US open: Stocks bounce back despite mixed results

Alexander Bueso WebFG News | 19 May, 2017 17:11 - Updated: 17:14 | | |

bandera eeuu usa america

Shares on Wall Street are finding a decent bid at the end of the week despite a spate of mixed company results.

As of 16:49 BST, the Dow Jones Industrials was rising 0.58% to 20,782.61, alongside gains of 0.73% for the S&P 500 to 2,383.05 and gains of 0.63% in the Nasdaq Composite taking it to 6,093.46.

Front month West Texas Intermediate crude oil futures were up by 2.02% to $50.37 a barrel on the ICE.

To take note of, the president of the Federal Reserve bank of St.Louis said rate-setters' own forecasts for two more interest rate hikes in 2017 might be overly aggressive.

Judging by the reaction from financial markets to the Fed's last hike, which was the opposite of what he had expected, James Bullard said:"This may suggest that the FOMC’s contemplated policy rate path is overly aggressive relative to actual incoming data on U.S. macroeconomic performance."

Meanwhile, the yield on the benchmark 10-year US Treasury note was edging higher by one basis point to 2.25%.

No first-tier US economic data was scheduled for release on Friday, although traders were waiting on Baker Hughes's weekly tally of US oil rigs, at 18:00 BST.

Shares of Deere & Co. rocketed after the agricultural equipment manufacturer raised its sales and profit forecasts for the year.

Power company Dynegy was another standout gainer after the Wall Street Journal said it had received a takeover approach from rival Vistra Energy.

Investors were also cheered by stronger than expected profits and guidance out of semiconductor equipment manufacturer Applied Materials.

Campbell Soup on the other hand was on the backfoot after its latest quarterly figures fell short of analysts' estimates.

Stock in Foot Locker plummeted after the sporting goods retailer posted a 0.4% improvement in its first quarter like-for-like sales (consensus: 1.4%).

Dow Jones - Risers

Caterpillar Inc. (CAT) $102.39 2.17%
General Electric Co. (GE) $27.97 1.80%
Wal-Mart Stores Inc. (WMT) $78.85 1.69%
E.I. du Pont de Nemours and Co. (DD) $78.12 1.40%
JP Morgan Chase & Co. (JPM) $84.98 1.21%
United Technologies Corp. (UTX) $120.69 1.11%
McDonald's Corp. (MCD) $148.37 0.93%
American Express Co. (AXP) $76.99 0.80%
Apple Inc. (AAPL) $153.66 0.73%
Nike Inc. (NKE) $52.06 0.73%

Dow Jones - Fallers

Cisco Systems Inc. (CSCO) $31.05 -1.05%
Johnson & Johnson (JNJ) $126.57 -0.32%
Merck & Co. Inc. (MRK) $63.74 -0.23%
Travelers Company Inc. (TRV) $120.63 -0.21%
3M Co. (MMM) $194.97 -0.14%
Exxon Mobil Corp. (XOM) $81.84 0.11%
Unitedhealth Group Inc. (UNH) $171.75 0.17%
Coca-Cola Co. (KO) $43.90 0.22%
Procter & Gamble Co. (PG) $86.06 0.22%
Home Depot Inc. (HD) $156.15 0.29%

S&P 500 - Risers

Autodesk Inc. (ADSK) $112.08 16.96%
McKesson Corp. (MCK) $153.92 8.82%
Frontier Communications Co. (FTR) $1.40 8.08%
Deere & Co. (DE) $121.66 7.98%
Tenet Healthcare Corp. (THC) $17.72 4.36%
CF Industries Holdings Inc. (CF) $28.59 4.30%
Freeport-McMoRan Inc (FCX) $11.70 3.63%
Chesapeake Energy Corp. (CHK) $5.76 3.50%
Mosaic Company (MOS) $23.64 3.44%
Helmerich & Payne Inc. (HP) $58.92 3.28%

