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Dow tumbles more than 300 points as banking sector worries reignite before Fed rate decision: Live updates

Uber shares jump after first-quarter revenue beats expectations. Here's what the experts have to say
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Uber jumps after Q1 revenue beats expectations. Here's what the experts say

Stocks tumbled on Tuesday as traders' fears around contagion in the regional banking sector returned ahead of the Federal Reserve's rate decision.

The Dow Jones Industrial Average fell 367.17 points, or 1.08%, to end at 33,684.53. The S&P 500 slid 1.16% and closed at 4,119.58. The Nasdaq Composite dropped 1.08%, ending the session at 12,080.51. The three major averages fell for a second consecutive session.

Bank shares slid, with the SPDR S&P Regional Banking ETF dropping more than 6%. Traders questioned the stability of smaller regional financial institutions after the crisis that engulfed Wall Street in March and brought about the end of Silicon Valley Bank and First Republic Bank. Regional banks PacWest and Western Alliance declined 27% and 15%, respectively.

Meanwhile, JPMorgan Chase's shares shed 1.6%, giving back some of its gains from the previous session. A day earlier, JPMorgan shares rose after the takeover of embattled regional First Republic Bank. Other large banks including Goldman Sachs and Citigroup also dropped more than 2%. Bank of America fell 3%.

"We think that the concerns around the bank sector, combined with uneasiness regarding the debt ceiling — and most importantly, apprehension over the uncertain future Fed rate policy stance — are all contributing to this risk-off sentiment. So in an area like the bank sector that already was under stress, we're also seeing greater unease because of these other contributing factors," said Greg Bassuk, CEO of AXS Investments.

The Fed's two-day policy meeting, which kicked off Tuesday, is expected to conclude with the central bank announcing another quarter-point rate hike on Wednesday. Per the CME Group's FedWatch tool, traders are pricing in a roughly 85% chance of a rate hike. Investors will be looking for clues on whether the Fed will keep rates steady after this meeting, or if it will further tighten monetary policy to fight inflation.

Weighing on sentiment Tuesday was word from the U.S. Treasury that the country may hit the debt ceiling sooner than expected. Treasury Secretary Janet Yellen warned on Monday that the U.S. may run out of measures to pay its debts as early as June 1, earlier than the late July deadline Goldman was estimating.

"You have the perfect cocktail for a risk-off day," said Art Hogan, chief market strategist at B. Riley Wealth Management. "It's a typical risk-off day with three binary situations staring at us from the short-term horizon."

Lea la cobertura del mercado de hoy en español aquí.

U.S. stocks end Tuesday's trading session in the red

U.S. stocks closed lower Tuesday.

The Dow Jones Industrial Average dropped 367 points, or 1.08%. The S&P 500 and the Nasdaq Composite also ended Tuesday's trading session on losses, declining 1.16% and 0.89%, respectively.

— Hakyung Kim

Fed Chairman Powell 'taking a page out of Volcker's playbook,' according to The Wealth Alliance's CEO

An interest rate hike by the Federal Reserve tomorrow won't come as much of a surprise to markets — but what investors will be paying attention to is the likelihood of more rate increases later this year, says The Wealth Alliance's CEO and managing director Rob Conzo.

"I don't think the interest rate hike is any great news and won't really affect anything. What everyone's listening to here is Powell's speech about how long [we'll have] these rate hikes? Or how long he's going to keep an elevated interest rate environment, or when he may see interest rate pullbacks," Conzo said.

However, Conzo believes the Fed Chairman will offer little clue for the markets as to the central bank's intentions for its monetary policy tightening path.

"I believe Powell is not going to speak to that. He's going to do what Powell has been doing," Conzo added. "His words that he used in past minutes were, 'we're going to keep at it.' That happened to be the name of Paul Volcker's autobiography: 'Keeping At It.' Jerome Powell is literally taking a page out of Paul Volcker's playbook."

— Hakyung Kim

WTI Crude Oil settles at lowest levels since March

WTI Crude settled down 5.29% at $71.66, marking its lowest settle since Mar. 24, when it settled at $69.26. WTI Crude has declined 10.7% in 2023.

