Stock Market Today, April 23: Markets Dip As Strait of Hormuz Conflict Intensifies
The S&P 500 (SNPINDEX:^GSPC) fell 0.42% to 7,108.04, the Nasdaq Composite (NASDAQINDEX:^IXIC) slid 0.89% to 24,438.50, and the Dow Jones Industrial Average (DJINDICES:^DJI) dipped 0.36% to 49,310.31 as new developments in the Iran War and tech weakness offset energy strength near record highs.
Market movers
ServiceNow plunged about 18% after slower-than-expected guidance put the broader software sector under pressure. Elsewhere, Tesla traded lower despite topping Q1 estimates, and meme favorite Avis Budget Group extended a prior 40%+ collapse. Lastly, Lululemon named ex-Nike executive Heidi O’Neill its new CEO, but the stock dropped 13% today as analysts critiqued the move.
What this means for investors
With tensions escalating in the Strait of Hormuz, ServiceNow’s earnings reigniting the software stock sell-off, and major brands like Tesla and Lululemon battling weakness today, the U.S. markets took a step back. However, there were a few “green shoots” in the market today that show the U.S. economy may be stronger than we give it credit for.
First, United Rentals stock surged 23% higher after excellent earnings. As the world’s largest equipment rental company, URI acts somewhat like a bellwether to the broader industrial sector.
Union Pacific also rose 9% today after its solid earnings, and I’d argue it provides similar insights into the U.S. economy.
Lastly, Texas Instruments soared 19% after blowing past analysts’ expectations for its Q1 earnings and boosting guidance. Texas Instruments’ success today is a reasonable indicator that chip demand is not yet showing any weakness.
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Josh Kohn-Lindquist has positions in ServiceNow, Tesla, and Union Pacific. The Motley Fool has positions in and recommends Lululemon Athletica Inc., Nike, ServiceNow, Tesla, and Texas Instruments. The Motley Fool recommends Union Pacific. The Motley Fool has a disclosure policy.
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