The Buzz on Business for May 8th, 2024

On Friday, we reported that the S&P 500 had had a lower low and a higher close, a pattern known as a Bullish Reversal. Over the next three trading sessions, the S&P gained almost 2.75%.

Yesterday, markets were mixed, but the Nasdaq Composite drew out the opposite pattern. It had a higher high and a lower close, or a Bearish Reversal, and did so on increasing albeit still anemic volume.

Will stocks fall tomorrow or lose 2.75% over the next three sessions?

We don’t make predictions on the Buzz on Business and Reversal Patterns are hardly foolproof, but we’ll be watching.

Gawd, we love this stuff!

Stock Market Report

Stocks weakened yesterday, which might reasonably be expected after the strong performances in the preceding three sessions. Listeners know we watch volume, which expanded a bit on Tuesday after falling during the preceding three sessions, perhaps giving a bit more credence to the weakness than to the strength.

• The Dow Jones Industrial Average gained 32 points. That's less than one-tenth of 1%, But hey, a win is a win. It closed at 38,884.
• The S&P 500 was up one-tenth of 1%. That's seven points, and it closed at 5,188.
• The NASDAQ Composite was the loser on the day it was off 17 points. That's one-tenth of 1%, and it closed at 16,333.
• And the Russell 2000 was up four points, that's two-tenths of 1%, and it starts the day today at 2,065.

Bond Market Report

Bonds were also mixed, mostly lower. But not by much.

• The yield on the 2-year Treasury was off less than a tick and it closed at 4.830%.
• The 20-year was off four ticks and it closed at 4.700%.

Oil, Gold, and Bitcoin

• Oil continued its downtrend. It was off $0.32 and closed at $78.29.
• Gold was off $10.50 and a troy ounce now changes hands at $2,323.10.
• Bitcoin completed the triumvirate and also lost a small amount. It closed at $63,073.77, off $167.23

Earnings and Economic News Takes the Week Off, Except. . .

Nothing at all on the economic calendar yesterday. Nothing at all on the economic calendar today.

On the Giant Quote Machine, twenty-four companies reported earnings during the day on Tuesday. Only two missed Expectations for earnings per share, although more than a handful, including Walt Disney, missed their top-line projections.

Disney reported before the opening bell. It earned $1.21 per share in the first quarter versus expectations of $1.10. But it missed on revenue. The Street was expecting $22.12 billion in sales instead of the 22.8 billion it got. The stock was hit pretty hard during the day on Tuesday, ending the session off about 10%.

Most of the big names have already reported this earnings season, and so far, the numbers look pretty good. Today, we get Uber and Airbnb. We are interested in what they have to say, but think it unlikely that whatever they have to say will move the market one way or the other.

We'll have that and the rest of the news for you here tomorrow on The Buzz.