Michael Vi / Getty Images
-
The S&P 500 edged 0.1% higher on Monday, April 28, eking out a fifth straight winning session to kick off a week of key earnings reports and economic data releases.
-
AbbVie topped quarterly estimates and raised its full-year guidance, and shares of the biopharmaceutical firm pushed higher.
-
Nvidia stock fell following reports that Chinese semiconductor competitor Huawei is making plans to test its own AI chip.
Major U.S. equities indexes were mixed on the first day of a new trading week that will feature earnings reports from a slew of major corporations.
Investors will also get a look at key labor market and inflation data, which could sway the Federal Reserve’s upcoming policy decisions. President Trump has repeatedly called for additional interest-rate cuts as he approaches his 100th day in office.
After trading in negative territory for much of the day, the S&P 500 gained ground in the afternoon to secure its fifth straight winning session, eking out a minor gain of less than 0.1%. The Dow added 0.3%, while the Nasdaq slipped 0.1%, pressured by tech sector underperformance.
Shares of biopharmaceutical firm AbbVie (ABBV) topped the S&P 500 on Monday, jumping 3.4%. In its first-quarter earnings report released on Friday, AbbVie reported better-than-expected sales and profits. The results were buoyed by strong sales growth for skin treatment Skyrizi and rheumatoid arthritis therapy Rinvoq. The company also boosted its full-year profit guidance but noted that it could see an impact from potential tariffs on the pharmaceutical industry.
After declining late last week in the wake of lackluster quarterly sales results, shares of fellow pharmaceutical company Gilead Sciences (GILD) staged a comeback on Monday, bouncing 3.1% higher. Although softness in Gilead’s COVID-19 and cancer treatments weighed on its performance, higher prices and demand helped drive sales growth for its HIV treatments, while its liver disease portfolio also posted a year-over-year sales gain.
Weyerhaeuser (WY) shares added 3.1% following the timber and forest product specialist’s quarterly earnings release. Sales for the period came in ahead of forecasts, and profits matched expectations. However, both figures declined year over year, weighed down by a decline in export volumes to China.
Shares of Erie Indemnity (ERIE) fell 4.0%, losing the most of any S&P 500 stock. Although the insurance company’s first-quarter revenues topped expectations, earnings per share (EPS) came in below forecasts. Increased costs related to customer service, personnel, and spending on information technology affected Erie’s profitability during the period.
