Home Finance News Live stock market updates for today in 13 words.

Live stock market updates for today in 13 words.

Live stock market updates for today in 13 words.

Earnings outlook must improve for a broader market rally, according to Michael Landsberg, the chief investment officer of Landsberg Bennett Private Wealth Management. While the Nasdaq Composite and S&P 500 have experienced strong gains this year, corporate earnings need to recover in order for the market rally to broaden out. Landsberg highlights that the S&P 500 has had three consecutive quarters of year-over-year decelerating earnings. The recent broader market declines can be attributed in part to the need for the markets to cool off after the significant rally, particularly in the tech sector. Landsberg believes that higher interest and money market rates also create more competition for stocks, exerting further pressure on the market. As a result, the firm decided to reduce tech exposure in client portfolios during the summer, a normal cycle activity where some sectors heat up while others cool off.

In extended trading, several stocks made notable moves. Costco shares fell nearly 2% despite reporting an earnings and revenue beat in the previous quarter. E-commerce sales for the company declined by 0.8% compared to the same period last year. On the other hand, furniture company MillerKnoll’s shares rallied 16.2% after reporting better-than-expected earnings and revenue for the previous quarter. However, its second-quarter revenue guidance fell short of expectations. Shares of aircraft services company AAR Corp also gained 2.4% after surpassing analyst forecasts on earnings and revenue for the first quarter of the 2024 fiscal year. The company reported a 23% increase in quarterly sales compared to the previous year.

In the futures market, U.S. stock futures showed a slight increase. Dow Jones Industrial Average futures added 46 points, or 0.13%, while S&P 500 and Nasdaq 100 futures inched up 0.13% and 0.06%, respectively. These marginal gains indicate a cautious optimism in the market.

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