Stock Market Today: Nasdaq Soars Ahead of Tesla Earnings
The EV stock rose nearly 2% ahead of its highly anticipated Q1 earnings report, due after tonight's close.
It's the busiest week of first-quarter earnings season so far, with roughly 40% of the S&P 500 reporting. A round of well-received reports sent stocks higher out of the gate Tuesday, while a rally in Big Tech kept the wind at the market's back.
Taking a closer look at today's earnings calendar, Spotify (SPOT, +11.5%) was one of the biggest gainers Tuesday after the audio streaming service's Q1 results. SPOT swung to a per-share profit in the first quarter, while revenue surged more than 19% year-over-year thanks to recent price increases. The company also said it had 239 million paying subscribers, in line with estimates.
Elsewhere, General Motors (GM) jumped 4.4% after the automaker's beat-and-raise quarter. Wedbush analyst Daniel Ives (Outperform, the equivalent of a Buy) said Q1 was a "major 'prove me' quarter for GM and shows the long-awaited turnaround appears to be underway."
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
JetBlue skids after disappointing guidance
At the other end of the spectrum was JetBlue Airways (JBLU), which tumbled 18.8% after its earnings report. While the discount air carrier reported a narrower-than-expected Q1 loss of 43 cents per share on in-line revenue of $2.2 billion, its Q2 and full-year guidance came in below estimates.
CFRA Research analyst Jonnathan Handshoe maintained a Hold rating on JetBlue after earnings, but lowered his price target to $6.50 from $7. "We think a discount is merited due to the Pratt & Whitney engine recall, causing JBLU to ground 4% of its capacity in 2024, which could last until 2025 to 2026," Handshoe says. However, the analyst also notes that the company's cost-cutting measures are a positive.
Nvidia gains $70 billion in market value amid Mag 7 rally
The earnings calendar is jam-packed over the next few days with several Magnificent 7 stocks set to release their results. Next up is Tesla (TSLA), which will disclose its Q1 results after Tuesday's close. TSLA stock rose 1.9% ahead of its results, joining its fellow Mag 7 members in positive territory.
Nvidia (NVDA), though, was arguably the most notable gainer of the group. The chipmaker rose 3.7%, gaining $70 billion in market value along the way, as many investors bought the dip on the hot stock. Indeed, NVDA was up nearly 92% for the year-to-date on March 25, but has since slid more than 13%. (It was down almost 20% at last Friday's close.)
Econ data boosts July rate-cut expectations
In economic news, S&P Global said its flash Purchasing Managers Index (PMIs) for the manufacturing sector fell into contraction territory in April, while separate data showed activity in the services sector grew at its slowest pace of the year.
"While last week's market volatility was driven, in part, by investors repricing equities based on the higher for longer outlook, today's data is helping alleviate fears of the central bank staying restrictive for too long," says José Torres, senior economist at Interactive Brokers.
According to CME Group's FedWatch Tool, futures traders are now pricing in a 41% chance for a quarter-point rate hike in July – up from 37% one day ago.
As for the main indexes, the Nasdaq Composite rose 1.6% to 15,696, the S&P 500 added 1.2% to 5,070, and the Dow Jones Industrial Average rose 0.7% to 38,503.
Related content
- How to Start Investing In the Stock Market: A Beginner's Guide
- Should You Cancel Amazon Prime? Here Are 12 Good Reasons
- Super Micro Computer: Why This Hot Stock Could Hit $1,500
-
Your Guide to Buying Art OnlineFrom virtual galleries to social media platforms, the internet offers plenty of places to shop for paintings, sculptures and other artwork without breaking the bank.
-
Samsung Galaxy S25 Ultra for $4.99 a Month: A Closer Look at Verizon’s DealVerizon’s aggressive pricing makes Samsung’s top-tier phone tempting, but the real cost depends on your plan and how long you stay.
-
I'm 59 with $1.7 million saved and lost my job. Should I retire?We asked professional wealth planners for advice.
-
A Wealth Adviser Explains: 4 Times I'd Give the Green Light for a Roth Conversion (and 4 Times I'd Say It's a No-Go)Roth conversions should never be done on a whim — they're a product of careful timing and long-term tax considerations. So how can you tell whether to go ahead?
-
A 4-Step Anxiety-Reducing Retirement Road Map, From a Financial AdviserThis helpful process covers everything from assessing your current finances and risks to implementing and managing your personalized retirement income plan.
-
The $183,000 RMD Shock: Why Roth Conversions in Your 70s Can Be RiskyConverting retirement funds to a Roth is a smart strategy for many, but the older you are, the less time you have to recover the tax bite from the conversion.
-
A Financial Pro Breaks Retirement Planning Into 5 Manageable PiecesThis retirement plan focuses on five key areas — income generation, tax management, asset withdrawals, planning for big expenses and health care, and legacy.
-
4 Financial To-Dos to Finish 2025 Strong and Start 2026 on Solid GroundDon't overlook these important year-end check-ins. Missed opportunities and avoidable mistakes could end up costing you if you're not paying attention.
-
Nasdaq Leads as Tech Stages Late-Week Comeback: Stock Market TodayOracle stock boosted the tech sector on Friday after the company became co-owner of TikTok's U.S. operations.
-
Are You Putting Yourself Last? The Cost Could Be Your Retirement SecurityIf you're part of the sandwich generation, it's critical that you don't let the needs of your aging parents come at the expense of your future.
-
I'm an Insurance Pro: It's Time to Prepare for Natural Disasters Like They Could Happen to YouYou can no longer have the mindset that "that won't happen here." Because it absolutely could. As we head into 2026, consider making a disaster plan.
