Earnings live updates: Cleveland-Cliffs faces energy price headwinds, Tesla and others report this week

US steel producer Cleveland-Cliffs (CLF) reported a smaller loss than expected in the first quarter, but the stock edged lower in premarket trading.

Cleveland-Cliffs’ production costs are highly exposed to energy prices, as its blast furnaces consume a lot of energy. The company said extreme cold weather led to a spike in energy prices, creating an $80 million headwind on profitability.

At the same time, a supply crunch and US tariffs have helped lift steel prices, which should help offset some of the cost pressures.

“Q1 results reflected the impact of short-term headwinds like energy prices and price realization lags,” Cliffs CEO Lourenco Goncalves said. “As we move through the year, each quarter is expected to improve sequentially, as the momentum already visible in both our order book and pricing continues to translate into earnings and cash flow. Importantly, we expect to generate healthy positive free cash flow in the second quarter, marking a return to the earnings and cash-generation profile this company is capable of delivering.”

Cleveland-Cliffs reported a loss per share of $0.42, compared to Wall Street estimates for a loss of $0.44 per share. Revenue of $4.92 billion also surpassed expectations for $4.79 billion.

Shares of aluminum producer Alcoa (AA) fell nearly 8% as the war in the Middle East exerted pressure on the company’s first quarter results, released on Thursday afternoon.

“The current environment remains challenging with the Middle East conflict exacerbating margin pressure across global refineries,” Alcoa CEO William Oplinger said on the earnings call.

The Middle East is a crucial region for the supply of alumina, the compound used to make aluminum, and alumina supply chains are also heavily dependent on the Strait of Hormuz.

In a typical year, roughly 8.8 million tonnes of alumina are transported through the Strait. But since the war in Iran began in February, Alcoa said that more than 2.5 million tonnes of annual smelting capacity and nearly 2 million tonnes of refining capacity have been taken offline.

“The takeaway is clear,” Oplinger said. “Structural dependencies in the Middle East means that disruption there doesn’t stay local. It moves quickly through the aluminum value chain, tightening supply, increasing cost volatility and elevating risk well beyond the region itself.”

As a result, Alcoa’s earnings per share of $1.60 missed estimates of $1.69, despite aluminum (ALI=F) prices climbing about 20% year to date.

Fifth Third Bancorp’s (FITB) first quarter earnings missed expectations as costs from its February acquisition of Comerica Bank weighed on results.

In the first quarter, Fifth Third reported earnings per share of $0.15, below the $0.22 per share that Wall Street had expected, due to the impact of $635 million in merger-related expenses.

The merger makes Fifth Third the 9th-largest bank in the US and was intended to help the regional bank scale to better compete with PNC Financial Services Group (PNC) and Truist (TFC).

Fifth Third CEO Timothy Spence noted that the bullish outlook the regional bank expected at the beginning of the year has faded slightly.

“In an environment where we may not see the macro tailwinds that many expected at the start of the year, the Comerica merger expands Fifth Third’s organic opportunity set, and we do not need a perfect backdrop to deliver on our commitments,” Spence said.

Shares of Fifth Third rose nearly 2% in morning trading.

State Street (STT) stock rose 3%, hitting a record intraday high, on Friday after the asset manager reported an increase in profits, driven by strong fee growth.

In the first quarter, State Street generated adjusted earnings per share of $2.84 on revenue of $3.79 billion. That beat Wall Street estimates of earnings per share of $2.64 on revenue of $3.68 billion, according to S&P Global Market Intelligence.

Total fee revenue climbed 15% year over year, with a 29% increase in foreign exchange trading revenue leading fee growth.

CEO Ron O’Hanley said in the earnings release that State Street was “encouraged by our momentum” and “appropriately mindful of risks,” particularly in the current geopolitical environment.

“Reflecting that progress, we delivered record quarterly fee revenue, net interest income, and total revenue, generating meaningful year-over-year positive operating leverage and pretax margin expansion, excluding notable items,” O’Hanley said. “In a dynamic operating environment, the momentum across Investment Services, Investment Management, and Markets underscores the strength of our franchise.”

Netflix stock (NFLX) was sliding after hours. The streaming giant beat earnings and revenue estimates for the first quarter, but its second quarter guidance fell short of estimates.

The stock fell 8% in extended trading.

Netflix also announced that its co-founder Reed Hastings will leave the company’s board in June once his term expires.

Yahoo Finance’s Brooke DiPalma reports:

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Abbott Laboratories (ABT) reported its Q1 earnings on Wednesday, meeting analysts’ earnings expectations and topping revenue forecasts. The company noted solid growth in its medical device segment.

The diagnostics and pharmaceutical company issued soft Q2 guidance based on recent acquisitions and challenges in its nutrition business.

Abbott stock was down 7% in midday trading on Thursday.

Marketbeat reports:

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Taiwan Semiconductor Manufacturing Company (TSM) posted Q1 earnings that beat expectations, reflecting strong demand for its advanced chips used in AI applications. The chipmaker also raised its revenue growth forecast for the year by more than 30%.

“Our business in the first quarter was supported by strong demand for our leading-edge process technologies,” TSMC CFO Wendell Huang said on the earnings call.

TSMC noted potential headwinds, such as increased production and expansion costs, as well as geopolitical uncertainties.

TSMC stock was down 3% in midday trading.

Proactive reports:

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The Charles Schwab Corporation (SCHW) reported first quarter earnings per share that beat analyst estimates on Thursday morning and record-breaking revenue that still fell short of expectations. The company also signaled that it would soon allow spot crypto trading on its platform, allowing users to trade in bitcoin (BTC-USD) and ether (ETH-USD).

