From CNBC: 2024-05-01 15:03:55

Market check: Stocks surged Wednesday afternoon after the Federal Reserve held interest rates steady at the end of its latest two-day meeting. According to their post-meeting statement, central bankers noted a “lack of further progress” in bringing inflation down to their 2% target. Fed chief Jerome Powell reiterated that concern at his news conference.

In early 2024, expectations in the market were for as many as six rate cuts, but now there are questions about whether there will be any cuts this year. April was a rough month for the market, with monthly declines in the Dow, the S&P 500, and the Nasdaq breaking five-month winning streaks for the three major stock benchmarks.

U.S. oil prices sank roughly 3% to under $80 per barrel Wednesday, hitting about a seven-week low on West Texas Intermediate crude. The drop was due to stockpiles surging on lackluster demand while the U.S. and its international partners push for a ceasefire between Israel and Hamas in Gaza. WTI has fallen 9% from its intraday high for the year.

Coterra Energy, the Club’s lone oil-and-gas stock, was down 2% on Wednesday and is set to report quarterly results after the close on Thursday. Viking Holdings shares rose 10% in its debut Wednesday as a public company with around 64 million shares priced at $24 each. The cruise line company’s IPO marks a revival in an otherwise dormant market.

DuPont was the Club’s biggest winner Wednesday, rising over 7% after surpassing quarterly earnings and raising its guidance. Other notable winners included GE Healthcare and Amazon. Starbucks, Estee Lauder, and Nvidia were the biggest losers of the day due to poor quarterly results and outlooks.

Thursday brings earnings reports from 12 portfolio stocks, including Linde, Stanley Black & Decker, Bausch Health, and Apple. Tesla is also set to report earnings after a recent upgrade from an analyst. As a subscriber to the CNBC Investing Club with Jim Cramer, you receive trade alerts before Jim makes a move in the portfolio, following specific guidelines to ensure transparency and responsibility.



Read more at CNBC:: Fed decision, oil plunge, mixed earnings — what to watch into market close