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Verizon's (NYSE: VZ) shares fell on Monday after the telecom company reported first-quarter 2024 earnings, but that move reversed course on Tuesday. Shares are up 3% at 3:30 p.m. ET and peaked with an increase of 3.6%. But what happened between yesterday and today?

Much ado about nothing

After earnings were announced on Monday, shares of Verizon moved slightly higher for a short time and then plunged to about a 3% loss for the day. But the quarter wasn't all that bad.

Consumer postpaid losses of 158,000 subscribers were offset by a gain of 389,000 broadband subscribers and 90,000 business phone subscribers. And the all-important wireless services revenue, which is a very high margin, was up 3.3% to $19.5 billion.

Price increases implemented in the quarter were received well, according to management. That will help the company reach its $4.50 to $4.70 per share earnings guidance for the quarter.

A negative turns into a positive

There hasn't been any major change to Verizon's business in the last 24 hours, but investors may be trading a more macro picture for the company. Interest rates fell today after signs emerged that the economy is losing steam, which could lead the Federal Reserve to lower short-term interest rates.

Verizon will need to refinance debt in the coming years, likely at much higher rates than when the debt was taken out over the past decade, so higher rates are a headwind. That and a rising stock market were enough to push shares higher. I think the decent quarter and signs that free cash flow will improve in the second half of the year are reasons to be bullish, but that's a long-term view for investors.

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Travis Hoium has positions in Verizon Communications. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.