Shares were down 5% in midday trading.

The Wall Street Journal reports:

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PepsiCo (PEP) beat the Street’s expectations with a strong Q1 earnings report, driven by strategic price cuts on snacks and a focus on innovation. The snack maker’s North American food sales came in at $6.33 billion, topping estimates for $6.27 billion. Revenue rose 8.5% to $19.44 billion, and earnings per share of $1.70 beat estimates for $1.53, according to S&P Global Market Intelligence.

PepsiCo stock was up 2% in midday trading.

Yahoo Finance’s Brian Sozzi reports:

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ASML (ASML) raised its full-year revenue forecast as strong demand for AI chips continues to underpin profits.

In 2026, the Dutch manufacturer of chipmaking equipment expects sales between 36 billion and 40 billion euros (approximately $42 billion-$47 billion). Previously, the company guided for revenue of 34 billion to 39 billion euros ($40 billion to $45 billion).

“The semiconductor industry’s growth outlook continues to solidify, driven by ongoing AI-related infrastructure investments,” ASML CEO Christophe Fouquet said in the earnings release. “Demand for chips is outpacing supply. In response, our customers are accelerating their capacity expansion plans for 2026 and beyond, supported by long-term agreements with their customers.”

In the first quarter, ASML reported earnings of 2.76 billion euros (approximately $3.25 billion) on sales of 8.76 billion euros ($10.3 billion). Both results beat Wall Street estimates on the top and bottom lines.

Despite the strong results, ASML stock fell 4% in premarket trading. One reason for this may be the stock’s already sky-high valuation, as shares of the company have climbed 41% year to date and 125% over the past 12 months.

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Bank of America (BAC) reported a 17% increase in profits in the first quarter, continuing a trend of rising profits across the US’s major banks.

Yahoo Finance’s David Hollerith reports:

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Wells Fargo (WFC) earnings beat expectations, though revenue and net interest income fell short of estimates, sending shares 3% lower in morning trading.

Investing.com reports:

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Citigroup (C) joined a clutch of other major banks reporting rising profits and beating earnings estimates, sending the stock higher ahead of the opening bell.

The bank said its profits rose 42% year over year to $5.8 billion. Earnings per share of $3.06 beat Wall Street estimates of $2.63, according to S&P Global Market Intelligence.

Strong trading volumes helped boost Citi’s quarter. Revenue from fixed income markets increased 13% to $5.2 billion, while equity markets revenues increased 39% to $2.1 billion.

“We’re off to an exceptionally strong start in 2026, with revenue up 14% and net income growing 42%,” Citi CEO Jane Fraser said. “Services had an outstanding quarter with revenue up 17% and Markets crossed $7 billion in revenue. Banking continued to build momentum with fees up 12% amid a record first quarter in M&A.”

Johnson & Johnson (JNJ) stock dipped in premarket trading on Tuesday

In the first quarter, JNJ reported adjusted earnings per share of $2.70, beating Wall Street estimates of $2.68. Revenue of $24 billion also came in ahead of expectations of $23.6 billion.

The company raised its full-year earnings per share guidance slightly to $11.45–$11.65, with a midpoint in line with estimates.

JNJ said that growth was primarily driven by its cancer drug Darzalex and ‌psoriasis treatment Tremfya, which helped offset an approximate 920 basis point hit to its immunology drug Stelara as new entrants came to market following the expiration of JNJ’s patent.

Reuters reports:

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BlackRock (BLK) stock climbed 2% in premarket trading after the world’s largest asset manager reported its assets under management rose 20% year over year to $13.8 trillion.

Adjusted net income rose 17% to $2.07 billion, and revenue rose 27% to $6.7 billion, topping estimates of $6.4 billion forecast by Wall Street analysts.

Adjusted earnings per share of $12.53 also beat expectations of $11.50, according to S&P Global Market Intelligence.

“BlackRock delivered one of the strongest starts to a year in our history,” BlackRock CEO and Chairman Larry Fink said in the release.

Yahoo Finance’s David Hollerith reports:

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Shares of Fastenal Company (FAST) declined 4% in premarket trading as the maker of industrial fasteners, construction bolts, and custom parts reported growing margin pressure.

The company, which is viewed as a bellwether of the industrial economy, posted earnings that were in line with Wall Street’s expectations.

Investing.com reports:

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Goldman Sachs’ (GS) profits climbed in the first quarter, fueled by jumps in M&A dealmaking and record equity trading.

But the stock dropped 3% in premarket trading as intermediation revenue for fixed income, currencies, and commodities fell short of expectations.

Yahoo Finance’s David Hollerith reports:

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Goldman Sachs (GS) is kicking off a week of earnings for Wall Street’s biggest banks on Monday, with reports from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC), Bank of America (BAC), and Morgan Stanley (MS) following on Tuesday and Wednesday.

A growing list of concerns will put their ability to churn out profits to the test. My colleague David Hollerith previews what to expect from their corporate updates this week:

Read more here.

Wall Street analysts are coming into the first quarter earnings season with a dose of optimism.

According to FactSet’s John Butters, the S&P 500 (^GSPC) is expected to report double-digit earnings growth for the sixth quarter in a row. Analysts have upwardly revised their estimates, expecting year-over-year earnings growth of 13.2% for the index.

Still, the quarter brought a series of external events that have altered the business environment and are likely to be discussed on earnings calls: