(As of 7:15 am PST)
Markets are pulling back some after yesterday’s advances
which saw US markets reach near-record levels on better-than-expected earnings
and a jump in oil prices. Today’s early losses come as investors sifted through uninspiring economic data while remaining cautious ahead of speeches from
several Fed officials this afternoon. Data showed jobless claims jumped last
week to 294,000 from 282,000 in the prior week. Also a report on housing showed
housing starts rose to an annual rate of 926,000 in March, slower than the 1.04 million forecasted. Building permits, a sign of future
demand, also fell below expectations. On a positive note, the Philadelphia Fed
manufacturing index rose above expectations for April. Investors are also
consuming several earnings reports in the early going. Goldman Sachs and
Citigroup both reported beats on the bottom line, while Citigroup revenues fell
below expectations. UnitedHealth Group raised its forward outlook for 2015 before
the bell, while Philip Morris International reported an earnings miss, but also
raised forecasts for 2015. In overseas action, European stocks wobbled down the stretch as investors kept close eyes on the Greek debt situation, while
Asian markets finished the day mostly higher. Oil is down after yesterday’s
surge while gold trades flat.
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