IBM earnings helps S&P 500, Dow Jones rebound on Wednesday
|After two consecutive sessions of trading in the red, the Dow Jones and S&P 500 recovered some of these losses in today’s session.
Markets were jittery heading into this week's tech earnings, however a strong showing from IBM helped calm investor nerves.
Shares in the tech giant were up by as much as 5% in today’s open as they reported Q1 net income of $955 million, or $1.06 earnings per share.
Revenue also rose to $17.73 billion from $17.57 billion at the same period last year. Analysts had initially anticipated revenue of $17.32 billion and EPS of $1.69.
As of writing, the S&P 500 and Dow Jones were up 0.54% and 0.63% respectively.
Netflix slides as subscriber growth slows
Streaming giant Netflix saw its share price tumble at today’s open, after it released its first quarter earnings post yesterday’s closing bell.
Although both revenue, and earnings per share were better than expected, it was the disappointing subscriber growth numbers which worried investors.
The company's earnings per share came in at $3.75 vs $2.97 expected, whilst revenue rose to $7.16 billion vs $7.13 billion expected.
Paid subscriber growth came in at 3.98 million, close to half the expected sum of 6.2 million.
As of writing, shares in Netflix were down 6.85%.
Oil price falls as inventories unexpectedly rise
Oil prices fell for a second consecutive day in today’s session, as figures showed that Crude stockpiles unexpectedly rose.
Data released by the Energy Information Administration on Wednesday showed that inventories rose 594,000 barrels last week.
Initially, markets had expected stockpiles of crude to fall by 2.985 million barrels in the latest report.
The numbers come as high oil consuming nations like India, continue to see a rise in COVID-19 cases, meaning demand for oil is still relatively low.
WTI crude fell to an intraday low of $60.80 per barrel, after trading as high as $64.30 yesterday.
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