Econ Recaps
Econ Recaps
Corben Benda
Regional banks BLEED, Market hates Ugly Data, UBER up 10%, what you missed today! //May 2nd Recap
7 minutes Posted May 3, 2023 at 1:57 am.
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The S&P 500 index decreased by 1.16%, closing at $4,119.58. The energy sector was hit hard, with all 23 constituents of the energy sector select fund closing the day down, most of which over 4%. The financial sector was also hit hard, with only 4 of the 73 constituents closing the day up. The KBW Nasdaq bank index closed down 4.47%, and regional banks were sold down heavily. Uber reported much better than expected Q1 earnings, and the company's revenue was $8.82 billion, which is $110 million above expectations. Pfizer and British Petroleum both reported their revenues, with Pfizer's revenue coming in strong, but investors hesitated to buy the company due to the declining demand for COVID-19 products. Marriott's revenue beat expectations, and earnings per share came in at $2.09, which is significantly above the expected $1.84. Starbucks announced revenues of $8.7 billion, and domestic same-store sales were up 12%.