(As of 7:25 am PST)
Stocks are moving higher in early trade as investors
looked to upbeat earnings and China news for direction. Some big names have reported early this
morning including Dow components Verizon, Travelers, and Johnson & Johnson
before the opening bell. Verizon beat
earnings estimates, rising in pre-market trade before falling 1.5%. Travelers Insurance posted record profits in
the 4th quarter also beating analysts estimates. Johnson and Johnson also beat on
profits. Despite the strong results, the
3 Dow stocks traded lower after the opening bell, causing the index to lag the
Nasdaq and S&P500. A lack of
economic data in the US had investors looking overseas to developments in
China. News that China’s central bank
has injected liquidity into large commercial banks reassured investors, sending
Asian markets higher as well as most European indexes. Gold is flat and oil higher while interest
rates are unchanged. It’s a very light
week for new economic data which means we’ll be locked in to earnings
announcements and other global news that may impact markets.
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