The S&P 500 just hit a fresh record high. Futures had been down more than 50 points at one time but the S&P 500 is now up 5 points to 7143 and the Nasdaq is close to unchanged.
In Europe, it's been more of a struggle as oil prices stay elevated (Brent up $1.36 today to $103.28)
A look at the daily closes shows
- German DAX (DEU40): -0.1%
- France's CAC 40 (CAC40): +1.0%
- UK's FTSE 100 (UKX): -0.1%
- Spain's IBEX 35 (IBC): -0.65%
- Italy's FTSE MIB (FTMIB): +0.4%
Futures were wearing the Tesla hangover early — that stock is down around 3% after Musk warned of $25 billion in capex and negative free cash flow for the rest of the year. That's what happens when you report a beat and then spend the call telling everyone the robotaxi rollout is going slower than the spending. The dip-buyers showed up on cue once again and dragged the S&P back to a fresh all-time high, because of course they did.
American Express had a genuinely strong print — revenue up 11% to $18.9 billion, EPS of $4.28, and guidance reaffirmed. The affluent consumer is still swiping but shares are down 3.8% .
Another big mover is IBM, which is down 9.4% after earnings.
On the upside, United Rentals is up 22.7% after the company reported adjusted EPS of $9.71 (beating consensus estimates of ~$8.95) and total revenue of $3.985 billion (beating expectations of ~$3.87 billion). Management also boosted guidance and authorized a $5 billion buyback.
United Rentals is often viewed as a bellwether for the industrial and construction sectors because their business relies on the activity levels of general contractors, industrial firms, and commercial developers.
After the close, we will hear from Intel, SAP, Newmont and Baker Hughes.