Brent crude and natural gas also settled lower, falling 5.03% and 4.49%, respectively. Brent crude has shed 12.33% year to date, closing at $75.32 on Tuesday. Meanwhile, natural gas has tumbled more than 50% in 2023.

— Hakyung Kim

Barclays downgrades several retail stocks

Barclays lowered its rating on a host of retails stocks, citing a pullback on spending among consumers across all income levels.

"Our bottom-up approach to analyze promotions across the retail landscape, regardless of category and target income bracket, suggests that retailers are struggling to drive traffic, conversion, and sales, despite markedly cleaner inventory levels," the firm said in a Tuesday note.

Among the retail names downgraded, Figs and winter apparel maker Canada Goose saw the largest downturns on Tuesday, declining 6% and 4.7%, respectively.

CNBC Pro subscribers can read more about the downgrades here.

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Figs and Canada Goose stocks

— Hakyung Kim

'March returns in May,' says Goldman Sachs

Goldman Sachs says investors haven't fully moved past March's bank crisis as banking stocks trade lower on Tuesday. The firm's analysts noted that following the failures of Silicon Valley Bank and Signature Bank in March, the market's worries were quickly alleviated by a deposit injection at First Republic Bank.

"Since bottoming out at 3808 on Mar. 13, the S&P 5000 gained almost 10% [as of] Monday night on the back of relaxed banks tensions, as well as a strong earnings season (so far) and a growing consensus that the Fed will soon pause its year-long rate hiking cycle," several Goldman analysts wrote in a Tuesday note.

"But today, we appear to be seeing some return of the March concerns following JPM's announced acquisition of FRC Monday. Regional bank stocks are down 4% to 13%. [Managing director Richard] Ramsden sees the JPM acquisition as accretive and points out that the transaction highlights that G-SIBs will be allowed to bid on FDIC transactions even if they are above the deposit cap," the note continued.

— Hakyung Kim

CNBC Pro: Buy these cheap, defensive stocks as long as recession fears keep mounting, UBS says

As recession fears keep flaring up again on Wall Street, investors can find safety in cheap, dependable, defensive stocks, according to UBS.

Given recent softness in economic data, the bank says cyclical stocks that benefit from high inflation have further downside ahead. Instead, the UBS playbook advises investors to stick to defensive stocks that remain cheap, such as in the telecom and healthcare industry groups.

"In prior bear markets around recessions, cyclicals have underperformed defensives by 22% from peak to trough," UBS' associate strategist Sean Simonds said in a note last week.

CNBC Pro subscribers can read on for stock picks here.

— Sarah Min

Selloff in Chegg shares could be a sign of losers of A.I. to come

Chegg shares lost almost half their value Tuesday, Tuesday's selloff in Chegg shares exposing concerns of how the latest technology craze may be putting some companies' revenue sources in danger.

The latest tumult for the education technology stock kicked off Monday evening after management highlighted how ChatGPT is hindering its growth.

While Chegg may be the first shoe to drop, it's certainly not the last company set to showcase some of the risks posed by AI.

CNBC Pro subscribers can read more about sectors at risk from AI here.

— Hakyung Kim, Samantha Subin

Mentions of weak demand hit record levels this earnings, according to Bank of America

Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America Securities, said that "mentions of weak demand soared to record levels" so far this earnings season.

Subramanian noted that mentions of tepid demand this round of earnings announcements is even higher than during the Covid-19 pandemic and Great Financial Crisis.

To be sure, the strategist said that corporate optimism "remains above average" and corporate sentiment remains "surprisingly strong." She added that despite concerns around tightening credit conditions, the bank's Corporate Sentiment score based on Natural Language Processing (NLP) analysis remains flat year over year, well off its 2Q22 lows. The score's year-over-year performance improved for the first time since the final quarter of 2021, "point[ing] to a potential earnings recovery."

— Hakyung Kim, Robert Hum

The Federal Reserve is in a 'safer position' now than it was a year ago, according to the Washington Center for Equitable Growth

Looking beyond the next few months, the Federal Reserve can afford to pursue a more patient strategy, according to the Washington Center for Equitable Growth's director of Macroeconomic Policy, Michael Madowitz.

