May 26, 2024


The Dow Jones Industrial Average extended its winning rally to seven consecutive days on Thursday, with Amazon stock reaching a new 52-week high.

A weak jobs report fueled investors’ hopes that the Federal Reserve might still cut interest rates this year. Weekly jobless claims rose to 231,000, according to the Department of Labor, up by 22,000 from the previous week and the highest level since August.

The Swedish Riksbank lowered interest rates for the first time since 2016 and is expected to do so again later this year. And the Bank of England decided to keep interest rates unchanged but hinted that a cut could be coming soon.

By the end of the day, the Dow added 331 points, or 0.85%, to 39,387. The S&P 500 popped 0.51%, while the tech-heavy Nasdaq Composite rose 0.27%.

Amazon stock hits a new 52-week high

Amazon stock rose 1.5% to $191.70 on Thursday afternoon, hitting a new 52-week high. The stock is up 25% so far in 2024 and 73% over the past year. By closing time, the stock dropped to $189.4

With artificial intelligence at the forefront, the e-commerce giant has been experiencing a surge. In its latest earnings report, the company posted better-than-expected revenue for its first quarter. For the period, it reported revenue of $143.3 billion, about $0.98 cents a share. Analysts forecasted it would earn $142.5 billion, or roughly $0.84 cents a share.

Robinhood stock falls

Shares of Robinhood were up in the morning but dropped later in the day. The online trading platform announced record quarterly revenue and profits that exceeded analysts’ predictions. In its latest earnings report, the company posted a net income of $157 million, or 18 cents per share, on revenue of $618 million, exceeding Wall Street’s expectations of 6 cents per share on revenue of $553 million.

Robinhood, with a crypto arm that is on the radar of the U.S. Securities and Exchange Commission (SEC) for allegedly violating securities laws, is thriving on cryptocurrency. In the first quarter, the company generated $126 million in revenue through crypto transactions, up 232% from last year.

By closing time, the stock had declined by over 3%.

Warner Bros. Discovery jumped after releasing its earnings report

On Thursday, Warner Bros. Discovery announced a strong first-quarter showing for its streaming unit, even as its studios division underperformed.

The direct-to-consumer (DTC) unit — which includes streaming services like Max and premium television like HBO — turned a first-quarter profit of $86 million for the January to March quarter, compared to $50 million last year. In 2023, the New York-based entertainment giant became the first company to make streaming profitable over the course of a full year. During the first quarter of 2024, Warner Bros. Discovery said it added 2 million DTC subscribers, bringing its total to 99.6 million.

Shares were up 3% by the end of the day.

Airbnb stock drops on weak outlook

After the closing bell on Wednesday, Airbnb reported first-quarter results that beat analysts’ estimates but offered weaker guidance than expected. Consequently, its shares fell over 6.5% by the end of the day. Earnings per share came in at 41 cents, compared with 24 cents expected. The company generated $2.14 billion in revenue, compared to the $2.06 billion expected.

However, the company announced its second-quarter revenue will be between $2.68 billion and $2.74 billion, missing analysts’ expectations of $2.74 billion.

Airbnb was powered by the solar eclipse in its first quarter, reporting record bookings from travelers viewing the celestial event.

“We had our best Q1 ever,” said Brian Chesky, Airbnb’s CEO during the company’s earnings call on Wednesday. “I’m proud of our strong Q1 results and look forward to another record summer travel season.”

Over 500,000 guests booked stays on Airbnb during the eclipse.

Roblox stock plummets on weak earnings forecast

Roblox stock dropped more than 22% by closing time as the video game platform released a disappointing outlook for the coming months.

The California-based company reported a net loss of $270.6 million, or 43 cents per share, for the current period. This is compared to a loss of $268.3 million, or 44 cents per share, in the same period last year. Wall Street’s analysts predicted a per-share loss of 53 cents. Revenue increased by 22.3% to $801.3 million, falling short of the expectation of $918.8 million. Its bookings rose by 19% to $923.8 million, just missing expectations of $930.4 million.

However, the company’s daily active users increased to 77.7 million in the first quarter, a 17% YoY increase, surpassing analysts’ expectations of 77.3 million.

Beyond Meat stock plunges as prices rise

Plant-based food company Beyond Meat is struggling to reach even the healthiest of consumers — and it needs to raise cash quickly.

Shares of Beyond Meat fell by 14% by closing time, trading at $7 after the meat substitute company reported dismal first-quarter earnings. That decline is in part due to an increase in prices, which it implemented in April after the launch of its new premium burgers.

-William Gavin, Rocio Fabbro, and Francisco Velasquez contributed to this article



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