The Latest Stock Market Updates: Charles Schwab, Salesforce, Tesla, and More

Key Takeaways

• U.S. equities were higher at midday Monday, April 15, 2024, in the wake of stronger-than-expected earnings and retail sales.
• M&T Bank reduced its exposure to commercial real estate loans, and shares rose.
• Tesla shares lost ground following reports it plans to cut its workforce by more than 10%.

U.S. equities were higher at midday following stronger-than-expected earnings and retail sales. The Dow, S&P 500, and Nasdaq were all higher.

Shares of Charles Schwab (SCHW) surged after the discount brokerage and financial advisory firm posted first-quarter profit and revenue that beat estimates as investor sentiment improved.

Goldman Sachs (GS) shares gained after the financial giant’s earnings took off on higher investment banking revenue.

M&T Bank (MTB) shares jumped as the regional bank reported it reduced its exposure to commercial real estate loans.

Salesforce (CRM) shares declined following a report the cloud business software provider was in advanced talks to buy data management software maker Informatica (INFA). Informatica shares dropped as well.

Shares of Tesla (TSLA) slumped amid reports the electric vehicle (EV) manufacturer will slash its workforce by more than 10% as demand for EVs slows.

Molina Healthcare (MOH) shares fell as Wells Fargo and Truist reduced their price targets on the insurer.

Oil and gold futures were down. The yield on the 10-year Treasury note gained. The U.S. dollar climbed against the euro and yen, but lost ground to the pound. Prices for most major cryptocurrencies were higher.

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Stock Market Performance

The stock market saw positive movements on Monday, April 15, 2024, driven by strong earnings reports and retail sales data. Major indices such as the Dow Jones Industrial Average, S&P 500, and Nasdaq were all trading higher during midday trading.

Charles Schwab (SCHW)

Shares of Charles Schwab surged after the company reported better-than-expected first-quarter profit and revenue. The positive results were attributed to improved investor sentiment and market conditions. Investors reacted positively to the news, pushing the stock price higher.

Goldman Sachs (GS)

Goldman Sachs also saw gains in its stock price following a strong earnings report driven by higher investment banking revenue. The financial giant’s performance exceeded analyst expectations, leading to a boost in investor confidence and share prices.

M&T Bank (MTB)

M&T Bank experienced a jump in its stock price after announcing a reduction in its exposure to commercial real estate loans. The move was well-received by investors, who viewed it as a strategic decision to mitigate risks and improve the bank’s financial position.

Salesforce (CRM)

On the other hand, Salesforce shares declined after reports emerged about the company’s advanced talks to acquire Informatica. The potential acquisition raised concerns among investors, leading to a drop in share prices for both companies.

Tesla (TSLA)

Tesla faced challenges as its stock price slumped following reports of workforce cuts exceeding 10%. The decision was driven by slowing demand for electric vehicles, impacting investor confidence in the company’s future prospects.

Molina Healthcare (MOH)

Molina Healthcare witnessed a decline in its stock price after analysts at Wells Fargo and Truist reduced their price targets on the insurer. The revised outlooks contributed to negative sentiment among investors, leading to a drop in share prices.

Market Trends

Aside from individual stock performances, oil and gold futures were down during midday trading. The yield on the 10-year Treasury note increased, indicating a shift in bond market dynamics. The U.S. dollar showed mixed movements against major currencies, with gains against the euro and yen but losses against the pound. Most major cryptocurrencies saw price increases, reflecting ongoing volatility in the digital asset market.

Overall, the stock market displayed a mix of positive and negative trends on April 15, 2024, driven by company-specific news and broader market dynamics. Investors continue to monitor developments closely to make informed decisions amid evolving economic conditions.

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