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| U.S. stocks show mixed trade amid slew of earnings; oil shrugs off Doha |
U.S. stocks traded mixed on Tuesday after a barrage of earnings report as negative news from the tech sector pushed the Nasdaq lower and market participants watched oil soar about 3%.
At 15:49GMT, or 11:49ET, the Dow Jones rose 47 points, or 0.26%, while the S&P 500 gained 6 points, or 0.285%, and the tech-heavy NASDAQ Composite traded down 18 points, or 0.36%.
Investors continued to eye oil’s comeback on Tuesday after crude erased all losses incurred from a failure by major oil producers to reach an agreement in Doha on a production freeze last Sunday.
In bullish news, traders watched developments on the strike by Kuwaiti oil workers that reportedly cut the country’s production in half on Sunday.
Meanwhile, the American Petroleum Institute will report weekly inventories later in the day.
In this context, U.S. crude futures jumped 3.23% to $42.52 a barrel by 15:51GMT or 11:51AM ET, while Brent oil gained 2.91% to $44.16. Read More Bangladeshi IPO News
On a light calendar day, the U.S. Census Bureau released some disappointing new residential construction data for March as housing starts fell more than expected and building permits hit a one-year low.
The news put pressure on the dollar, with the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, trading down 0.49% at 93.99, at 15:52GMT or 11:52AM ET.
With Federal Reserve (Fed) officials having entered the blackout period prior to the next two-day monetary policy meeting beginning on April 26, Boston Fed president Eric Rosengren managed to get in a last word after the market close on Monday.
In remarks that echoed an April 4 appearance, he stated once again that markets were mistaken in regard to “the exceptionally shallow interest rate path currently reflected in financial futures markets”.
In blue-chip earnings news, Goldman Sachs jumped almost 2% as the investment bank reported a 60% plunge in earnings-per-share (EPS) that still managed to beat consensus. Also Like More Belgium Stock Market News
IBM led the Dow lower, sinking more than 6% on Tuesday, as it reported after the previous session’s close its worst revenue in 14 years.
UnitedHealth Group Incorporated gained almost 2% as the insurer posted better than expected earnings and raised its full-year forecast.
Johnson & Johnson gained more than 1% after the diversified healthcare company beat analyst forecasts on EPS by three cents.
Intel will report earnings after Tuesday’s market close.
Outside the Dow Jones, Yahoo will also produce its own first-quarter report after the closing bell.
Along with IBM’s negative impact on the tech sector, Netflix sank 11% as the streaming video service company gave a disappointing subscriber forecast.
Google (NASDAQ:GOOGL) fell more than 1% on reports that Europe’s antitrust body will charge the tech giant over Android.
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