The markets headed higher today as earnings from after the bell yesterday, along with this morning pushed investors back in. The Dow 30 was higher by 240, the S&P 500 added 27 and the Nasdaq 100 was higher by 114. The 10 year note also took a break today and settled down from it's recent selloff.
Visa (V ) was your leader in the Dow today as the company crushed earnings estimates. Double digit growth in payment volume was one of the factors that helped the company beat the street's expectations. Client incentives revenue showed growth of a whopping 25%, bringing in $1.3 billion. These incentives now account for more than 20% of all gross revenues. The company said they expect this to continue as consumer sentiment has shown increased spending and debt load.
Facebook (FB ) shares soared 9.06% on the day today with a favorable earnings release. The company beat revenue and earnings expectations along with showing that the daily active users on the platform have mostly remained the same despite the security issues from the Cambridge Analytica scandal. Shares have now recovered more than 65% of the losses from this ordeal
Chipotle (CMG ) shares blasted off 24% on the day, breaking to new highs thanks to a monster beat on earnings. The restaurant chain reported their second best quarterly profit in almost 3 years with earnings per share of $2.13. Most of the reason for this was price increases and customers returning back to stores more often.
Other names that reported were Paypal (PYPL ) which was higer on their earnings beat, Ford (F ) which was also higher, and Qualcomm (QCOM ). AT&T (T ) and eBay (EBAY ) were both two names that sold off on earnings misses.
After the close the earnings season continues with names like Amazon (AMZN ), Microsoft (MSFT ), Intel (INTC ), Starbucks (NASDQ: SBUX), and many others.