Wall Street mixed as investors welcomed earnings season
InvestingOnline.com
16/07/2018, 16:14The US stocks market is trading mixed on the first day of the week as investors are more focused on earnings report and let trade war concerns a bit behind. Oil is trading down amid Iran petroleum selling possibility.
The earnings season accelerated on Monday with big companies reporting their quarterly numbers Bank of America beat market estimates by $0.06 to $0.63 per share. Revenues were boosted by loan growth, higher interest rates, lower expenses and smaller tax rates.
BlackRock reported an adjusted quarterly profit of $6.66, 11 cents above expectations. Revenues were also a beat amid larger profit margins, lower tax rate, and increasing fee revenues. Netflix will report its numbers Monday after the closing bell.
The DJIA is adding 7 points today as it is trading at 25,026.00, fighting to hold the 25K level. Most stocks are trading lower, but the index has managed to keep numbers at least on the black ink.
The S&P 500 is trading 0.16% negative on the day at 2,796.83. The Nasdaq Composite is also declining 0.16% on the day to trade at 7,813.30.
Sectors’ performance versus the S&P 500 says that only the financials component is trading higher with a 0.41% jump in the day. Most the increase is due to Bank of America upbeat earnings and the Wells Fargo rating upgrading.
The worse performers are the Energy sector that is trading 1.02% lower amid news that the US Treasury would be relaxed in the Iran embargo sanctions. Consumer staples are falling 0.56% on the day while the health care industry is 0.48% down on the session.
In the high volume sector, AMD is rallying 4.43% on Monday, followed by Citibank with 2.96%, and Bank of America which is rising 2.49%.
