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On Thursday, April 18, 2024, U.S. equities experienced a midday rally, fueled by a series of earnings reports that exceeded expectations. The S&P 500, Dow, and Nasdaq all showed positive gains after a recent slump.
D.R. Horton shares soared after the homebuilder reported second-quarter earnings that beat estimates and raised its guidance due to increased sales resulting from a shortage in housing supply. Meanwhile, Alaska Air Group saw its stock price increase after reporting better-than-expected results and guidance as travel demand rose.
Trump Media & Technology Group experienced a surge in its stock price for a second consecutive day after hitting an all-time low earlier in the week. The company provided information to investors on preventing short sellers from borrowing their stock. On the other hand, Tesla shares declined after being downgraded by Deutsche Bank, citing concerns over delays in production of the Model 2 and the company’s focus on its robotaxi venture.
Equifax also saw a decrease in its stock price after posting guidance for the current quarter below expectations due to a slowdown in mortgage inquiries. Snap-on shares fell after the toolmaker’s revenue fell short of estimates, attributed to a decrease in demand for power tools. Meanwhile, oil futures dropped, but gold prices and the yield on the 10-year Treasury note went up. The U.S. dollar gained against the euro and yen, but lost ground to the pound in the foreign exchange market. In the cryptocurrency market, most major coins saw an increase in trading activity as investors continued to show interest in digital assets.