Market sentiment was reflected by some robust earnings, despite Tuesday’s pullback. Technologies was up more than 8% after surpassing revenue expectations, citing AI-related demand. Vimeo shares jumped 9.3% following an improved earnings forecast. In contrast, Hims & Hers Health declined 4.9% after missing revenue targets and reporting weak demand for weight-loss treatments.
shares rose more than 5% after the company raised its profit forecast. The company cited cost-cutting efforts as a key factor in offsetting declining sales.
Intelligence noted that S&P 500 earnings have risen 9.1% in the second quarter, triple the pre-season forecast. Nonetheless, there were steep sell-offs of companies that delivered below expectations. Other stocks, such as Inspire Medical Systems and Gartner, dropped by more than 27% on updated revenue guidance.
With the ongoing earnings season, investors are watching corporate buybacks. Citadel Securities strategist Scott Rubner also pointed out that August has historically performed well in equities, particularly after the end of the earnings blackout periods. This figure can support equities in the near term.
No Comment! Be the first one.