Alexander Bueso Sharecast | 12 Oct, 2017 18:42 | | |
Wall Street is trading on a mixed note as traders take some money off the table following the latest earnings updates out of Citigroup and JP Morgan and somewhat dovish remarks by a trio of top Fed officials.
As of 1815 BST, the Dow Industrials was dipping 0.01% or 1.83 points to 22,870.65, alongside a 0.3% or 0.85 point drop for the S&P 500 to 2,554.45.
From a sector standpoint, the worst performing areas of the market were: Fixed Line Telecommunications (-2.81%), Telecommunications (-2.66%) and Broadcasting (-1.82%).
The KBW index of banks' shares was also weaker, giving back 0.62% to 99.80 points.
Weighing on lenders perhaps, speaking at the annual meeting of the International Monetary Fund and World Bank, US Federal Reserve governor Lael Brainard reportedly said that US inflationary headwinds now appeared to be "a little more" structural than cyclical.
She also noted that a persistently low neutral interest rate had "big implications".
On the other hand, another Fed governor, Jerome Powell, indicated that policy tightening should remain gradual so long as the economy evolved as anticipated.
Acting as a backdrop, overnight the minutes of the US central bank's last policy meeting had indicated that "many participants" had shown concern that low inflation readings might not only reflect transitory factors. Yet in parallel, some market observers are wary of lofty valuations even for benchmarks such as the S&P 500.
To take note of as well, according to coindesk the price of Bitcoins hit a new all-time high on Thursday of $5,281.59.
In economic news, initial jobless claims in the US fell by 15,000 over the week ending on 7 October to reach 243,000 (consensus: 250,000), according to the Bureau of Labor Statistics.
Wholesale prices advanced at a 0.4% month-on-month and 2.6% yaer-on-year clip last month, as forecast by economists.
On the corporate front, shares of Citi were losing ground despite reporting third quarter earnings per share of $1.42 (consensus: $1.32) on the back of $18.2bn in revenues (consensus: $17.9bn).
Shares of JP Morgan were also trading on the back foot - although they were just off their 52-week highs - even after posted better than expected EPS for the latest three-month stretch, albeit alongside falling market revenues and higher credit loss provisions.
Dow Jones - Risers
Microsoft Corp. (MSFT) $77.14 0.94%
Caterpillar Inc. (CAT) $129.57 0.76%
United Technologies Corp. (UTX) $118.45 0.59%
Wal-Mart Stores Inc. (WMT) $86.23 0.58%
Procter & Gamble Co. (PG) $91.96 0.55%
McDonald's Corp. (MCD) $163.99 0.51%
Boeing Co. (BA) $262.51 0.41%
Travelers Company Inc. (TRV) $125.95 0.27%
Apple Inc. (AAPL) $156.90 0.22%
3M Co. (MMM) $216.96 0.21%
Dow Jones - Fallers
Walt Disney Co. (DIS) $97.15 -1.42%
Nike Inc. (NKE) $50.53 -0.99%
Verizon Communications Inc. (VZ) $48.43 -0.88%
JP Morgan Chase & Co. (JPM) $96.24 -0.62%
Cisco Systems Inc. (CSCO) $33.40 -0.57%
Unitedhealth Group Inc. (UNH) $194.23 -0.53%
Goldman Sachs Group Inc. (GS) $241.36 -0.43%
General Electric Co. (GE) $22.99 -0.37%
Exxon Mobil Corp. (XOM) $82.34 -0.31%
Home Depot Inc. (HD) $164.84 -0.25%
S&P 500 - Risers
Host Hotels & Resorts Inc. (HST) $19.34 3.59%
W.W. Grainger Inc. (GWW) $176.87 2.53%
Fastenal Co. (FAST) $45.60 2.45%
CF Industries Holdings Inc. (CF) $35.73 2.35%
United States Steel Corp. (X) $25.78 2.32%
Blackrock Inc. (BLK) $484.65 2.26%
XL Group Ltd (XL) $40.24 2.25%
Kellogg Co. (K) $62.50 2.04%
ConAgra Brands Inc (CAG) $34.47 2.03%
T. Rowe Price Group Inc. (TROW) $94.71 2.00%
S&P 500 - Fallers
Endo International Plc (ENDP) $8.35 -7.02%
Juniper Networks Inc. (JNPR) $25.27 -5.92%
