there were downside revisions to the prior March and February jobs reports.<\/p>\n

The \u00a0unexpectedly fell by 0.1% to 3.4%, while rose 0.5% for the month, topping estimates for 0.3%, pointing to the ongoing risk of a wage-led boost to inflation that will likely encourage the Fed to persist with higher for longer rates.<\/p>\n

\u201cOn balance, the data suggest the soft landing we expect this year is achievable,\u201d Morgan Stanley said in a note.<\/p>\n

Elsewhere on the earnings front, LYFT Inc (NASDAQ:) fell 19% as wider than expected loss and softer guidance stoked bearish bets on the stock.<\/p>\n

This was the riding-hailing company\u2019s maiden results since David Risher was appointed CEO, with some on Wall Street insisting Risher would need to implement more cost cuts and price hikes to improve margins.<\/p>\n

\u201cLyft can eventually pass along more insurance costs and inch up pricing without losing share, we could see a path to significant margin improvement,\u201d {{0UBS said in a note.<\/p>\n

Coinbase (NASDAQ:), meanwhile, rose 18% after the cryptocurrency platform reported better-than-feared quarterly results, driven by cost cuts and subscriber strength.<\/p>\n

Carvana <\/span><\/span> Co (NYSE:) was also among the biggest gainers, up 24%, after the used car retailer said it was ahead of plans to reach positive adjusted profit during the second quarter.<\/p>\n

But not everyone on Wall Street is cheering the results and continue to view the company as a show me story,<\/p>\n

\u201cValue for the equity is limited unless the company can continue to show a rapid improvement in profitability beyond 2Q23; as we believe this is unlikely, we continue to continue to rate CVNA underperform,\u201d Wedbush said in a note.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com — The Dow\u00a0ended the week in the red despite a rally on Friday amid an Apple-led jump in tech and a better-than-expected monthly jobs report that eased worries about a deeper and darker recession.\u00a0 the added 1.7%, or 546 points lower, and the gained 2.3%, and the\u00a0 was up 2.3%. Apple (NASDAQ:) […]<\/p>\n","protected":false},"author":1,"featured_media":5643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-5642","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nStock Market Today: Dow ends week in red despite Apple-inspired rally | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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