- As investors reviewed earnings results from a slew of major firms on April 19, 2023, U.S. stock market indices mostly flatlined.
- On Wednesday, the Dow closed down by around 0.2%, while the Nasdaq and the S&P 500 hardly moved.
- When Netflix (NFLX) reported slower-than-anticipated membership growth, investors dumped the stock.
After yet another round of earnings reports, U.S. stocks hardly budged. While the S&P 500 and Nasdaq both ended the day unchanged, the Dow fell by 0.2%.
Shares of Netflix (NFLX) fell by more than 3 percent after the company announced slower customer growth than projected. The media and technology sector took a hit due to declines in Disney (DIS) and Facebook’s parent company, Meta Platforms (META). After the electric car manufacturer reported a 20% drop in revenue due to price reduction, shares of Tesla (TSLA) plummeted more than 2% and are down 3.7% in after-hours trade.
The producers of medical equipment and gadgets propelled the healthcare sector forward. After Abbott Laboratories (ABT) announced earnings and sales that beyond estimates, the stock price of the firm jumped by about 8%. As demand for its robotic surgical equipment increased, shares of Intuitive Surgical (ISRG) rose by more than 10%.
After previous declines in profits and sales, shares of Morgan Stanley (MS) rose by 0.7% as the day’s last bank to announce results. The banking sector as a whole was up, with gains led by Wells Fargo (WFC) and Citigroup (C).
Major airline stocks increased after United Airlines (UAL) reported good summer traffic predictions, driving its stock price up 7.5%. Both American Airlines (AAL) and Delta Airlines (DAL) saw their share prices rise, with AAL gaining over 2.5% and DAL gaining over 1.6%.
Oil futures fell. The U.S. dollar declined against the euro but strengthened against the yen. Major cryptocurrency prices tumbled, with Bitcoin (BTC/USD) losing almost 3% and Ethereum (ETH/USD) losing about 5% of its value against the US dollar. A little increase was seen in the yield on 10-year Treasury notes.