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Markets Right Now: Banks lead early stock gains
22 April 2017, 01:09 | Jan Cross
U.S. stocks shed early gains on Wednesday as investors waded through the latest round of earnings, while a decline in oil prices weighed on the energy sector.
Despite a quick trek into positive territory at the open, the Dow Jones Industrial Average (DJIA) spent almost the entire session moving lower, succumbing to a negative earnings reaction for Dow stock IBM. IBM stock fell $8.36, or 4.9 percent, to $161.69.
Among energy companies, Marathon Oil dropped 4.3 percent and Newfield Exploration sank 3.5 percent.
The Dow is up 125.46 points, or 0.6 percent. The Nasdaq Composite (COMP - 5,863.03) outperformed its peers, adding 13.6 points, or 0.2%.
"The market hasn't given up any substantial ground, but the leadership - these large-cap names - are being challenged. putting into question some of the valuations in this earnings season", said Daniel Deming, managing director at KKM Financial. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.3 basis points to 2.202%.
About 6.60 billion shares changed hands in US exchanges, above the 6.31 billion daily average over the last 20 sessions.
The advance in financials was underpinned by a 2.6 percent jump in shares of Morgan Stanley MS.N , which reported a surge in quarterly profit. Steep declines from oil major Chevron only increased pressure on the blue-chip barometer, with the Dow closing with a second consecutive triple-digit loss.
Stocks climbed early on as a solid quarter from Morgan Stanley revived optimism about banks, and strong results from auto and industrial parts distributor Genuine Parts sent vehicle makers and suppliers higher.
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