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May 02 | Daily Finance News

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U.S. STOCK PICKS

  • Stocks rose Thursday as investors looked ahead to more corporate earnings and a key labor report set for later in the week.
  • Chipmaker Qualcomm rose more than 5% on better-than-expected adjusted earnings and strong revenue guidance.
  • Restaurant delivery service DoorDash dropped 11% after reporting a wider loss per share than Wall Street forecast.
  • Used-car retailer Carvana soared 38% after reporting best-ever earnings after the bell Wednesday.
  • MGM Resorts International roared 5.9% higher after likewise topping forecasts for profit and revenue. It credited stronger traffic at MGM China, which ramped up as COVID-19 restrictions fell away in Macau.
  • Peloton Interactive jumped 8.4% after it said it would cut roughly 400 jobs as part of a program to save $200 million in costs annually. It also said its CEO, Barry McCarthy, is stepping down. The company’s stock had fallen to a record low last week.
  • Those moves helped to offset a 17.9% drop for Etsy, which only roughly matched analysts’ expectations for results and revenue.
  • Wayfair shares surge 17% after furniture retailer cuts losses by more than $100 million.
  • Google lays off hundreds of ‘Core’ employees, moves some positions to India and Mexico.
  • One showed that fewer U.S. workers applied for unemployment benefits last week than economists expected. It’s the latest signal that the job market remains solid despite high interest rates.
  • A separate, potentially more disappointing report for Wall Street suggested growth in how much U.S. workers produced per hour worked was weaker at the start of 2024 than economists expected. A measure comparing labor costs to productivity, meanwhile, rose by more than expected in the preliminary report. That could put upward pressure on inflation, which is one of the biggest fears on Wall Street.
  • Traders still expect a rate cut won’t come until at least September, according to the latest futures market pricing as measured the CME Group.

May 02 | Daily Finance News

Read All AiF Insight and Opinions

U.S. STOCK PICKS

Closing: 4:00 PM EST

*All information sourced from news portals such as CNBC, Yahoo Finance, Reuters, etc.

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