Stock market
On Tuesday, US stocks closed higher, with the Dow Jones Industrial Average (^DJI) leading the gains by rising approximately 0.3%. The S&P 500 (^GSPC) also climbed about 0.2%, while the Nasdaq Composite (^IXIC) managed to erase earlier losses and finish in positive territory.
Investors were digesting comments from several Federal Reserve officials regarding the possibility of interest rate cuts, along with a fresh set of quarterly earnings reports.
Ford (F) saw its shares surge over 6% in after-hours trading after the company provided guidance for adjusted EBIT (Earnings Before Interest and Taxes) between $10 billion to $12 billion for 2024, exceeding Wall Street’s expectations. The company’s adjusted earnings and revenue also beat estimates.
However, Snap (SNAP) experienced a significant decline of 30% in after-hours trading after the company missed revenue estimates and projected an adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss between $55 million to $95 million, wider than expected.
Earlier in the day, Spotify (SPOT) shares surged following the music streaming platform’s strong guidance, while Eli Lilly’s (LLY) stock rose after the company’s 2024 profit forecast surpassed estimates.
On the other hand, shares of regional bank New York Community Bank (NYCB) plummeted more than 22% due to investor concerns over the health of the commercial real estate lending sector, causing significant turbulence in the industry.