Analytics, News, and Forecasts for CFD Markets: stock news — 05-05-2021.

U.S. stock-index futures rose on Wednesday, as tech stocks rebound after Tuesday's sell-off, triggered by a rotation out of growth into value stocks and comments from U.S. Treasury Secretary Janet Yellen on the possible need for interest rates to rise to prevent the U.S. economy from overheating.

Global Stocks:

FXStreet notes that S&P 500 remains below 4200. Economists at Credit Suisse are looking for a potentially lengthy consolidation/corrective phase to emerge with key near-term support still seen at 4118/12. 

“With a range of ‘red flags’ and overextension signals still in place as well as daily bearish momentum divergences and a bearish MACD cross lower we continue to look for the unfolding of what may be a lengthy consolidation/corrective phase.” 

“Whilst resistance from the top of the price gap from yesterday at 4188/93 caps the immediate risk can stay lower with support seen at 4157/55 initially and then more importantly at 4118/12 – the late April low and lower end of the uptrend channel from early March. Below here though is needed to set a top to add weight to our corrective roadmap with support then seen next at 4086, then 4079 – the 38.2% retracement of the rally from late March.” 

(company / ticker / price / change ($/%) / volume)

Downgrades before the market open

Altria (MO) downgraded to Hold from Buy at Argus

Exxon Mobil (XOM) upgraded to Buy from Hold at DZ Bank; target $67

General Motors (GM) reported Q1 FY 2021 earnings of $2.25 per share (versus $0.62 per share in Q1 FY 2020), solidly beating analysts’ consensus estimate of $0.97 per share.

The company’s quarterly revenues amounted to $32.474 bln (-0.7% y/y), missing analysts’ consensus estimate of $33.150 bln.

GM rose to $57.15 (+3.27%) in pre-market trading.

Barrick (GOLD) reported Q1 FY 2021 earnings of $0.29 per share (versus $0.16 per share in Q1 FY 2020), missing analysts’ consensus estimate of $0.31 per share.

The company’s quarterly revenues amounted to $2.956 bln (+8.6% y/y), missing analysts’ consensus estimate of $3.167 bln.

GOLD rose to $22.11 (+0.45%) in pre-market trading.

Lyft (LYFT) reported Q1 FY 2021 loss of $0.35 per share (versus -$1.31 per share in Q1 FY 2020), being better than analysts’ consensus estimate of -$0.55 per share.

The company’s quarterly revenues amounted to $0.609 bln (-36.3% y/y), beating analysts’ consensus estimate of $0.555 bln.

LYFT rose to $59.60 (+6.07%) in pre-market trading.