By Yasin Ebrahim
Investment.com – The S&P 500 remains close to Wednesday’s record high as major Wall Street banks kick-off the stylistic earnings season, with results topping estimates.
The index rose 0.1 percent and hit a record high of the day of 4,151.97, a rise of 0.56 percent, or 189 points, and down 0.36 percent.
JPMorgan (NYSE :), Goldman Sachs (NYSE 🙂 and Wells Fargo (NYSE 🙂 reports the results that beat both the top and bottom lines.
Goldman Sachs is an outstanding performer when first-quarter income of $ 18.60 per share is much higher than estimated $ 10.19 per share, led by record investment banking revenue and transaction revenue soared.
Goldman Sachs’ Q1 performance was “very good” and showed “its ability to generate significant revenue,” UBS said.
Meanwhile, Bed Bath & Beyond (NASDAQ 🙂 reported estimated top earnings, but a 16% drop in sales and softer guidance resulted in a 10% drop in the company’s stock.
“The copper. It showed a positive trend continued in QTD 1 quarter. However, its 1Q11 sales of 40% was not good. 46%, ”said UBS.
In addition to income, Modern (NASDAQ 🙂 issued a positive update on its vaccine, alleviating some of the concerns following the vaccine failure by Johnson & Johnson (NYSE 🙂 on Tuesday.
Moderna said late Tuesday that new data showed its vaccine was 90% more effective in the six months after a second shot, sending its shares almost 6% higher.
Open stocks bounced back from the previous day’s stumble, with airlines and travel agencies piling up.
Meanwhile, energy followed higher oil prices as data showed more inventories fell than expected, sparking optimism that energy demand remained stable.
US crude inventories fell 6 million barrels, much higher than the expected 2.9 million barrel drop.
Technology faltered in the wake of higher gains as rising bond yields, which weigh heavily on growth stocks, appear to be about to dry out.
The parent alphabet of Google (NASDAQ :), Apple (NASDAQ :), Facebook (NASDAQ 🙂 and Amazon.com (NASDAQ 🙂 and Microsoft (NASDAQ :), the so-called Fab 5, is lower.
In other news, Coinbase went public through its direct listing at $ 381 per share, up from the reference price of $ 250, valuing the crypto exchange around 100 billion dollars.
Coinbase’s current business model has been secured amid fears that increased competition will eventually lower the company’s high transaction fees, which account for more than 90% of its revenue.
But Coinbase CEO Brian Armstrong has suggested that the company is investing in other business flows to generate more stable revenue that could ultimately account for about half of total revenue, reducing reliance on transaction fees.