S&P 500 Encounters Resistance After Sustained Gains: Market Overview

Wall Street’s enthusiasm waned after a four-day streak that propelled the market to its most extended winning sequence since March. The S&P 500 fluctuated, struggling to surpass the 5,200 level it briefly achieved earlier this week. Notable declines in megacaps were led by Nvidia Corp. ( $NVDA) and Tesla Inc. ( $TSLA). Uber Technologies Inc. ( $UBER) experienced a significant drop due to lackluster first-quarter bookings, while Intel Corp. ( $INTC) saw a downturn after revising its revenue outlook following a U.S. ban on chip exports to Huawei Technologies Co.

Corporate Highlights:

  • Rivian Automotive Inc.: ( $RIVN) Missed Wall Street’s earnings expectations for the start of the year amid costly efforts to overhaul its manufacturing operations and increase electric vehicle production.
  • Lyft Inc.: ( $LYFT) Surpassed investor expectations with its first-quarter results and financial outlook, demonstrating its capability to retain and attract new riders in the U.S. and Canada.
  • Shopify Inc.: ( $SPOT) Shares fell after the company committed to ongoing marketing investments, which are expected to impact profits.
  • Apple Inc.: ( $AAPL) Experienced a roughly 12% increase in Chinese iPhone shipments in March following price cuts by Apple and its retailers, indicating early success in addressing a sales decline.
  • Pfizer Inc.: ( $PFE) Agreed to settle over 10,000 lawsuits alleging the company concealed the cancer risks of its Zantac heartburn medication.
  • Reddit Inc.: ( $RDDT) Shares rose as enhancements to its advertising system drove quarterly sales beyond expectations in its debut results as a public entity.
  • Brookfield Asset Management: ( $BAM) Reported its first profit decline since separating from its parent company, attributed to reduced fees from certain permanent capital vehicles.

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S&P 500 Encounters Resistance After Sustained Gains: Market Overview

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