Amazon surged after beating earnings and revenue expectations, while Starbucks fell after missing estimates. Chipmaker AMD dropped on declining gaming revenue. Pinterest gained on earnings and revenue beats. Super Micro Computer declined after missing revenue estimates. Caesars Entertainment lost after worse-than-expected first-quarter results. Mondelez slipped despite better-than-expected results due to currency headwinds. Diamondback Energy beat earnings estimates but shares fell. Clorox dipped after missing revenue expectations.
A new ETF called CPSM provides investors with complete downside protection against S&P 500 losses for a year. It employs a combination of options positions to achieve this, with investors getting 100% capital protection if they buy on the first day. The ETF has a capped upside and an annual expense ratio of 0.69%. Calamos plans to launch additional structured protection ETFs for other indexes like Nasdaq 100 and Russell 2000.
Bitcoin prices have plummeted to their lowest point in over two months due to uncertainty in the markets. The upcoming interest rate decision by the U.S. Federal Reserve and concerns about inflation have contributed to the decline. Other cryptocurrencies, such as ether and solana, have also experienced losses. Experts speculate that Bitcoin's fall below $60,000 could lead to further price declines in the future.
New York Community Bank's finances deteriorated with a quarterly loss of $335 million due to mounting bad loans and expenses. However, the bank's stock soared because CEO Joseph Otting outlined ambitious performance goals for the next two years, promising increased profitability and better capital levels.
The Fed's upcoming meeting will impact the stock market. Inflation remains high, and the strong job market means the Fed is unlikely to cut interest rates. This could hurt the stock market, but investors should focus on companies with strong cash flow. Defensive investments and industries related to AI, such as electricity providers, could also perform well.
HSBC's recent earnings report shows revenue growth and profits slightly above industry expectations. Despite a small decline in pretax profit, the bank announced a dividend for shareholders. The company's CEO, Noel Quinn, is stepping down, marking a transition within the organization. HSBC remains optimistic about its financial outlook for 2024.
