As the trading week progresses, U.S. stock indices showed mixed results by midday after consecutive sessions of gains. This follows a wave of corporate earnings reports, including a significant update from tech giant Alphabet (GOOGL), which announced first-quarter earnings that exceeded expectations. In addition, the company has increased its dividend by 5% and authorized a new share buyback program valued at $70 billion.
Other corporations also reported noteworthy earnings, with Intel (INTC) performing well and announcing plans to streamline operations through organizational changes, including workforce reductions. Meanwhile, wireless carrier T-Mobile (TMUS) and biopharmaceutical company AbbVie (ABBV) both reported strong first-quarter results, prompting upward revisions to their guidance.
On the geopolitical front, optimism over easing trade tensions between the U.S. and China persisted. Reports suggest that China is contemplating tariff exemptions on select American goods, even as President Trump expressed contentment with maintaining high tariffs of 20% to 50% on foreign nations over the next year.
In commodity markets, gold prices dropped significantly below the $3,300 mark, and oil values also saw a decrease due to ongoing volatility within the energy sector.
Wall Street exhibited a range of analyst upgrades and downgrades. Charles Schwab (SCHW) received an upgrade from Goldman Sachs, while KeyBanc adjusted Lowe’s (LOW) to an Overweight status. Conversely, Align Technology (ALGN) was downgraded to Hold by HSBC.
Index performance showed the Dow Jones Industrial Average falling by 0.28% to 39,980.77, while the Nasdaq Composite edged up 0.46% to 17,244.53, and the S&P 500 rose 0.17% to 5,493.90.
