Stocks Wednesday have erased most of their early losses that
followed a huge miss on new home sales, although they remain
slightly defensive despite upbeat earnings from Boeing (
), Proctor and Gamble (
) and Dow Chemical (
). Equities' inability to hold most of Tuesday's gain continues to
plague trading today with investors hesitant before tomorrow's
report on durable goods orders.
Today's economic data delivered bad news on both the housing
market and manufacturing sector. The April manufacturing purchasing
managers index fell to 55.4 missing the consensus estimate for a
modest improvement to 56.0 from March's final read of 55.5.
This, however, was dwarfed by the 14.5% plummet in March new
home sales to a seasonally adjusted annual rate of 384,000, missing
estimates for an increase of 3.4%. February sales were given a
slight bump to 449,000 from 440,000 initially.
European equities closed lower in sympathy with their U.S.
counterparts and bearish Chinese manufacturing data. While equities
were supported early on by the market-friendly EU-zone PMI, which
rose to 53.3 from 53.0 in February, the softer U.S. market
infiltrated Europe's bourses and compromised early gains to
Crude oil was down $2.68 to $101.69 per barrel. Natural gas was
up $0.02 to $4.80 per 1 million BTU. Gold was up $2.60 to $1,283.60
an ounce, while silver was up $0.08 to $19.47 an ounce. Copper was
up $0.01 to $3.04 per pound.
Among energy ETFs, the United States Oil Fund was up 0.05% to
$37.02 with the United States Natural Gas Fund was up 0.34% to
$26.49. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was up 0.98% to 24.03 while SPDR Gold Shares are down
0.08% to $123.68. The iShares Silver Trust was down 0.11% to
Here's where the markets stand at mid-day:
NYSE Composite Index down 10.86 (-0.10%) to 10,588.16
Dow Jones Industrial Average down 19.52 (-0.12%) to
S&P 500 down 2.85 (-0.15%) to 1,876.70
Nasdaq Composite Index down 25.77 (-0.62%) to 4,135.68
Nikkei 225 Index up 1.09%
Hang Seng Index down 0.97%
Shanghai China Composite Index down 0.26%
FTSE 100 Index down 0.11%
CAC 40 down 0.74%
DAX down 0.58%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.40%
NYSE Financial Sector Index down 0.15%
NYSE Healthcare Sector Index down 0.14%
(+) RDEN (+10.34%) Korea's LG Household & Healthcare
reportedly considering an offer.
(+) DPS (+4.71%) Q1 tops street and reaffirms inline FY 2014
(+) SVU (+2.37%) Returns to profit in Q4 vs prior year and beat
(-) UIS (-11.44%) Reported a wider Q1 loss on lower revenue.
(-) FDML (-10.07%) Returns to profit in Q1 vs year ago but
(-) PLUG (-7.46%) Plans sales of shares.
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