"Looking beyond the next few months, the Fed is in a much safer position than it was a year ago—the economy is growing, and Fed funds rates are near the 5% benchmark, which gives the Fed enough room to cut when the next U.S. recession comes along. Arguably, the main reason we got high inflation coming out of this recession was the Fed could not risk hiking rates too early because it didn't have the breathing room it does now," Madowitz said in a Tuesday note.

He added that market-based breakeven inflation rates "suggest there is little threat to the Fed's credibility," giving the central bank room to relax its aggressive tightening policy path it began in March 2022.

— Hakyung Kim

Stocks making the biggest midday moves

These are some of the stocks making the biggest midday moves:

See the full list here.

— Alex Harring

Energy and financial stocks are Tuesday's biggest laggers

Energy and financial stocks are Tuesday's biggest underperformers, as all sectors of the S&P 500 turn red.

The broad market index has declined 1.7% as of Tuesday afternoon. The Energy Select Sector SPDR Fund (XLE) is down almost 5%, followed by the Financial Select Sector SPDR Fund (XLF) dropping 2.7%.

Meanwhile, consumer discretionary stocks and health care companies are seeing the smallest losses. The Consumer Discretionary Select Sector SPDR Fund (XLY) and Health Care Select Sector SPDR Fund (SLV) are down just 0.9% and 1%, respectively.

— Hakyung Kim

Europe stocks close lower

European stock markets fell on Tuesday, with the benchmark Stoxx 600 index provisionally closing 1.3% lower.

All sectors declined as investors weighed a fall in oil prices and assessed the path of European Central Bank interest hikes with inflation remaining well above target. The Federal Reserve's monetary policy meeting and declines in U.S. bank stocks also weighed.

France's CAC 40 index dropped 0.45%, Germany's DAX fell 1.23% and the U.K.'s FTSE 100 was 1.24% lower.

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Stoxx 600 index.

— Jenni Reid

Valuations for unprofitable private companies have crashed, says investor Orlando Bravo

The private market is in a very fundamentally driven environment right now, according to Orlando Bravo, co-founder and managing partner of software buyout firm Thoma Bravo.

"Everyone is now talking about profitable growth," he said in an interview with David Faber on the sidelines of the Milken Institute Global Conference in Beverly Hills, California.

"The valuations for unprofitable companies have absolutely crashed and I don't see them coming back anytime soon," he added. "Investors have lost too much money in unprofitable growth."

The small part of the software index that is profitable is trading at fair levels, with a roughly 30 or 40 forward price-to-earnings multiple. That is "a pretty decent environment for these companies," Bravo said.

— Michelle Fox

Oil prices drop on China factory data, economic outlook

Oil prices fell sharply Tuesday following an unexpected contraction in Chinese factory activity, reported Sunday, and ahead of further interest rate hikes expected from the Federal Reserve and European Central Bank this week.

Brent crude futures dropped 4.3% to $75.87 at 10:53 a.m. ET, while West Texas Intermediate crude futures were down 4.4% to $72.34 — their lowest levels since late March.

The drops came despite news that OPEC oil output fell in April, according to a Reuters survey.

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ICE Brent Crude

— Jenni Reid

Chegg’s freefall drags other educational stocks downward

Educational tech stock Chegg cratered 48% on Tuesday – and its peers have joined it in sympathy.

Chegg, on pace for its worst day since November 2021, slid following its Monday evening earnings call. There, CEO Dan Rosensweig noted that ChatGPT is "having an impact on our new customer growth rate." Chegg shares subsequently tumbled in after-hours trading Monday night, and the hemorrhaging continued into Tuesday. The stock has hit its lowest level since April 2017.

Educational names came under pressure as well: 2U shed more than 14%. Duolingo dropped more than 10%, and John Wiley & Sons dropped 7%.

-Darla Mercado, Chris Hayes

Oil services ETF on pace for worst day since mid-March

The VanEck Oil Services ETF was lower by 4.5% on Tuesday, and headed for its worst day since mid-March. On March 15, the index declined 7.32% following BP's earnings and uncertainty around the price of oil.

Shares of NexTier Oilfield Solutions weighed on the ETF, last down 7%. Liberty Energy and Halliburton slid more than 6%, each. Expro Group Holdings declined 5.8%.

U.S. West Texas Intermediate crude hit a low of 73.04, or its lowest level since Mar 30 when it traded as low as 72.61.

