Deutsche Bank and Barclays beat their earnings expectations
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The Figures: Amazon stock surged nearly 10% overnight after the company reported better-than-expected earnings for Q1 2023. Breakdown: AWS slightly outperformed expectations, bringing in $21.35B compared with the $21.03B forecasted, while the company's advertising revenues reached $9.5B, above the $9.1B expected by analysts. Catalyst: Amazon has been increasing efficiency and cut nearly 76,000 jobs, reducing its workforce to 1.46 million people. The company is laying off another 27,000 employees.
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US Markets Stock futures saw gains overnight led by Amazon, which published strong results on Thursday. - Intel fell overnight after the chipmaker announced its largest-ever quarterly loss. The stock is expected to open down just over 1%.
- Snap shares dropped almost 20% overnight after the company announced lower-than-expected earnings.
- The current 10 Year U.S. Treasury yield is set at 3.52520%
| Dow Jones | 33,826.16 | 1.57% | | S&P 500 | 4,135.35 | 1.96% | | Nasdaq | 12,142.24 | 2.43% | | Russell 2000 | 1,751.22 | 1.20% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Overnight Movers Some stocks made significant moves overnight: - First Solar fell 5% after the company reported earnings of 40 cents per share and $548M in revenue, versus the $1.02 per share and $718M in revenue expected by analysts.
- Cloudflare dropped nearly 25% after the company lowered its forecasts and reported lower-than-anticipated earnings.
- Pinterest lost 8% despite beating expectations. Its Q2 revenue growth forecast fell short of investor hopes and the company said it expects higher operating costs in the coming months.
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Canadian Markets Canada Mortgage and Housing Corp (CMHC) expects home prices to stay below pre-pandemic levels this year. - Home prices, which decreased by approximately 14% between March 2022 and March 2023, are now "leveling off," according to CMHC's chief economist, Bob Dugan.
- According to CMHC's baseline forecast, the average home price for 2023 will reach $643,325, compared with $703,875 in 2022.
- CMHC predicts home prices will rise 7.9% in 2024 and 7.5% in 2025.
- CMHC estimates that fewer houses will be built in 2023 than in the previous three years.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets Stocks in Europe rose slightly on Thursday after strong earnings reports helped create positive momentum. - The Stoxx 600 gained 0.2% on the day, led by a 1.3% increase in industrial stocks.
- Bank stocks also performed well, gaining 1.1% on the day as both Deutsche Bank and Barclays beat their earnings expectations.
- Deutsche Bank rose 3.2% after reporting that Q1 was its 11th consecutive positive quarter.
- Barclays gained 5.3% after reporting that growth in its consumer credit card division contributed to an increase in revenues.
- Media stocks dragged down markets, falling 1.7%.
| Euro STOXX 50 | 4,358.05 | 0.24% | | UK (FTSE 100) | 7,831.58 | -0.27% | | Germany (DAX) | 15,800.45 | 0.03% | | France (CAC 40) | 7,483.84 | 0.23% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Markets in Asia rose on Thursday ahead of Kazuo Ueda's first policy meeting as the governor of the Bank of Japan. - Ueda is expected to continue with the loose monetary policies of his predecessor in the short term but may follow a different path in the future.
- Stocks in Singapore fell after the country raised taxes for property acquisitions.
- Samsung reported a 94% decline in operating profit from Q1 2022 to Q1 2023.
| S&P Asia 50 | 4,516.58 | 0.68% | | Japan (Nikkei 225) | 28,457.68 | 0.15% | | South Korea (KOSPI) | 2,495.81 | 0.44% | | China (Hang Seng) | 19,840.28 | 0.42% | | India (SENSEX) | 60,649.38 | 0.58% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Following significant price swings earlier this week, oil prices were up slightly during a tame trading session on Thursday. - Brent gained $0.60 on the day and U.S. West Texas Intermediate rose $0.51. Both are currently under $80 a barrel.
- According to a Reuters report, Russia's exports of refined products have increased despite efforts by the EU to restrict the country's shipments through an embargo and an oil price cap.
- Russia's Deputy PM said OPEC+ does not need to make further output cuts, aside from an earlier decision to reduce production by 1.16 million barrels per day.
| Oil (NYSEARCA:OIL) | 28.58 | 0.42% | | Gold (NYSEARCA:GLD) | 184.75 | 0.01% | | Silver (NYSEARCA:SLV) | 22.89 | 0.26% | | Corn (NYSEARCA:CORN) | 23.45 | -2.66% | | Lumber (NASDAQ:WOOD) | 69.51 | 0.52% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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