AT&T Inc. (T) $36.46 -4.53%
Bed Bath & Beyond Inc. (BBBY) $21.16 -3.80%
Helmerich & Payne Inc. (HP) $50.50 -3.40%
Diamond Offshore Drilling Inc. (DO) $14.49 -3.40%
Urban Outfitters Inc. (URBN) $22.22 -3.39%
Comcast Corp. (CMCSA) $36.20 -3.26%
Chesapeake Energy Corp. (CHK) $3.82 -3.18%
TEGNA Inc (TGNA) $12.55 -3.09%
Nasdaq 100 - Risers
Idexx Laboratories Inc. (IDXX) $162.86 3.02%
Fastenal Co. (FAST) $45.60 2.45%
J.B. Hunt Transport Services Inc. (JBHT) $107.58 1.80%
Citrix Systems Inc. (CTXS) $81.87 1.61%
Symantec Corp. (SYMC) $32.10 1.56%
Activision Blizzard Inc. (ATVI) $62.23 1.42%
Paypal Holdings Inc (PYPL) $68.74 1.41%
Applied Materials Inc. (AMAT) $53.91 1.28%
NetEase Inc. Ads (NTES) $272.23 1.28%
CSX Corp. (CSX) $53.72 1.22%
Nasdaq 100 - Fallers
Mercadolibre Inc. (MELI) $248.68 -9.40%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $194.15 -6.61%
Dish Network Corp. (DISH) $48.88 -5.36%
Comcast Corp. (CMCSA) $36.20 -3.26%
Discovery Communications Inc. Class A (DISCA) $19.41 -2.95%
Viacom Inc. Class B (VIAB) $24.50 -2.84%
Discovery Communications Inc. Class C (DISCK) $18.41 -2.75%
JD.com, Inc. (JD) $38.61 -2.55%
Liberty Global Plc Lilac Class C (LILAK) $22.87 -2.39%
Tractor Supply Company (TSCO) $58.10 -2.24%
Despite Cobham share's outperformance over the past six months, Berenberg cautioned clients about the near-term strength of various of the firm's end-markets, alongside operational challenges that would require time to resolve and, for a time, scupper hopes that the dividend would be reinstated.
Octagonal updated the market on its trading on Friday, based on the unaudited interim figures for the six months to 30 September for its wholly-owned subsidiary, Global Investment Strategy UK, saying it was “extremely pleased” with the record revenues and profits achieved.
Support services group Marlowe updated the market on its trading for the six months to 30 September on Friday, saying trading in the first six months of the financial year was in line with board expectations.
Ncondezi Energy announced on Friday that it has agreed - in principle - to the terms of a non-binding offer with China Machinery Engineering Corporation and General Electric South Africa to enter into exclusive negotiations to develop, construct and operate the integrated Ncondezi 300MW coal-fired power project and open pit coal mine in Tete, Mozambique.
Analysts at Barclays Research believe Virgin Money's growth prospects are not reflected in the share price.
Lithium exploration and development company Bacanora Minerals announced on Friday that the environmental impact statement - the ‘manifestacion de impacto ambiental’ (MIA) - for its flagship Sonora Project in Mexico has been approved by SEMARNAT, the Environment Ministry of Mexico.
Elektron Technology confirmed it has completed the sale of its wholly-owned subsidiary Sheen Instruments on Friday, to Industrial Physics.
DX Group reported preliminary results for the year on Friday, with revenue rising to £291.9m from £287.9m a year earlier, although EBITDA fell to £7.2m from £18m.
Gulf Keystone Petroleum, an independent operator and producer in the Kurdistan Region of Iraq, confirmed on Friday that operations continued safely and securely despite political instability in the surrounding region, with average production of 34,525 barrels of oil equivalent per day from the Shaikan oil field since the start of October.
Existing home sales in the States broke a three-month streak of consecutive declines but were nevertheless labelled "meagre" by some observers, who warned that a lack of supply and fast price increases were putting a crimp in buyers' budgets.