What’s Happening with the Nasdaq Composite
The Nasdaq Composite is struggling to cope with challenges. On Wednesday, the index closed at its low of 2022, a day after its worst daily loss since 2020, as stocks attempted to rebound from a technology-led sell-off in April.
The Nasdaq Composite finished little changed at 12,488.93, after being up 1.7% at its highs. The Dow Jones Industrial Average gained 61.75 points or 0.2% to 33,301.93. The S&P 500 added 0.2% to 4,183.96.
All of them struggled for direction on Wednesday, swinging between gains and losses.
Unsurprisingly, corporate earnings were in focus as investors analyzed quarterly results from mega-cap names.
For instance, Microsoft gained 4.8%, providing support to the major averages, after strong earnings results. The tech giant posted a better-than-expected quarterly report and issued optimistic forward revenue guidance.
The company’s revenue rose by 18% year over year in the quarter, which ended on March 31, compared with 20% in the previous quarter. It turned in the smallest revenue bit since 2018, surpassing the consensus by less than 1%.
Shares of Visa jumped nearly 6.5%, the top gainer on the Dow, after Visa’s quarterly results surpassed analyst estimates on the top and bottom lines. On Wednesday, solar company Enphase Energy gained 7.7% and was the biggest winner on the S&P 500 after an earnings beat.
However, Google’s parent company Alphabet failed to meet expectations. It dropped 3.6% after the company’s earnings results missed consensus estimates. Alphabet’s management warned on the conference call of another potentially weak quarter ahead.
Shares of Boeing suffered serious losses. Its shares dropped 7.5% after an earnings miss, making Boeing the biggest laggard on the Dow.
Nasdaq Composite and the S&P 500
The Nasdaq Composite is in bear territory, roughly 23% below its high. It is worth noting that the S&P 500 is 13.2% off its record and sits below a key support level of 4200.
In April, the S&P 500 is down 7.7%. The Nasdaq Composite dropped 12.2%. The Dow Jones Industrial Average fell nearly 4%.
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