Closing Bell Movers: Tesla reverses post-earnings gains, IBM slips after Q1

WTI Crude Oil remains above $92 per barrel as investors continue to digest the news from the Middle East, particularly with reports that it could be months before the Strait of Hormuz is fully cleared,  though positioning appears to be less sensitive to the headlines regarding the oil shipments.  Major indices saw fresh closing highs today, with S&P 500 solidifying gains above 7,000.  Tech and Communication Services were the best performing areas of the market while the rate-sensitive Real Estate lagged,  with the yield on the 10-year Treasury Note looking more tethered to 4.3% rather than retreating to pre-war 4.0% mark – indeed, CME Fed Watch tool now sees just a 1 in 4 chance of even one more rate cut this year vs. 1 in 3 chance seen a month ago.

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In the opening hour of the evening session, equities are mixed with a flat Nasdaq 100 futures contract and a 0.2% decline in S&P e-minis.  Tesla (TSLA) saw some heightened volatility after reporting Q1 results, initially jumping nearly 5% on earnings beat before retreating into slightly negative as earnings call from Elon Musk warned of a higher capex projection of more than $25B this year than previous estimates.  Semiconductors were higher however, with Texas Instruments’ (TXN) 10% post-Q1 jump on higher than unexpected earnings and Q2 guidance. also pulling up some of its peers.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• United Rentals (URI) up 14.6%
• Texas Instruments (TXN) up 10.5%; Semiconductors up in sympathy: On Semi (ON) up 5.5%, Microchip Technology (MCHP) up 6.5%; NXP Semiconductors N.V. (NXPI); Analog Devices (ADI) up 4.0%
• CSX (CSX) up 7.1%
• Churchill Downs  (CHDN) up 5.1%
• Hexcel (HXL) up 4.0%
• Waste Connections (WCN) up 2.6%
• CACI International (CACI) up 2.5%
• Lam Research (LRCX) up 2.5%
• Molina Healthcare (MOH) up 2.3%

DOWN AFTER EARNINGS – 

• ASGN (ASGN) down 24.4%
• Medpace Holdings (MEDP) down 17.6%
• ServiceNow (NOW) down 12.4%
• IBM (IBM) down 6.6%
• Patterson-UTI Energy (PTEN) down 5.2%
• Graco (GGG) down 4.2%
• Knight Swift (KNX) down 3.9%
• Southwest (LUV) down 3.3%
• Tesla (TSLA) down 1.8%

ALSO LOWER –

• lululemon (LULU) down 5.0% after confirming Heidi O’Neill as new CEO