Stock Market Today: Trump Media Shares Up, Airbnb Down
Major U.S. stock indexes were mixed earl Thursday, with the Dow Jones Industrial Average and S&P 500 opening up, and the Nasdaq 100 down.
The Dow looked to extend a streak of gains for the seventh consecutive trading day.
Shares in Trump Media & Technology Group were higher early Thursday as a rollercoaster week for the Truth Social parent continues alongside the third week of former President Donald Trump’s “hush money” trial in New York.
Shares in homestay platform Airbnb were down more than six percent despite posting its most profitable quarter ever after market close Wednesday, with a net income of $264 million.
Yet the firm also forecast weaker-than-expected results for the next quarter.
The Airbnb app logo is displayed on an iPhone. Carl Court/Getty Images
“We’d like to deliver higher growth than stable growth, but our outlook obviously reflects the trends that we have seen quarter-to-date,” said CFO Ellie Mertz.
Japanese carmaker Honda is also predicted to release its first-quarter financial statement Thursday.
The auto company announced on Thursday it had opened a new research and development facility in Bengaluru, India to accelerate electrification in the South-Asian country.
Honda aims to reach carbon neutrality in all its products and corporate activities by 2050, and by 2040 for its motorcycle products, which includes the popular Super Cub model.
Shares in telecoms multinational Telefónica were up around a quarter of a percent on Thursday, after the company announced strong earnings before market opened.
The report disclosed a net profit of 532 million euros ($571 million), which was higher than expected.
Warner Bros. Discovery shares were down early morning after the entertainment giant announced larger-than-expected losses.
There was a silver lining for fans of Lord of the Rings at least; Warner Bros. CEO David Zaslav said on a call with investors that more films set in Middle Earth would be made by the studio, produced by the original trilogy’s director, Peter Jackson and directed by Andy Serkis, who will also return as the character Gollum.
Warner Music Group is also scheduled to release earnings later today.
Canadian energy firm Enbridge and Soho House, the chain of private members clubs, are some companies to watch tomorrow to round off the week.
Investors were also parsing the weekly jobless-claims, which rose 231,000 last week. This economic indicator provides insights into the U.S. labor market by measuring the number of individuals who have filed for unemployment benefits for the first time.
In London Thursday, the Bank of England followed the Federal Reserve’s lead and held interest rates at 5.25 percent, with the central bank’s governor saying it needed to “see more evidence” of falling inflation before making a rate cut.
Sweden’s central bank cut its interest rates on Wednesday.
Update, 5/9/24, 10:35 a.m. ET: This article was updated with new information after the markets opened.
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