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Today’s Live Updates for the Stock Market: Keeping You Informed

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The chief investment officer of Landsberg Bennett Private Wealth Management, Michael Landsberg, believes that for the current stock market rally to continue and broaden out, corporate earnings need to improve. Despite the Nasdaq Composite and S&P 500 performing well so far this year, Landsberg highlights that the S&P 500 has experienced three consecutive quarters of year-over-year decelerating earnings. He suggests that the recent declines in the broader market can be attributed to the need for the tech sector to cool off after its dramatic rally. Landsberg states that the firm has already rebalanced client portfolios to reduce tech exposure, as this is a normal cycle where different sectors heat up and cool off.

In terms of specific stocks, Costco saw a nearly 2% decrease in its shares despite beating earnings and revenue estimates for the previous quarter. While the company reported $4.86 earnings per share on $78.94 billion in revenue, e-commerce sales slipped 0.8% compared to the same period last year. On the other hand, furniture company MillerKnoll experienced a 16.2% rally in its shares after exceeding analysts’ estimates for earnings and revenue in the previous quarter. However, its second-quarter revenue guidance fell short of expectations. Additionally, aircraft services company AAR Corp gained 2.4% after surpassing analyst forecasts for earnings and revenue in the first quarter of the fiscal year with $550 million in quarterly sales, a 23% increase from the previous year.

In the futures market, U.S. stock futures showed slight gains, with Dow Jones Industrial Average futures up 0.13%, S&P 500 futures up 0.13%, and Nasdaq 100 futures up 0.06%. These are positive indicators for the stock market in the upcoming trading session.

Overall, Landsberg emphasizes the importance of improving corporate earnings in order to sustain and broaden out the current market rally. The tech sector, which has been a driving force behind the recent gains, needed to cool off, leading to declines in the broader market. However, Landsberg sees this as part of a normal cycle where sectors heat up and cool off. In the specific stock market movements, Costco saw a decrease despite beating estimates, MillerKnoll had a strong rally after surpassing expectations, and AAR Corp gained after surpassing analyst forecasts. Looking ahead, U.S. stock futures showed slight gains, suggesting a positive start to the next trading session.

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