(As of 7:10 am PST)
US stocks are being driven by earnings in early action as
investors weighed a mix of results from several big names. Disappointing results from Google and IBM
sent stocks lower at the open, with both stocks dropping nearly 4%. Meanwhile, earnings beats from Morgan Stanley and
Goldman Sachs weren’t enough to lift stocks.
In economic news, weekly jobless claims came in better than expected,
ticking up slightly from the previous week.
A strong reading from the Philly Fed manufacturing index showed manufacturing
activity soaring in April to the highest level since last September. The report wasn’t
enough to lift stocks however, with all three indexes down since the
open. Asian markets finished the day
mixed and Europe is tracking towards a positive finish. Gold is down slightly while oil and interest
rates are up. Today’s market is
certainly earnings driven with dozens of companies scheduled to report profits
throughout the day.
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