— Sarah Min, Gina Francolla

Former Fed official Rosengren advocates no rate hike

Eric Rosengren thinks his former colleagues at the Federal Reserve will be making a mistake if they raise interest rates again Wednesday.

The former Boston Fed president, who retired from the board in September 2021, told CNBC on Tuesday that turmoil in the banking industry and an economic slowdown should push policymakers to end the rate-hiking campaign that began in March 2022.

"My own view is that the economy is quite likely to slow down in the second half of the year and that it's not necessary at this point to be raising rates until we get a better view of what the second half of the year looks like," Rosengren said on "Squawk Box."

Traders in the futures market are pricing in a 96% chance that the Federal Open Market Committee approves a quarter percentage point rate hike when the two-day meeting ends, according to the CME Group's FedWatch tracker.

—Jeff Cox

Regional bank stocks slide

Shares of regional banks were under pressure again on Tuesday, extending losses from the prior trading session.

The SPDR S&P Regional Bank ETF (KRE) slid another 3.5% after losing 2.8% on Monday. Meanwhile, PacWest Bancorp dropped 16% and was halted for volatility. That stock fell more than 10% on Monday.

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Shares of PacWest were falling again on Tuesday.

— Jesse Pound

Job openings declined more than expected in March

Employment openings hit a nearly two-year low in March, a sign the jobs market is loosening up, the Labor Department reported Tuesday.

Openings totaled 9.59 million, the lowest since April 2021 and below the FactSet estimate of 9.64 million, according to the Job Openings and Labor Turnover Survey.

The Federal Reserve watches the JOLTS report closely for signs of labor slack. Declining job openings is a positive for inflation as it helps put less pressure on wage increases.

The full story can be found here.

—Jeff Cox

Hindenburg Research goes after Carl Icahn

Notable short seller Hindenburg Research took a short position against Carl Icahn's conglomerate Icahn Enterprises, alleging "inflated" asset valuations, among other reasons.

"Overall, we think Icahn, a legend of Wall Street, has made a classic mistake of taking on too much leverage in the face of sustained losses: a combination that rarely ends well," Hindenburg Research said in a note released Tuesday.

The shares fell 9% in premarket trading.

— Yun Li

Stocks open lower Tuesday

U.S. stocks opened down Tuesday morning.

The Dow Jones Industrial Average fell 141 points, or 0.4%. Meanwhile, the S&P 500 shed 0.3%. The tech-heavy Nasdaq Composite less than 0.1%.

— Hakyung Kim

QQQ pulling in massive inflows

Investors have been jumping in to one of the biggest growth funds on the market during the heart of the first quarter earnings season.

The Invesco QQQ Trust (QQQ) has seen more than $2.6 billion of inflows over the past week, according to FactSet, nearly three-times the amount of the second-most popular ETF. The fund is up 3.9% over the past week.

While many of the stocks that make up the QQQ have performed well this year, investors had previously been cautious. The fund has still seen about $1.5 billion of net inflows year to date.

To be sure, fund flows are not always a perfect proxy for how bullish investors are, especially for larger funds like the QQQ that are used as trading vehicles.

— Jesse Pound

Stocks making the biggest premarket moves

Here are some of the names making the biggest moves during the premarket:

To see more companies making premarket moves, read the full story here.

— Michelle Fox

Uber shares surge more than 8% Tuesday morning

Shares of Uber jumped 8.2% Tuesday during premarket trading after the company posted better-than-expected results for the first quarter.

The ride-sharing company reported $8.82 billion revenue, topping consensus estimates of $8.72 billion, according to Refinitiv data. Uber also posted losses of 8 cents per share, less than analysts' estimates of 9 cents per share.

CEO Dara Khosrowshahi told CNBC's "Squawk Box" on Tuesday morning that the company is committing to become GAAP operating profitable this year.

— Hakyung Kim

Citi says Coinbase stock will remain under pressure due to regulatory risks, SEC dispute

Citi downgraded Coinbase on Tuesday, and noted the looming regulatory risks to cryptocurrencies as a headwind to the company.

"Coinbase is now tasked to advocate for a reputationally damaged industry and pave a sustainable pathway towards regulatory compliance," analyst Peter Christiansen said.

