Q1 US GDP shows surprise slowing and uncomfortable inflation
April 25, 2024
Linea Mercati Interview 4/25/24
April 26, 2024Stocks were down sharply on Thursday, following cautious tones from International Business Machines Corp, Caterpillar Inc. and Meta Platforms. Inc.
“We are in a fairly steep decline, and it’s due to a couple of stocks, including IBM, Caterpillar and Meta,” said Peter Cardillo, chief market economist at Spartan Capital Securities. “In some cases, it’s guidance that’s really worrying investors,” not actual earnings results, he said.
“It’s a bit of a nasty day for stocks.”
Another concern was economic growth that came in below expectations, which led to a pop in benchmark borrowing rates, with the 10-year Treasury yield near 4.7%.
“We will be looking very carefully at Microsoft and Alphabet [earnings results] this evening,” Cardillo said, adding that he still thinks the earnings rally has room to run.
International Business Machines Corp.IBM(U.S.: NYSE)
Caterpillar Inc.CAT(U.S.: NYSE)
Meta Platforms Inc.META(U.S.: NASDAQ)