S&P 500 - Fallers

Ralph Lauren Corp (RL) $69.03 -3.29%
Gap Inc. (GPS) $22.54 -2.80%
Campbell Soup Co. (CPB) $55.62 -2.32%
Broadcom Limited (AVGO) $233.53 -1.74%
L Brands Inc (LB) $48.92 -1.55%
TJX Companies Inc. (TJX) $73.52 -1.29%
Motorola Solutions Inc (MSI) $79.83 -1.24%
Symantec Corp. (SYMC) $29.39 -1.18%
Regeneron Pharmaceuticals Inc. (REGN) $452.30 -1.10%
Cisco Systems Inc. (CSCO) $31.05 -1.05%

Nasdaq 100 - Risers

Autodesk Inc. (ADSK) $112.08 16.96%
Baidu Inc. (BIDU) $187.99 3.05%
Incyte Corp. (INCY) $132.35 2.76%
Starbucks Corp. (SBUX) $61.46 2.74%
Liberty Global Plc Lilac Class C (LILAK) $20.55 2.60%
Nvidia Corp. (NVDA) $136.50 2.58%
Yahoo! Inc. (YHOO) $50.79 2.34%
JD.com, Inc. (JD) $40.99 2.07%
Ross Stores Inc. (ROST) $62.33 2.06%
Dish Network Corp. (DISH) $63.83 2.05%

Nasdaq 100 - Fallers

Broadcom Limited (AVGO) $233.53 -1.74%
Symantec Corp. (SYMC) $29.39 -1.18%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $294.37 -1.16%
Regeneron Pharmaceuticals Inc. (REGN) $452.30 -1.10%
Cisco Systems Inc. (CSCO) $31.05 -1.05%
Alexion Pharmaceuticals Inc. (ALXN) $115.75 -0.79%
O'Reilly Automotive Inc. (ORLY) $248.24 -0.61%
Amgen Inc. (AMGN) $157.32 -0.40%
Cintas Corp. (CTAS) $120.10 -0.40%
Shire Plc Ads (SHPG) $189.31 -0.36%

More news

21:54 Friday preview: EU council summit conclusion, SThree and Trinity Mirror updates

The conclusion of the EU Council summit will be the main focus for markets on Friday, with no FTSE 350 companies expected to report results.

21:23 Walt Disney to buy 21st Century Fox assets in $52.4bn deal, including Sky stake

Walt Disney has announced an agreement to buy the entertainment assets of 21st Century Fox in a deal worth around $52.4bn, including a 39% stake in UK broadcaster Sky.

21:20 Scotland introduces income tax raise for top earners

The Scottish government has announced it will increase the tax paid by the country’s highest earners, as it bids to raise extra money to fund wage increases in the public sector.

20:37 Europe close: Stocks slip as traders mull ECB's next move

Stocks finished lower, tracking a weak start to trading on Wall Street and on the back of a mixed batch of economic data out of China overnight and a tweak in monetary policy by the People's Bank of China - a timely reminder perhaps of the potential ripple effects of US policy decisions and vice-versa.

18:01 London close: Footsie lower as traders test Sterling upside

London stocks finished lower on Thursday as the Bank of England stood pat on monetary policy, as widely expected, but amid dovishness across the Pond and on the other side of the Channel which resulted in a stronger Sterling.

13:18 BoE expects gradual and limited policy tightening over medium-term

The Bank of England kept policy on hold by a unanimous vote as had been widely-anticipated given previous guidance for a very gradual pace of tightening over the medium-term.

13:13 China tweaks lending rates after Fed decision

China's central bank tweaked two of its policy rates in what some analysts said was a bid to relieve pressure on the country's currency.

13:04 Google trends reveal the most searched terms of 2017

Bitcoin, the increasingly popular cryptocurrency has dominated Google’s top searches this year.

13:16 ECB keeps all rates unchanged, confirms guidance on asset purchases

The European Central Bank has opted to keep all its main policy rates unchanged, with policy-makers reiterating that they expect to keep all their key rates as they are until well past the end of the ECB's net asset purchase programme.

12:53 Zotefoams investing £12m in Croydon facility

Cellular materials technology company Zotefoams announced that it will invest approximately £12m to increase capacity at its Croydon site.