What's moving markets today: April 23, 2019
The S&P 500 broke above its all-time closing high of 2,930.75 in sday tramorning, and held those gains to close at a new record highoile US stocks were stronger across the board, the S&P was boosted specifically by health care and cyclical consumer stocks.
Meanwhile, the Dow wasn't toofar from own historical best of 26,828 points. It's hovering about 0.6% below that level.
The stock is up 5% today and 120% since the beginning of the year.
Will it continue to race higher? CNN Business will cover Snapchat's earnings live when they come out at 4pm ET.
US markets are off to a strong morning, driven higher by gains in technology and health care, as well as consumer stocks that do well when the market is also performing well.
The S&P 500 is only about 4 points, or 0.1%, away from its all-time closing high of 2,930 points.
Twitter (TWTR) is the index's biggest gainer at nearly 17%, followed by toy retailer Hasbro (HAS) with more than 14%. Both companies reported earnings before the bell. Twitter saw strong user growth last quarter, while sales at Hasbro were encouraging.
In the Dow, Coca-Cola (KO) led the field, rising 1.8%.
Telecom stocks were the weakest across the board. Verizon (VZ) was the biggest loser in the Dow, down 2%. The company reported ailing wireless revenues, but better-than-expected earnings.
The Trump administration's tariff strategy is coming home to roost.
On Tuesday, Harley Davidson (HOG) posted a drop in first-quarter sales and earnings. It cited tariffs between the United States, the European Union and China as part of the reason for its weak performance.
Both the European Union and China retaliated against US-imposed tariffs by adding their own levies.
President Donald Trump tweeted Tuesday that the tariffs Harley faces are unfair and that the United States would reciprocate.
Harley shares closed down 2%.
Stocks kicked off Tuesday’s session slightly stronger.
Among the morning’s biggest gainers was toy retailer Hasbro (HAS), which rallied more than 15% following its first quarter earnings report before the bell.
Twitter (TWTR) shares jumped nearly 13%, also after it posted its earnings.
Twitter (TWTR) reported strong user growth and advertising sales, which is boosting its stock more than 16% in early trading.
The company reported 330 million monthly active users in the first three months of 2019, an increase of 9 million from the prior quarter. That breaks Twitter's streak of three consecutive quarters of user declines.
Twitter posted revenue of $787 million for the quarter, up 18% from the same period a year ago and more than Wall Street had expected. The company credited this growth in part to traction for video ad formats.
The company also released a preview of some features it's soon rolling out:
- The stock is up 40% for the year.
Procter & Gamble (PG) pushed through pricing increases on many of its big consumer brands, helping lead to a 5% increase in sales during its most recent quarter compared with a year earlier.
P&G's said Tuesday that its beauty division, which includes brands such as Olay and SK-II, grew in the teens last quarter. The conglomerate's home care division, comprised of Cascade, Dawn, Febreze and Swiffer, grew in the high single digits compared with a year ago.
P&G also got a lift from its Always and Tampax brands in its feminine care unit, and Tide Pods in fabric care.
The strong quarter signaled that, despite the growth of small online brands and big retailers' private labels in consumer products, shoppers are still attracted to P&G's big name brands. Although retailers such as Walmart and Amazon are competing with each other to drop prices, P&G has been able to raise its prices.
CEO David Taylor said in a release Tuesday that P&G had shown "improved results despite a challenging competitive and macroeconomic environment.
P&G's stock was flat during pre-market trading. It is up 15% so far this year.