Dow Jones futures rose solidly early Monday, along with those of the S&P 500 and Nasdaq, as fears ebbed after Iran’s Saturday attack on Israel. Tesla (TSLA) fell on the stock market today as it announced big layoffs.
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Among Dow Jones giants, Goldman Sachs (GS) rose on strong earnings before the open. Apple (AAPL) edged lower on tumbling iPhone sales. Salesforce.com (CRM) fell on the latest takeover chatter. And outside the Dow, Charles Schwab (SCHW) reported earnings.
Meanwhile, March retail sales rose 0.7% overall — and 1% excluding autos and gas — both well above forecasts. February’s overall gain was revised up to 0.9%. The New York Fed’s April Empire State Manufacturing Index rose to -14.3 from March’s -20.9, but that was well off the break-even point and below views for -5.1.
The stock market rally suffered significant losses last week, especially Friday on Iran-Israel fears. The Nasdaq held up best, as Nvidia (NVDA) stock rebounded from a key level, but still declined. Nvidia rebounded slightly in premarket trade Monday.
Stock Market Today: Dow Jones Rises
Dow Jones futures climbed 0.9% vs. fair value on the stock market today, with Goldman stock, Apple and Salesforce moving blue chips. S&P 500 futures rose 0.8%. Nasdaq 100 futures also advanced 0.9%.
The 10-year Treasury yield jumped to 4.61%, which would be a fresh 2024 high.
Crude oil futures were down slightly.
Also, copper rose as the U.S. and U.K. imposed new sanctions on Russian copper, aluminum and nickel.
Remember that premarket action in Dow futures and elsewhere doesn’t necessarily translate into actual trading on the stock market today.
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Stock Market Rally In Retreat
The stock market rally retreated last week, with Friday’s heavy losses serving as an expectations breaker to an encouraging Thursday.
The Nasdaq fell 0.45% in last week’s stock market trading, skidding 1.6% on Friday from Thursday’s record close.
The S&P 500 index retreated 1.6% for the week, just above its 50-day moving average. The Dow Jones Industrial Average slumped 2.4% and the small-cap Russell 2000 skidded 2.9%, both to their worst levels in weeks and clearly below the 50-day line.
The 10-year Treasury yield jumped 12 basis points to 4.5%, hitting a 2024 high of 4.59% on Thursday.
U.S. crude oil prices declined 1.4% to $85.66 a barrel. Crude hit a multi-month high of $87.67 Friday morning.
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Goldman Sachs Earnings
On Monday, Goldman Sachs reported first-quarter earnings that were well above forecasts. Shares of Goldman rose more than 4%, signaling a move back above the 50-day line.
Charles Schwab narrowly beat Wall Street views when it reported before the open on the stock market today. Schwab stock edged lower, just above a buy point.
Tesla Reports Layoffs, Halts Cybertruck Deliveries
Tesla confirmed that it will cut more than 10% of its global workforce, according to an Elon Musk email to staff. That would be more than 14,000 jobs. That comes as the electric-vehicle maker faces slowing demand and overcapacity at its plants.
Tesla has significantly reduced Model Y inventory discounts in the U.S., even as inventories continue to swell. Along with the big job cuts, that suggests that the EV giant will slash production further in an effort to prop up margins.
Meanwhile, Tesla has halted Cybertruck deliveries, according to online chatter over the weekend. And late Friday, Tesla cut the price of Full Self-Driving subscriptions to $99 a month from $199.
Tesla fell a fraction in premarket trading on the stock market today.
Tesla stock rose 3.7% last week, but fell 2% to 171.03 on Friday.
Apple iPhone Sales Slump
Apple (AAPL) iPhone shipments fell 9.6% in the January-to-March period vs. a year earlier, IDC estimated Sunday. That came amid a 7.8% rebound for global smartphone sales overall, with Chinese handset makers booming. Apple demand also has plunged in China amid increased competition.
Apple stock edged lower in Monday’s market trading.
Shares popped 4.1% to 176.55 last week, rebounding from 2024 lows on hopes for a phone powered by artificial intelligence and other AI-enhanced products later this year.
Salesforce Reportedly Buying Informatica
Salesforce.com is in late talks to buy data-management software maker Informatica (INFA), The Wall Street Journal reported Friday night. The potential deal being discussed is for less than Informatica’s share price.
Salesforce stock sank nearly 4% before Monday’s open. Informatica stock retreated 2%.
Nvidia Rebounds On Stock Market Today
Nvidia rose fractionally in premarket trading.
Last week, shares edged up 0.2% to 881.86 for the week. Nvidia stock rebounded from the 10-week line on Wednesday and Thursday before retreating Friday. Shares still held above the 21-day exponential moving average.
Nvidia stock has a new flat base with a 974 buy point. Investors could use Thursday’s high of 907.39 as an early entry.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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