On April 18, 2024, U.S. equities experienced a midday rally fueled by a wave of stronger-than-expected earnings reports. The S&P 500, Dow, and Nasdaq all saw gains, reversing a recent slump in the market. Shares of D.R. Horton soared after the homebuilder reported impressive second-quarter earnings that surpassed estimates, thanks to increased sales driven by a shortage in the supply of houses.
In another sector, Alaska Air Group’s stock rose after the airline posted better-than-expected results and provided positive guidance amid rising travel demand. This positive news also had a ripple effect on rival airline companies’ shares. Meanwhile, Donald Trump’s Trump Media & Technology Group saw a surge in its stock price for a second consecutive session, following a recent low. The company shared strategies with investors on how to prevent short sellers from borrowing its stock.
On the flip side, Tesla shares took a hit as Deutsche Bank downgraded the stock and lowered the price target due to concerns about delays in the production of the Model 2 and the company’s emphasis on developing its robotaxi. Equifax also faced a decline in its stock price after posting guidance for the current quarter that fell short of expectations, attributing the slowdown to decreased mortgage inquiries. Shares of Snap-on, a toolmaker, dropped as their revenue missed estimates due to a decrease in demand for power tools.
In commodities trading, oil futures saw a decline while gold prices and the yield on the 10-year Treasury note rose. Despite this
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