(As of 7:15am, PST)
On the heels of the best percentage gain in two months, both
the Dow and S&P500 have opened trading today in the red. Yesterday was a
stellar day with the major indices up over 1.3% spurred mostly by higher crude
oil prices but today in the early going the markets are giving back some of those
gains. The drivers today are poor earnings reports by some big players, Walt
Disney Co., Macy’s Inc., and Staples Inc. Disney is the biggest loser of the
Dow components while Staples is leading S&P500 shares lower with a 20% drop
on its earnings miss. It’s a light day of economic news with a report on crude
inventories due out later in the session. Investors will also get federal
budget data for April later today. Results overseas were mixed with Europe
mostly in the red while markets in Asia were also mixed. Both Gold and Silver
are seeing some gains today trading up 1% and 2.5% respectively.
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