What the bad jobs report means for markets
Friday saw significant market movements as various companies reported their Q3 earnings and revised future projections. Amidst these developments, Federal Reserve Chairman Powell hinted at steady short-term interest rates, causing a drop in stock futures and an easing of bond yields. The 10-year Treasury yield approached 5% while rising Israel-Hamas tensions pushed oil prices past $90.
SolarEdge Technologies (NASDAQ: NASDAQ:SEDG) experienced a 28% stock fall after warning of decreased European demand and reducing its Q3 and Q4 revenue forecasts. This development impacted other solar industry players including Sunrun (NASDAQ: NASDAQ:RUN), SunPower (NASDAQ: NASDAQ:SPWR), and Enphase Energy (NASDAQ: NASDAQ:ENPH).
In contrast, American Express (NYSE: NYSE:AXP) reported better-than-expected Q3 earnings and record revenue, with card spending reaching a staggering $420 billion. Knight-Swift Transportation Holdings (NYSE: KNX) also noted a 6.5% rise in Q3 revenue to $2.02 billion, despite a drop in its core truckload segment.
However, Intuitive Surgical's (NASDAQ: NASDAQ:ISRG) stocks fell by 6.7% after its Q3 revenue of $1.74 billion missed estimates. Despite this, the company's adjusted earnings of $1.46 beat forecasts.
SLB, formerly Schlumberger (NYSE: NYSE:SLB), posted Q3 earnings of 78 cents per share, exceeding expectations but missing revenue, which resulted in a 2.1% stock drop.
Hewlett Packard Enterprise (NYSE: NYSE:HPE) projected lower-than-expected fiscal 2024 earnings and a modest 2%-4% growth rate, causing a 3.9% decline in its stock.
Finally, CSX Corporation (NASDAQ: NASDAQ:CSX) reported Q3 earnings of 42 cents per share, slightly below estimates. Despite revenue surpassing predictions, it fell year over year, leading to a 3.8% decrease in its stock.
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