(As of 7:15 am PST)
US stocks are lower to start Tuesday’s trading
session as investors assessed mixed earnings reports and uninspiring economic
data. JP Morgan Chase and Wells Fargo
kicked off earnings season for large US banks today with mixed results. JP
Morgan Chase reported better than expected revenue and profits for the first
quarter while Wells Fargo reported profits fell in Q1, the first quarterly
decline in 18 consecutive quarters. Also reporting before the bell today was
Johnson & Johnson, whose shares rose slightly despite an 8.6% decline in
first quarter profits. Economic data is mixed today as well. Retail sales rose
0.9% in March, the largest amount in a year but weaker than economists’
forecasts. US producer prices rose 0.2% in March after four straight monthly
declines. In overseas action, markets are mixed. Asian markets finished mostly
higher while European markets are giving back gains from the previous week’s
rally. Interest rates are lower today with the 10 yr. treasury yield at 1.86%. The US dollar index is down while
commodity prices are mixed.
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