Tech stocks slide with new earnings reports coming into focus
NasdaqComposite slipped from record-highs Tuesday.
- The S&P 500 was close to a record and the Dow industrials advanced.
- Tesla shares were under pressure and Microsoft was set to report after the bell.
- S&P 500: 4,186.57, down 0.03%
- Dow Jones Industrial Average: 33,982.82, up 0.01% (1.25points)
- Nasdaq Composite: 14,090.22, down 0.34%
"What we're hearing from some of these companies on the guidance front is that they're actually not expecting margin growth, especially gross margin growth, to be very robust this year even though we're expected to have a pretty strong recovery in the economy as a whole and I think that is really causing some concerns for investors," he said.Looking ahead to Wednesday, the Federal Reserve will conclude its meeting with a policy statement. Around the
HSBC posted a 79% jump in profit for the first quarter.
Gold fell 0.2% to $1,775 per ounce. Long-dated US treasury yields rose, with the 10-year yield at 1.622%.Oil prices rose. West Texas Intermediate crude rose 2% to $63.22 per barrel. Brent crude, oil's international benchmark, picked up 0.4% to $66.73 per barrel.
Bitcoin rose to $54,806.
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