Meanwhile, Christiansen also said Coinbase's yet to be resolved dispute with the U.S. Securities and Exchange Commission will also add further pressure, given the company's own lawsuit against the SEC after a March Wells notice.

"While the SEC has taken roughly 50 enforcement actions in the crypto space to date, not since Coinbase received a Wells notice in late March has the debate on crypto regulation reached such a fevered pitch," he said.

Read the full story here.

— Brian Evans

Wall Street analysts say the threat of ChatGPT 'completely overshadowed' Chegg's strong results

Investors should stick to the sidelines on Chegg after the threat of artificial intelligence "completely overshadowed" the firm's stronger-than-expected results, according to some Wall Street analysts.

Chegg shares tumbled 42% in Tuesday premarket trading after the online education firm said it expects that ChatGPT is hurting growth, and issued a weak second-quarter revenue outlook. "We now believe [ChatGPT is] having an impact on our new customer growth rate," CEO Dan Rosensweig said during the earnings call.

Morgan Stanley analyst Josh Baer said that, as AI "completely overshadowed" the results, he heavily cut his revenue forecasts. He also slashed his price target to $12 from $18, implying Chegg shares can drop another 30% from Monday's close.

JPMorgan's Doug Anmuth also reiterated a neutral rating, and cut his December 2023 price target to $14 from $19. That's about a 20% fall from where shares closed Monday. While the analyst was encouraged by CheggMate, he said uncertainty remains around the future of the firm.

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Chegg shares 1-day

— Sarah Min

Morgan Stanley eyes Dell ahead of potential PC market bottom

Morgan Stanley upgrades shares of Dell Technologies on Tuesday, and said the company could stand to benefit as the broader personal computer firms bottom.

"We believe the PC market is forming a bottom, and we want to own Dell for the cyclical PC market rebound," analyst Erik Woodring said

So far this year, Dell stock has gained nearly 9%.

Read the full story here.

— Brian Evans

There's something for everyone heading into Tuesday's session, Vital Knowledge says

Both market bulls and bears have enough material to back their stances heading into Tuesday's open, Adam Crisafulli of Vital Knowledge wrote.

"Bulls will focus on some decent earnings Mon night in the US (including CAR, FLS, HOLX, KMT, MGM, NXPI, SFM, SON, and WWD), another transport company implying the market was at/near a trough (FWRD), the ECB bank lending survey (which has dovish implications for the Thurs meeting), and the Biden-McCarthy debt ceiling meeting on May 9 (the first once since February)," he wrote.

"However, bears have plenty of headlines to bolster their view, including the shockingly hawkish RBA decision (surprising 25bp rate hike), the Eurozone CPI for April (which overshot the St at +7% and stayed elevated on core at +5.6%), the accelerated US debt ceiling timeline (the "X date" could be as soon as early June and neither side is budging), and some underwhelming earnings reports," he said.

"The bears probably have the stronger argument for today specifically, but our overall view (which remains more sanguine than most) is unchanged," Crisafulli added.

— Fred Imbert, Michael Bloom

European markets open mixed

European markets opened mixed Tuesday, with investors awaiting the start of the U.S. Federal Reserve's latest monetary policy meeting.

European markets


The pan-European Stoxx 600 index opened modestly lower, before slipping into marginally positive territory. Oil and gas stocks led losses, with a 0.9% drop, after BP released first-quarter results. Profits were lower than the exceptional levels of 2022, when fossil fuel prices soared in response to Russia's full-scale invasion of Ukraine.

Banking stocks saw a 1.1% uptick, recovering some of the drop experienced at the end of last week.

European traders are also looking ahead to euro zone inflation data expected later in the day.

— Hannah Ward-Glenton

HSBC reports pre-tax profit jumped to $13 billion in the first quarter

HSBC's pre-tax profit jumped by $8.7 billion to $12.9 billion in the first quarter, the bank said in an earnings release.

The bank said that included a $2.1 billion reversal of an impairment related to a planned sale of its retail banking operations in France and a provisional gain of $1.5 billion on its acquisition of Silicon Valley Bank's U.K. arm.

"We remain focused on continuing to improve our performance and maintaining tight cost discipline, but we also saw an opportunity to invest in SVB UK to accelerate our growth plans," CEO Noel Quinn said in the release, calling Silicon Valley Bank UK a "natural fit" for the bank.

