Buoyed by earnings from Alcoa (
) and expectations for the Federal Reserve will applaud recent
economic indicators, stocks Wednesday have halted a two-day decline
and were holding on to conservative gains ahead of the release of
minutes from the latest Federal Open Market Committee meeting at 2
p.m. ET. Airline and tech stocks were outperforming today although
most sectors were higher with the exception of interest-rate
sensitive utility stocks
After the closing bell Tuesday, AA kicked off the Q2 earnings
season reporting $5.8 billion in quarterly revenue, beating
estimates by around $200 million. Although the company only met
analyst estimates looking for net income of $0.12 per share, the
report encouraged investors worried that Q2 earnings might reflect
sluggish consumer spending and capital investment.
Also, airline stocks are getting a boost from raised passenger
revenue guidance from American Airlines (
) and Southwest Airlines (
), while Citigroup (
) is trading with a small loss amid reports that the banking giant
is close to reaching a $7 billion settlement with the U.S. Justice
Department tied to mortgage sales.
European equities were mixed with UK stocks pressured by an
unexpected drop in the housing price index, but German and French
markets underpinned by expectations that European Central Bank
President Mario Draghi will endorse an easier monetary policy in a
speech later this afternoon.
Crude oil was down $0.96 to $102.44 per barrel. Natural gas was
up $0.02 to $4.22 per 1 million BTU. Gold was up $6.80 to $1,323.40
an ounce, while silver was up $0.10 to $21.11 an ounce. Copper was
unchanged at $3.26 per pound.
Among energy ETFs, the United States Oil Fund was down 1.15% to
$37.74 with the United States Natural Gas Fund was down 0.34% to
$23.22. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was up 1.36% to 26.81 while SPDR Gold Shares were up
0.17% to $127.28. The iShares Silver Trust was down 0.18% to
Here's where the U.S. markets stand at mid-day:
NYSE Composite Index up 17.56 (+0.16%) to 10,980.72
Dow Jones Industrial Average up 37.28 (+0.22%) to 16,943.90
S&P 500 up 4.60 (+0.23%) to 1,968.31
Nasdaq Composite Index up 18.88 (+0.43%) to 4,410.34
Nikkei 225 Index down 0.08%
Hang Seng Index down 1.55%
Shanghai China Composite Index down 1.23%
FTSE 100 Index down 0.30%
CAC 40 up 0.40%
DAX up 0.36%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.95%
NYSE Financial Sector Index up 0.07%
NYSE Healthcare Sector Index up 0.10%
(+) AVAV (+15.28%) Reported better-than-expected Q2 earnings and
(+) GSIT (+10.00%) Began a modified Dutch auction tender offer
to repurchase up to $25 million of its common stock.
(+) ACST (+11.11%) Completed trials of its CaPre drug candidate
to treat hypertriglyceridemia.
(+) LXRX (+4.45%) Collaborates with JDRF for Phase II trial on
type 1 diabetes drug.
(-) MCP (-11.50%) Apollo Global acquires additional Molycorp
bonds to gain control to thwart MCP attempts to restructure
(-) GIMO (-32.40%) Revenue guidance cut below street
(-) TCS (-9.01%) Reports larger fiscal Q1 loss than expected;
same store sales slip.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.