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The Federal Reserve’s decision to raise the interest rate by 0.5% in last week’s Federal Open Market Committee (FOMC) meeting was met with enthusiasm in the stock market, triggering a more than 10-point rise on SPDR S&P 500 ETF (NASDAQ: SPY (NYSE:SPY)). Unfortunately, this enthusiasm was short-lived. The SPY tumbled back to previous levels the following day, erasing the upward move and plunging further downward.
Cboe Global Markets Inc. (BATS: CBOE) reports a decline in a number of U.S. funds tracking major indices, including the Nasdaq 100 Index, the Russell 2000 Index and the S&P 500 Index. Similar weakness is observed in European stock markets, specifically in Germany’s DAX 30, France’s CAC 40 and Europe’s MSCI European.
Lisa Su’s Advanced Micro Devices Inc. (NASDAQ: NASDAQ:AMD) wins chart of the week following a strong reaction to a recently released earnings report.
Finally, Cboe notes important upcoming earnings that may lift investors’ eyebrows in the following week.
Quick Bites Exchange-Traded Funds
- The SPDR S&P 500 ETF declined 0.16% last week, representing the fifth consecutive week of price depreciation.
- The Invesco QQQ Trust Series 1 (NASDAQ: QQQ) declined 1.28% last week, breaking below $320 for the first time since February last year.
- The iShares Russell 2000 ETF (NASDAQ: IWM) declined 1.28% last week, recording its third consecutive week of price falloff.
- The Cboe Volatility Index™ (INDEXCBOE: VIX) decreased 9.55% last week after failing to break above 35.
World Markets
- The MSCI European ETF (NYSE: IEUR) declined 3.08% week-on-week.
- The iShares FTSE 100 (LSE: ISF) declined 4.07% week-on-week.
- The iShares DAX 30 (BIT: EXS1) declined 3.22% week-on-week.
- The Lyxor CAC 40 ETF (EPA: CAC) declined 3.72% week-on-week.
Chart Of The Week: AMD
This photo was taken from the TradingView platform
Shares of the semiconductor company Advanced Micro Devices (AMD) climbed 7 points – 7.68% – in the aftermarket hours as a result of a strong earnings report surprise. The company’s earnings per share (EPS) stood at $1.13, a pleasant surprise for analysts who had placed the figure at $0.91. Similarly, AMD reported revenue of $5.88 billion, a nearly 20% higher figure than the estimated $5 billion.
AMD’s stock price has flirted with pre-earnings valuations, but it maintains a positive front, closing up 11.48% on the week amid overall market weakness.
Major Cryptos At the time of writing:
- Solana (CRYPTO: SOL) declined 15.46%, representing its fifth week of consecutive decline.
Upcoming Earnings And Catalysts May 9 AMC Entertainment Holdings Inc. (NASDAQ: AMC), BioNTech SE (NASDAQ: BNTX), Blink Charging Co. (NASDAQ: BLNK), Groupon Inc. (NASDAQ: GRPN), Novavax Inc. (NASDAQ: NVAX) Palantir Technologies Inc . (NYSE: NYSE:PLTR) and Upstart Holdings (NASDAQ: NASDAQ:UPST) report earnings on Monday, May 9th.
Earnings-per-share estimates stand at -$0.59, $9.17, -$0.41, $3.41, -$0.37, $0.04 and $0.53, respectively.
May 10 Coinbase (NASDAQ:COIN) Global Inc. (NASDAQ: COIN), Electronic Arts Inc . (NASDAQ: NASDAQ:EA), Hyatt Hotels Corp. (NYSE: H), Peloton (NASDAQ:PTON) Interactive Inc. (NYSE: PTON), Planet Fitness Inc. (NYSE: PLNT), Roblox Corp. (NYSE: RBLX), Sysco Corp . (NYSE: NYSE:SYY), Unity Software Inc. (NYSE: U) and Occidental Petroleum (NYSE: NYSE:OXY) report earnings on May 10th.
Earnings-per-share estimates sit at $0, $1.43, -$0.38, -$0.84, $0.27, -$0.18, $0.55, -$0.08 and $2.03, respectively.
According to Kiplinger, analysts, on average, are expecting Occidental Petroleum to report earnings of $2.03 per share in the first quarter versus a per-share loss of 15 cents in the year-ago period. Revenue is projected to jump 47.3% to $8.1 billion.
May 11 Beyond Meat Inc . (NASDAQ: NASDAQ:BYND), Bumble Inc. (NASDAQ: BMBL), Krispy Kream Inc. (NASDAQ: DNUT), Rivian Automotive Inc. (NASDAQ: RIVN), Toyota Motor Corp. (NYSE: TM), Wendy’s Co. (NASDAQ: WEN) and Walt Disney Co. (NYSE: NYSE:DIS) report earnings on May 11th.
The earnings-per-share estimates for each are -$0.94, -$0.04, $0.07, -$1.40, $2.46, $0.18 and $1.06, respectively.
Other notable earnings throughout the week include Aurora Cannabis Inc. (TSE: ACB), Duolingo Inc. (NASDAQ: DUOL), Honda Motor Co. Ltd. (NYSE: HMC) and Affirm Holdings Inc. (NASDAQ: AFRM).
Click here for more weekly insights by Cboe.
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