A positive trading day has come to its end

Published: May 27 2023, 05:00 GMT+0

A positive trading day has come to its end

  • Midway through earnings season, Five Below, Inc. and Asana, Inc. are in line to report next
  • Yesterday's star of the day Marvell Technology Group appreciates 32.42% while outperforming its peers
  • 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 gained 2.19% and closed at 12,976. S&P 500 closed the day at 4,205.45, having gained 1.3%.

US markets are set to open Tuesday in around 3 days. In the meantime, European markets closed higher yesterday whilst CAC is up by 1.24%, hitting 7,319.18. Upbeat Asia-Pacific markets ended yesterday higher as ASX 200 is up by 0.23%, hitting 7,154.8.

3Rd quarter earnings season is mostly over, with Pinduoduo & Booz Allen Hamilton Holding Corporation releasing their earnings reports just this week.

On a negative note, the market received some disappointing news as following a previous reading of 0.3%, Core Durable Goods Orders in United States released yesterday at 12:30 UTC fell short of the 0% figure expected by analysts with an actual reading of -0.2%. United States Pending Home Sales improved upon its previous reading of -5.2% with a new data release 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 Technology Group trades at $65.51 having gained 32.42%. RingCentral (up 17.9%) is also performing well.

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

During yesterday's session, First Republic Bank toiled and struggled for upward momentum before closing at $3.51. By the close, the the wealth management company suffered a $2.68 or 43.3% loss.

RingCentral | Up 17.9% to $34.78 yesterday

  • RingCentral hit a significant low of $25.35 around 23 days ago, but has since recovered 16.37%.

The US software 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 company's market cap currently stands at $3.40 billion with an average daily volume of 2.56 million shares. RingCentral has a forecast of $527.94 million with an EPS of 68.8 cents.