Record market highs, Cisco earnings: Market Domination Overtime
On today's episode of Market Domination Overtime, Yahoo Finance Hosts Julie Hyman and Josh Lipton reflect on the trading day and break down what to watch on Thursday, May. 16. The S&P 500 (^GSPC) closed above 5,300 for the first time ever following the release of April's Consumer Price Index inflation print. The Dow Jones Industrial Average (^DJI) and the Nasdaq Composite (^IXIC) both also closed higher. Investors are bullish after BMO Capital Markets raised its year-end target for the S&P 500 to 5600, the current highest target on Wall Street. Yahoo Finance Reporter Josh Schafer joins Market Domination Overtime to analyze whether the market can continue its momentum. CEO of Brazil-based Nubank (NU) David Vélez joins the show to break down the company's earnings which topped the Street's expectations. Nu Holdings is looking to expand its business beyond Brazil, seeing Mexico as a "phenomenal opportunity" due to its large market size. Cisco (CSCO) posted its third quarter earnings after the market close. The company reported adjusted earnings of $0.88 per share, which beat the estimated $0.82, and revenue of $12.70 billion, which was slightly better than estimates. The tech giant also raised its full-year guidance. Morningstar Equity Analyst William Kerwin says the demand slumps for Cisco up until now were a symptom of the "COVID hangover," and it may take another quarter for demand to stabilize fully. Finally, Julie Hyman and Josh Lipton break down what to watch on Thursday, from new housing data to Walmart (WMT) earnings to remarks from Federal Reserve officials. This post was written by Melanie Riehl
