Thursday, May 30, 2024
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Today’s Live Updates on the Stock Market: 13-Words Limited

Summary: Wealth manager Michael Landsberg from Landsberg Bennett Private Wealth Management believes that for the market rally to expand, corporate earnings need to improve. While the Nasdaq Composite and S&P 500 have seen strong gains, Landsberg points out that the S&P 500 has experienced three consecutive quarters of decelerating earnings, highlighting the need for improvement. Landsberg also mentions that the recent decline in the broader market can be attributed to the cooling off of the tech sector, which had previously experienced a significant rally.

Expansion: According to Landsberg, the firm has adjusted its client portfolios by reducing tech exposure during the summer months due to the sector’s rapid rise over the past six months. He emphasizes that this is a common cycle where some sectors heat up and others cool off. Landsberg mentions that higher interest and money market rates create more competition for stocks, putting additional pressure on the market. For a broader market rally to occur, it is crucial for earnings to improve, leading to gains in the stock market.

In related news, after-hours trading saw some notable moves in various stocks. Costco shares fell nearly 2% despite beating earnings and revenue estimates for the previous quarter. Meanwhile, furniture company MillerKnoll experienced a rally of 16.2% following strong fiscal first-quarter earnings. However, its second-quarter revenue guidance fell short of expectations. Aircraft services company AAR Corp also performed well, with its shares gaining 2.4% after exceeding analyst forecasts for earnings and revenue in the first quarter of the 2024 fiscal year.

The stock futures market also showed a slight rise, with futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 all edging up. This indicates a positive start to the trading day, albeit with marginal gains.

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