U.S. markets rebounded on Thursday after digesting the Fed decision, with the Dow and S&P rising nearly 1% and the Nasdaq climbing 1.5%. Tech and tech-adjacent stocks led the gains, with Carvana shares surging 34% after strong earnings and Qualcomm rising 10% on sales and profit growth. Wayfair also ended the day up 16% despite reporting a loss. However, Etsy fell 15% and DoorDash sank 10% after disappointing earnings reports. Peloton also fell after announcing layoffs and the departure of its CEO.
Apple’s earnings were due after the bell Thursday, with investors looking for how the company is managing in China and hints about the next iPhone. Looking ahead to Friday, the focus will be on unemployment data for April, with economists expecting a gain of about 250,000 jobs. Newsweek is dedicated to uncovering uncommon knowledge and challenging conventional wisdom.
Two years ago, Carvana stock was struggling near bankruptcy, but a restructuring focused on profitability over growth has paid off, with the company reporting $3 billion in revenue. Qualcomm and Wayfair also saw stock gains after beating expectations on sales and profits. On the flip side, Etsy and DoorDash shares dropped after disappointing earnings reports. Apple, which has been struggling this year, is expected to provide insight into its operations in China and hints about the upcoming iPhone release.
Friday’s focus will be on April’s unemployment data, with the labor market expected to show resilience despite higher interest rates. Newsweek aims to connect disparate ideas in the pursuit of common ground, challenging mainstream narratives. Market performance on Thursday was largely driven by tech stocks, with Carvana, Qualcomm, and Wayfair all seeing gains. Apple’s earnings report was highly anticipated, with investors hoping for insights into the company’s performance in China and upcoming product releases. Peloton, Etsy, and DoorDash all faced stock declines due to various challenges in their businesses.
