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Mid-Morning Market Update: Markets Go Red, PepsiCo Profit Beats Estimates
Following the market opening Thursday, the Dow traded down 0.31 percent to 14,572.95 while the NASDAQ dropped 1.01 percent to 3,172.48. The S&P also fell, declining 0.70 percent to 1,541.08.
Index Technicals: The S&P 500 is finding resistance at 1,555 with 1,545 acting as support below.
Next up, the Dow is finding resistance at 14,650, while 14,550 as support.
The NASDAQ looks to be bouncing off 3,180 support with 3,215 resistance above that.
Finally, the Russell lost its 905 support briefly yesterday, and has 925 acting as resistance above.
Top Headline PepsiCo (NYSE: PEP ) reported better-than-expected first-quarter earnings.
Pepsi's quarterly profit fell to $1.08 billion, or $0.69 per share, from $1.13 billion, or $0.71 per share, in the year-ago period. Excluding one-time items, its core earnings surged to $0.77 from $0.69 per share.
Its revenue rose 1.2% to $12.58 billion, while organic revenue gained 4.4%. However, analysts were expecting earnings of $0.71 per share on revenue of $12.53 billion.
Equities Trading UP Theravance (NASDAQ: THRX ) shot up 16.39 percent to $32.60 on FDA Advisory Committee vote.
Shares of Taiwan Semiconductor Manufacturing Company (NYSE: TSM ) got a boost, shooting up 6.67 percent to $18.22 after the company posted an 18% rise in its Q1 profit.
Pepsico (NYSE: PEP ) was also up, gaining 5 percent to $82.80 after the company reported upbeat Q1 earnings.
Equities Trading DOWN Nokia (NYSE: NOK ) was down, falling 11.17 percent to $3.18 after the company reported a 31% drop in its mobile phone sales in the first quarter.
Shares of eBay (NASDAQ: EBAY ) were down 5.01 percent to $53.29 after the company issued weak forecast for the current quarter.
Rogers (NYSE: ROG ) shares tumbled 8.09 percent to $39.37 after the company updated forecast for the first quarter.
Commodities In commodity news, oil traded up 0.72 percent to $87.30, while gold traded up 0.19 percent to $1,385.30.
Silver traded down 0.52 percent Thursday to $23.19, while copper fell 0.56 percent to $3.18.
Eurozone European shares were mostly higher following some strong bond auctions from France and Spain and on the German economic forecasts. German economists, in a report published overnight, cut their German GDP forecast to 0.8 percent from 1.0 percent.
The Spanish Ibex Index rose 0.60 percent while the Italian FTSE MIB Index gained 0.52 percent. Meanwhile, the German DAX dropped 0.13 percent and the French CAC gained 0.28 percent and U.K. shares climbed 0.18 percent.
Economics US initial jobless claims climbed 4,000 to 352,000 in the week ended April 13, slightly above economists' estimates.
The Bloomberg Consumer Comfort Index rose to minus 29.2 in the recent week ended April 14, versus minus 34 in the previous period.
The Conference Board's leading economic index declined 0.1% in March. However, economists were projecting the index to increase 0.2%.
The Philadelphia Federal Reserve's business-conditions index declined to 1.3 in April, versus 2.0 in March. However, economists were expecting the index to gain to 4.0.
Data on money supply will be released at 4:30 p.m. ET.
Fed member Raskin is set to speak and the Treasury is set to auction 5-year TIPS
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