The Dow Jones and other major stock indexes opened higher a day after the Fed confirmed that there won’t be any more interest rate hikes. The April jobs report is due Friday, which will influence the stock market’s performance.
All eyes are on Apple’s earnings report due after the closing bell, as analysts say there’s reason for hope despite a rocky 2024 so far. Crypto companies Coinbase and Block will release their earnings reports by the end of the day as well.
The Dow Jones Industrial Average gained 0.5%, or 221 points, to 38,124 in the mid-morning trading. The tech-heavy Nasdaq Composite was up 0.7%, while the S&P 500 added 0.3%.
Carvana stock skyrockets 33% after reporting profit
Carvana stock hit its highest level in years on Thursday after the used car retailer reported record results and made a profit last quarter. The company recorded $3.06 billion in revenue, compared to analysts’ expected $2.69 billion. Net income hit $49 million, up from a $286 million loss during the first quarter in 2023. Earnings before interest, taxes, depreciation and amortization hit $235 million, up from a $24 million loss a year prior, marking a record for the company.
The Tempe, Arizona-based company’s stock lurched up more than 33% in mid-morning trading.
Novo Nordisk shares down despite weight loss drug boom
Novo Nordisk on Thursday raised both its full-year sales and operational profit guidance for the year after reporting booming sales of its blockbuster diabetes and weight loss drugs Ozempic and Wegovy in the first quarter. Sales of the Danish pharma giant’s diabetes and obesity drugs grew 25% year over year to 60.9 billion Danish Krone ($8.7 billion) in the first quarter of 2024.
Despite that, the stock was down 2.45% in mid-morning trading.
Qualcomm shares jump on strong earnings
Qualcomm shares surged over 9% Thursday morning as the mobile phone chip company announced fiscal second-quarter earnings that beat Wall Street expectations. In its latest earnings report, the company posted earnings per share of $2.44 compared with $2.32 expected, and revenue of $9.39 billion adjusted compared with $9.34 billion expected.
COVID-19 vaccine sales plunge at Moderna
Moderna’s first-quarter revenue was slashed nearly in half over the course of a year as sales of its COVID-19 vaccine plunged. The company reported $167 million in sales of its COVID-19 vaccine, Spikevax, in the first three months of 2024. That amounts to its total revenue for the period, given that the vaccine is Moderna’s only product on the market. The plummet has Moderna’s revenue down 91% from $1.9 billion in the same quarter last year.
The stock was up 7% in mid-morning trading.
Doordash shares down after despite surge in sales
Despite better-than-expected sales, DoorDash’s stock plunged nearly 14% in the mid-morning Thursday after it reported wider losses than expected. The online delivery company reported a 21% increase in total orders to reach $19.24 billion, while revenue increased 23% to $2.51 billion. The company also reported a loss of $25 million and adjusted earnings between $325 million and $425 million, while Wall Street had predicted $394 million.
–William Gavin, Rocio Fabbro, and Bruce Gil contributed to this article
