Stocks Close Mixed With Corporate Earnings Ahead
Earnings from JPM and WFC are due out bright and early tomorrow
U.S. markets closed a choppy session mixed ahead of first-quarter earnings season, which unofficially kicks off tomorrow with early morning results from big banks JPMorgan Chase (JPM) and Wells Fargo (WFC). After being cautiously higher most of the morning, the Dow succumbed to pressure from UnitedHealth (UNH), which dropped on a pre-earnings price-target cut. The Nasdaq was in the red with the Dow at the close, while the S&P 500 muscled to a win in the final minutes of trading.
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Which red-hot penny stock nearly tripled today.History says hop on Hilton Hotels.Pot stock pullback had puts popping.Plus, the retail stock with cheap options; the stock downgraded on China concerns; and sinking BBBY held key support.The Dow Jones Industrial Average (DJI - 26,143.05) shed 14.1 points, or 0.05%. Boeing (BA) led the 16 blue-chip gainers, adding 1.4%. UNH was the biggest loser, shedding 4.3%.
The S&P 500 Index (SPX - 2,888.32) closed fractionally higher, while the Nasdaq Composite (IXIC - 7,947.36) lost 16.9 points, or 0.2%.
The Cboe Volatility Index (VIX - 13.02) slipped 0.3 point, or 2.1%.
5 Items on our Radar Today
Consumers look to be purchasing more clothing and furniture at wholesale retailer Costco (COST), per its March same-store sales results released after Wednesday's close. Total comparable sales growth came in below estimates, sending COST 1.8% lower to close at $241.24. (MarketWatch)In his annual letter to shareholders, Amazon CEO Jeff Bezos challenged other retailers to raise their minimum wage to $15 per hour, as it did last fall. Though not naming competitors, Bezos said, "Do it! Better yet, go to $16 and throw the gauntlet back at us. It's a kind of competition that will benefit everyone." Despite a push from Democrats to hike the federal minimum wage to the same threshold, it remains at $7.25 an hour. (CNBC)This retail stock has cheap options right now.Barclays downgraded this stock on China concerns.Bed Bath & Beyond shares held key support amid today's sell-off.
Data courtesy of Trade-Alert
Gold Snaps Four-Day Win Streak
Oil took a hit in today's trading, after an International Energy Agency (IEA) report warned a slowing global economy could weigh on crude demand. May-dated crude futures shed $1.04, or 1.6%, to close at $63.58 per barrel.
Gold snapped its four-day win streak as the U.S. dollar strengthened. June-dated gold closed below the psychologically significant $1,300 per ounce mark -- down $20.60, or 1.6%, to settle at $1,293.30 an ounce.