After yesterday's sell-off, stocks are set to rise as investors
process corporate earnings and an uptick in jobless claims.
Before the opening bell, futures pointed toward a modest rise on
the major equities indices.
(INDEXDJX:.DJI) futures are up 0.30% at 14,597 and
(INDEXSP:.INX) futures rose 0.35% to 1,552.00.
(INDEXNASDAQ:.IXIC) futures advanced 0.41% to 2,786.75.
Jobless claims unexpectedly rose last week. Initial claims totaled
352,000. This is 4,000 more than the previous week's upwardly
revised number. Economists expected a reading of 347,000 claims.
Earnings season kicks into high gear today. Before the market open,
) reported earnings per share of $0.61, beating earnings
expectations by a nickel. Shares of the investment bank fell
however, as core businesses such as fixed income trading declined.
) also beat expectations by $0.06 with EPS of $0.77 as gross
Today will be a big one for the high-tech sector as
) all report earnings. Google is expected to report first quarter
earnings per share of $10.69 as the search market grew and the cost
per click increased. Analysts expect Microsoft to grow profits by
$0.08 per share to $0.68 as companies trade in older computers.
Verizon's earnings call will provide investors with clues on
(AAPL) iPhone sales in the quarter. Expecting an ugly quarter,
shareholders sold off Apple yesterday, sending the share price down
5.5%. Verizon is expected to report $0.66 per share of profit.
Despite the government's efforts to cool the housing market,
Chinese home prices heated up in March, rising 3.6% year-over-year,
up from a 2.1% rise in February. Of the 70 cities in the index, 68
reported price increases.
The German Bundestag approved the bailout of Cyprus and extended
loans to Ireland and Portugal.