Stocks

Wall Street Wavers as Bank Earnings Kick In; Citigroup Tops Expectations

US stocks were struggling for a direction ahead of Monday's opening bell as traders digested quarterly earnings results from major US banks, with Citigroup (C) topping expectations for both earnings and revenue.

Oil prices nudged lower with global benchmark Brent Crude down 0.99%, and US crude West Texas Intermediate down 1.11% after soaring last week on Libya's ongoing strife.

Data released at 8:30 am showed the general business conditions index based on the New York Fed's manufacturing survey came in at 10.1 level for April vs estimates for 6.8 and March's 3.7 reading, according to data compiled by Econoday.

In equities, shares of Advanced Disposal (ADSW) climbed 19% pre-bell after the company agreed to be acquired by Waste Management (WM) in a deal worth $4.9 billion.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.04%

-S&P 500 futures down 0.04%

-Nasdaq 100 futures down 0.05%

-Nasdaq 100 pre-market indicator down 0.05%

GLOBAL SENTIMENT

Nikkei up 1.37%

Hang Seng down 0.33%

Shanghai Composite down 0.34%

FTSE-100 down 0.05%

DAX-30 up 0.18%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+/-) Oil stocks: mixed

(+/-) Biotech stocks: unchanged

(+/-) Drug stocks: mixed

(+/-) Financial stocks: mixed

(+/-) Retail stocks: mixed

(-) Industrial stocks: unchanged to lower

(+/-) Airlines: mixed

(+/-) Autos: mixed

UPSIDE MOVERS

(+) FCSC (+47.8%) Enters into collaboration with Castle Creek Pharmaceuticals to develop RDEB candidate

(+) PHUN (+26.9%) Enters into agreement with Endpoint IP to commercialize mobile patent portfolio

(+) DB (+1.6%) Faces pressure from regulators to truncate its US investment banking unit, report says

DOWNSIDE MOVERS

(-) APHA (-12.1%) Reports huge Q3 loss, Latin America charge

(-) TRNX (-8.1%) Water decontamination technology accepted by Florida Department of Environmental Protection

(-) GS (-1%) Q1 revenues miss Street view

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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