A mostly positive trading day has just ended

Published: May 27 2023, 06:00 GMT+0

A mostly positive trading day has just ended

  • Midway through earnings season, Five Below, Inc. and Asana, Inc. are in line to report next
  • Market leader Marvell puts in stellar performance, gaining 32.42%; currently at $65.51
  • CAC added 1.24% to trade at 7,319.18.

Yesterday's market activity meant that leading equity indices in the US rose as Nasdaq closed the day at 12,976, having gained 2.19%. S&P 500 ended the session at 4,205.45 after a 1.3% gain.

US markets are now currently closed and set to reopen Tuesday; meanwhile, upbeat European markets ended yesterday higher as CAC is up by 1.24%, hitting 7,319.18. Asia-Pacific markets closed higher yesterday whilst ASX 200 is up by 0.23%, hitting 7,154.8.

Pinduoduo & Booz Allen Hamilton Holding Corporation have released their earnings reports with Five Below, Inc. and Asana, Inc. are set to publish their respective reports as scheduled.

On a negative note, the market received some disappointing news as Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%. Highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.

Today's rise takes place amid mixed market indicators — United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3.

While most assets did well yesterday, some did better than others as Marvell trades at $65.51 having gained 32.42%. RingCentral (up 17.9%).

First Republic Bank | -43.3% yesterday including 45.91% drop in aftermarket trade

  • First Republic Bank hit a significant low of 34.2 cents around 4 days ago, but has since recovered 1,710%.

The regional full-service bank is up 1,710% from the significant low of 34.2 cents it hit 4 days ago. So far this year, it has been under-performing the S&P by 104%. Currently, the wealth management company has a market capitalization of $653.63 million with an average daily trading volume of 49.13 million shares. First Republic Bank is forecasted to generate revenues of $1.15 billion and EPS of 85 cents.

RingCentral | Up 17.9% to $34.78 yesterday

  • 23 days ago, the US software company fell to a low of $25.35 but has since recovered 16.37%.

The cloud-based comms company reached $35.58, breaking a 2 months record. Later, it lost 79.5 cents and is now trading at $34.78. So far this year, it has been doing worse than the Nasdaq by 19.71%. The cloud-based comms company's market cap currently stands at $3.40 billion with an average daily volume of 2.56 million shares. RingCentral expected revenue of $527.94 million with an EPS of 68.8 cents.

Back