Stocks

Close Update: Major Market Indexes End Little Changed Thursday Ahead of Big Bank Earnings

Stocks closed little changed in a muted session while bank stocks gained ahead of the beginning of earnings season for financial services companies which kicks off in earnest on Friday.

The tech-heavy Nasdaq Composite Index fell a slight 0.2%. The Dow Jones Industrial Average slipped less than 0.1% while the S&P 500 gained less than a point. Shares of financial companies in the S&P 500 climbed about 0.6% as a group Thursday, the second-best performing sector in the S&P 500.

On Friday, JPMorgan Chase (JPM), PNC Financial (PNC) and Wells Fargo (WFC) are all scheduled to report results before the open. JPMorgan and PNC posted modest gains Thursday while Wells Fargo slipped fractionally.

In economic news, the Labor Department said initial jobless claims slumped by 8,000 to 196,000, better than the consensus estimate of 211,000 in the week ended April 6, according to Econoday.

Wholesale inflation data was higher than expected. The producer price index rose 0.6%, higher than the 0.4% consensus, according to Econoday.

US MARKETS

Dow Jones Industrial Average was down 14.11 points (-0.05%) to 26,143.05

S&P 500 was up less than a point to 2,888.32

Nasdaq Composite Index was down 16.88 points (-0.21%) to 7,947.36

GLOBAL SENTIMENT

FTSE 100 was down 3.96 points (-0.05%) to 7,417.95

Hang Seng Index was down 280.11 points (-0.93%) to 29,839.45

Shanghai China Composite Index was down 51.97 points (-1.60%) to 3,189.96

UPSIDE MOVERS

(+) HLNE (+5.23%) Morgan Stanley upgrades rating on shares

(+) FRSH (+31.29%) Agrees to be bought by MTY Food Group for $190 million

(+) PHUN (+70.11%) Obtains US patent for mobile device localization

DOWNSIDE MOVERS

(-) LEDS (-20.85%) Net loss shrinks to $0.24 per share

(-) RNN (-20.71%) Board approves 1-for-12 reverse stock split

(-) BBBY (-8.76%) Reports drop in sales

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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