Credit: Shutterstock photoStocks are up slightly today, flirting with new highs as quarterly results stream in.
S&P 500 futures are up about 0.1 percent, while most of Europe is gaining about half a percent. Most of Asia was little-changed overnight, though Hong Kong rose 0.8 percent and Thailand advanced 1.4 percent.
The S&P 500 touched a record high of 1986 yesterday before pulling back to close under its July 3 peak. The index has been consolidating for most of the month, while transportation stocks and the Nasdaq have broken out. Only small-cap stocks remain well below their recent highs.
Earnings are the main catalyst until economic news returns to focus next week. (See researchLAB's integrated calendar for the full agenda.)
Software giant Microsoft is indicated higher by 2 percent this morning after revenue rose more than expected thanks to a rebound in PC sales and strong cloud computing. Apple is shaking off early weakness following a mediocre report.
Intuitive Surgical is indicated higher by 13 percent after profit beat estimates, while Broadcom rose 3 percent on better-than-forecast results. VMware is also slightly higher. Xilinx fell 11 percent on a weak top-line number, while disappointing guidance is weighing on Juniper Networks and Electronic Arts.
This morning's big names include Boeing, PepsiCo, and Whirlpool. BA and PEP gained on strong results, but WHR is down more than 5 percent after missing estimates and cutting guidance. Facebook, AT&T, Qualcomm, Teradyne, Terex, and Gilead Sciences follow this afternoon. Takeover speculation is also fueling an 11 percent gain in Talisman Energy after Bloomberg reported that Spain's Repsol is considering a bid for the Canadian company.
Investors have recently favored media companies, hospital operators, producers of basic metals and energy stocks. Financials and retailers have lagged.
Oil, copper, and precious metals are up fractionally. Foreign-exchange trading is mixed, with the euro and Japanese yen both gaining. Perhaps most interesting is a strong 0.5 percent gain for the Australian dollar after inflation accelerated to its quickest pace since December 2011.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
