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emfizz.com July 22, 2017


Markets Right Now: Banks lead early stock gains

22 April 2017, 01:09 | Jan Cross

Markets Right Now: Banks lead early stock gains

Markets Right Now: Banks lead early stock gains

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 S&P 500 is up 26.89 points, or 1.2 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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The Nasdaq Composite .IXIC was up 29.20 points, or 0.5 percent, at 5,892.23.

Technology and consulting company IBM slumped after it reported $18.16 billion in revenue in the first quarter, and according to FactSet, that was more than $200 million below analysts' estimates.

The Nasdaq is up 533.66 points, or 9.9 percent.

General Electric (GE.N) was little changed at $30.25 after the company reported a 1 percent decline in quarterly revenue.

BONDS: Bond prices fell, reversing most of their gains from a day earlier.

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