Fox Drops Sharply After Tucker Carlson Exit

A huge week for earnings reports lies ahead
By Newser Editors and Wire Services
Posted Apr 24, 2023 3:36 PM CDT
Fox Drops 2.9% After Tucker Carlson Exit
A man walks past the News Corp. and Fox News headquarters on Wednesday, April 19, 2023, in New York.   (AP Photo/Mary Altaffer, File)

Wall Street remained stuck in its standstill Monday, and stocks again moved only modestly ahead of reports that could offer more direction on where the economy and corporate profits are heading. The S&P 500 edged up by 3.52 points, or 0.1%, to 4,137.04 after barely budging last week. The Dow Jones Industrial Average rose 66.44, or 0.2%, to 33,875.40, while the Nasdaq composite slipped 35.25, or 0.3%, to 12,037.20. A report this week will also show how strong the economy was in early 2023, the AP reports. It’s one of the final pieces of data before next week’s meeting of the Federal Reserve on interest rates.

Some of Wall Street’s most influential companies are set to report their earnings this week, including Microsoft on Tuesday and Amazon on Thursday. Several of these Big Tech stocks were among the heaviest weights on the market Monday. Microsoft fell 1.4%, and Amazon dipped 0.7%. Fox fell 2.9% for one of the bigger losses in the S&P 500. Its popular but polarizing prime-time host Tucker Carlson is leaving Fox News, the network announced abruptly on Monday. Bed Bath & Beyond was another loser, dropping 35.7% to 19 cents after filing for bankruptcy protection. The stock of the struggling retailer has been on a wild ride as investors bet on whether it could successfully turn around its operations.

Coca-Cola edged 0.2% lower after it reported stronger-than-expected profit for the first quarter but refrained from raising forecasts for sales for the full year. It was the only company in the S&P 500 to report Monday morning, but more than 170 others are scheduled to follow it this week. The question is whether they can top the low bar that Wall Street has set for them, and what CEOs say about their prospects for profits later this year. Analysts expect S&P 500 companies to report a roughly 6% drop in earnings per share from a year earlier, which would be their worst showing since the spring of 2020, when the pandemic paralyzed the economy.

(More stock market stories.)

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