The Dow Jones and S&P 500 rallied to new highs on Wednesday, as Q1 earnings season began.
As per usual, earnings season was kicked off by the banking sector, with the likes of Goldman Sachs and J.P. Morgan released their numbers for the first quarter of the year.
J.P Morgan blew past expectations, recording earnings per share of $4.50 versus. expectations of $3.05. The company also saw revenue come in at $32.3 billion vs. the $30.42 billion estimate.
Goldman also blew past initial estimates, with revenue of $17.7 billion, which exceeded expectations of $12.6 billion.
The Dow Jones and S&P 500 were up 0.59% and 0.11% as of writing.
Further highs on Bitcoin as Coinbase joins NASDAQ
The highs in the cryptocurrency markets keep on coming, with Bitcoin setting yet another new record on Wednesday.
BTCUSD climbed to an intraday high of $64,895 in today’s session, before dropping to a low of $62,644 shortly after.
The move came as cryptocurrency exchange Coinbase debuted on the NASDAQ, in what is a coup for the Decentralized Finance industry.
At the time of its listing, the company was valued at around $68 billion, versus $5.8 billion in September.
Many now wait to see if Bitcoin could be heading to $70,000 in the near future.
Tesco stock down despite surge in sales
The United Kingdom’s biggest food retailer Tesco today reported some sales figures, which surprisingly sent the company’s stock lower.
Tesco reported that online sales surged 77% to £6.3 billion in Britain, with its click and collect service contributing to 25% of all online orders.
Despite this, the company reported that its pre-tax profits had dropped by 20%, as the cost of business during the pandemic took away from earnings.
Shares in the retailer were down over 2% in today’s FTSE 100 session.
Quote of the day – “Sheer will and determination is no substitute for something that actually works.”– Jason Klatt
Senior Market Analyst