Most Stocks Squeeze Out Another Record High; Nasdaq Struggles Against Profit-Taking
Wall Street barely managed another record high at the close but held onto minimal gains as anemic retail sales and nervousness with valuations frustrated earlier attempts to convincingly pierce 1900 in the S&P 500. The Nasdaq came under more aggressive profit-taking and ended the day back in negative territory.
Trading kicked off with what looked like another rally with equities buoyed by more M&A activity in the healthcare and telecommunications sector, continued strength in European markets and bargain-hunting among biotechs and technology shares. Retail sales preceded the open and threatened to undermine the bullish tone with sales gaining only 0.1%, missing estimates for a 0.4% gain. Excluding autos and gas, retail sales contracted 0.1%. On the plus side, however, March sale were revised higher with retail sales and core sales up 1.5% and 1.3%, respectively.
Other data today included a 0.4% decline in import prices, below consensus for a 0.4% gain, and a 1.0% drop in export prices, also missing estimates for a 0.2% increase.
Business inventories rose 0.4% in March, slightly less than the 0.5% increase expected.
Here's where the markets stand at the close:
Dow Jones Industrial Index was up 19 points (+0.1%) at 16,715.44
S&P 500 was up 0.8 point (+0.04%) at 1,897.45
Nasdaq Composite Index was down 13.69 (-0.3%) at 4,130.17
FTSE 100 was up 0.31%
Nikkei 225 was up 1.95%
Hang Seng Index was up 0.41%
Shanghai China Composite Index was down 0.10%
(+) PLPM The company missed earnings estimates, but guides higher
(+) NFEC Q1 revenue rises, expects additional sales increases
(+) EVDY Posts narrower Q1 loss vs estimates, beats on revenue
(-) LOV Reported a smaller Q1 loss but on declining revenue
(-) TCCO Reported that Q2 loss widened from the prior-year period.
(-) DQ Two Million ADS follow-on offering planned; Q1 returns to profitability
(-) DXPE Missed on both earnings and revenue estimates
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