Ford, S&P 500 Gain as Carnival, Macau Casinos Drop Despite Positive News
Markets saw mixed performance this week. Carnival Cruise Corporation (NYSE:CCL) and Macau-related casino stocks faced declines despite positive news, while Ford (NYSE:F) and the broader S&P 500 index made gains.
Carnival Cruise Corporation (NYSE:CCL) shares fell 6.69% despite strong quarterly results and an increased full-year outlook. The cruise line giant's stock price dropped despite reporting earnings per share of $0.54, beating analysts' estimates of $0.42.
Ford (NYSE:F) stocks rose 5.50% following reports of potential tariff relief for U.S. assembly and a 30.2% increase in EV sales. The automaker's stock price benefited from news that the U.S. and China are discussing the removal of tariffs on cars assembled in the U.S. and exported to China.
The Consumer Discretionary sector of the S&P 500 finished the week down 1.20%, underperforming the overall index's 0.82% gain. The sector's year-to-date gain stands at 6.02%, significantly lower than the S&P 500's overall return of 14.18%.
Macau-related casino stocks, including Las Vegas Sands (NYSE:LVS), MGM Resorts (NYSE:MGM), and Wynn Resorts (NASDAQ:WYNN), dropped due to slower-than-expected growth in gaming revenue. The stocks fell despite the Macau government's recent easing of COVID-19 restrictions, which had boosted hopes for a recovery in the gaming industry.
Lowe's Companies (NYSE:LOW) shares decreased 4.19% following a downgrade from Hold to Sell by analysts at Wedbush Securities. The home improvement retailer's stock price fell despite reporting earnings per share of $3.21, beating analysts' estimates of $3.07.
This week's market performance was marked by mixed fortunes. While Carnival Cruise Corporation and Macau-related casino stocks faced declines, Ford and the broader S&P 500 index made gains. The Consumer Discretionary sector's underperformance this week and year-to-date highlights the sector's relative weakness compared to the overall market.
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