Hong Kong-listed shares of HSBC rose 2.7% Tuesday afternoon.

– Jihye Lee

Reserve Bank of Australia raises rates by 25 basis points

In a surprise move, the Reserve Bank of Australia raised its cash rate target by 25 basis points to 3.85%, stating that inflation in the nation is "still too high."

Economists polled by Reuters were largely expecting the central bank to hold its benchmark rate steady at 3.6%.

"While the recent data showed a welcome decline in inflation, the central forecast remains that it takes a couple of years before inflation returns to the top of the target range; inflation is expected to be 4½ per cent in 2023 and 3 per cent in mid-2025," the central bank said in its statement.

The RBA added that its priority "remains to return inflation to target" and left the door open for more hikes ahead.

"Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve," it said.

The yield on Australia's 10-year government bond stood at 3.472% shortly after the decision.

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– Jihye Lee

ARM's IPO filing raises speculation about buyout of SoftBank

SoftBank's chipmaker Arm confidentially filed for a U.S. stock market listing, rekindling speculation about a management buyout of SoftBank, Nikkei reported.

The report added that SoftBank Group raised billions of dollars using its shareholdings, including its stake in Alibaba as collateral – and that the Japanese firm could use shares of Arm instead, which would enable a renewed investment push by the Vision Fund.

Nikkei also reported that SoftBank could go private if it sells about half of its stock portfolio, and a high valuation for Arm would further widen the gap between SoftBank Group's valuation and that of its assets, making a buyout look that much more likely.

Shares of SoftBank rose 0.7% on Tuesday's morning session in Tokyo.

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– Jihye Lee

Chegg shares swoon in after-hours trading

Shares of the educational tech company Chegg cratered more than 36% in extended trading.

Chegg issued weak guidance on second-quarter revenue late Monday. The news took away from otherwise strong first-quarter results: Chegg posted adjusted earnings of 27 cents per share on revenue of $188 million. Analysts called for earnings of 26 cents per share on revenue of $185 million, according to Refinitiv.

It's been a rough year thus far for the company, with shares down more than 30% in 2023.

— Darla Mercado, Ethan Kraft

Yellen: U.S. could hit the debt ceiling by June 1

The United States may run out of measures to pay its debt obligations by June 1, earlier than the government and Wall Street had been expecting, Treasury Secretary Janet Yellen warned Monday.

Yellen said in a letter to House Speaker Kevin McCarthy that new data on tax receipts forced the department to move up its estimate of when the Treasury Department "will be unable to continue to satisfy all of the government's obligations." That could potentially be as early as June 1 if Congress doesn't raise or suspend the debt limit before then.

This date is earlier than Wall Street economists were expecting. Goldman Sachs' latest estimate this week put the deadline at some point in late July, though the bank's economists acknowledged that weaker-than-expected tax receipts could move that timeline up further.

— Christina Wilkie

Stocks making the biggest after-hour moves

There are some of the stocks making the biggest moves after hours:

  • Arista Networks — The cloud networking company slid 7% despite beating analysts' expectations for the first quarter. Arista saw $1.43 in adjusted earnings per share in the quarter on $1.35 billion in revenue, while analysts polled by Refinitiv expected $1.34 per share on $1.31 billion. The company also gave second-quarter revenue guidance that was better than Wall Street expected.
  • Stryker — The medical technologies stock fell more than 4%. The company warned that if foreign exchange rates stay near their current levels, it expects full-year sales and per-share earnings will be "modestly unfavorably impacted." Separately, the company posted beats on the top and bottom lines in the first quarter, according to Refinitiv.
  • MGM Resorts — The resort-and-casino company shed 0.2% on the back of strong first-quarter earnings. The company posted 44 cents in adjusted earnings per share, smashing the consensus estimate of 10 cents per share, according to Refinitiv. Revenue was also above expectations, with MGM recording $3.87 billion while analysts forecasted $3.59 billion.

See the full list here.

— Alex Harring

Stock futures are lower

Stock futures were lower as extended trading kicked off.

Futures tied to the Dow slipped 0.1%, while S&P 500 and Nasdaq-100 futures each lost 0.2%.

— Alex Harring