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Share Name | Share Symbol | Market | Type |
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Dow Inc | NYSE:DOW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.01 | 0.02% | 59.20 | 59.45 | 58.80 | 59.10 | 1,915,144 | 01:00:00 |
By Dan Strumpf
U.S. stocks stalled Thursday after a stream of positive earnings reports and initial public offerings failed to lift major benchmarks for a third straight session.
The Dow Jones Industrial Average slipped 6.84 points, or less than 0.1%, to 18105.77. The S&P 500 index lost 1.64 points, or 0.1%, to 2104.99. The Nasdaq Composite Index slipped 3.23 points, or 0.1%, to 5007.79.
Stocks traded in a narrow range Thursday, following two straight sessions of gains. Investors focused on a flurry of positive earnings reports from some of the nation's biggest banks, which helped buoy the financial sector. Financial companies in the S&P 500 gained 0.1%.
Also drawing attention were several well-received IPOs. Crafts marketplace Etsy Inc., party supplier Party City Holdco Inc. and high-speed trading firm Virtu Financial Inc. made market debuts, posting double-digit share gains.
But those factors failed to lift major benchmarks. Traders and investors say they remain hesitant to continue boosting stocks ahead of additional earnings reports in the weeks ahead. Market watchers are expecting one of the most difficult earnings seasons in years for the first quarter.
"With earnings season kicking off, people seem to be a little more on edge than normal," said Justin Wiggs, managing director in equity trading at Stifel Nicolaus. "People have cut their [earnings] numbers so aggressively."
Shares of Citigroup Inc. rose 1.5% after the bank reported its first-quarter profit jumped a bigger-than-expected 21%.
UnitedHealth Group Inc. shares gained 3.7% after the health company lifted its full-year guidance due to a stronger-than-expected 13% increase in first-quarter revenue.
Goldman Sachs Group Inc. said its first-quarter profit and revenue rose, with results beating analysts' expectations. Still, shares fell 0.4%.
Stocks have risen this month, advancing back toward all-time highs, as a number of early earnings reports came in better than expected. The Dow and S&P are each up nearly 2% so far in April and are approaching records last seen in early March.
After hitting an all-time high on Wednesday, the Russell 2000 index of small-capitalization stocks pulled back 0.2%.
Losses in European markets had kept U.S. shares under pressure Thursday, traders said. Germany's DAX fell 1.9% and France's CAC 40 lost 0.6%, as German government bonds hit record highs.
"There's still nervousness about Europe for sure," said Steve Bombardiere, trader at Conifer Securities. "We have these days where it just overtakes whatever the earnings news is."
Crude-oil futures gained 0.6% to $56.71 a barrel, rising for a sixth straight session. The gains, however, failed to pull energy stocks out of negative territory, with the S&P 500 Energy Index losing 0.3%.
Money managers are bracing for a pullback in quarterly earnings in the first quarter, as the slump in oil prices and the strong dollar tripped up many companies. Analysts expect S&P 500 companies to report a 4.5% fall in first-quarter earnings, according to FactSet.
"It's a market that is no longer cheap," said Stephen Freedman, head of cross-asset strategy at UBS Wealth Management Americas. "You need to have earnings growing at a reasonable pace for the market to progress."
Mr. Freedman says he expects earnings to grow between 8% and 10% for the full year, excluding energy companies. Against that backdrop, he says broad market benchmarks can see high single-digit returns this year.
"It's an earnings-driven market," he said.
SanDisk Corp. shares sank 4.5% after the chip maker said its first-quarter profit plunged 86%, as revenue fell and the company booked acquisition and restructuring-related charges.
Netflix Inc. said Wednesday it added 4.88 million subscribers in the March quarter, which topped Netflix's own forecast for 4.05 million additions. Shares soared 18%.
In economic news, jobless claims rose 12,000 to 294,000 in the week ended April 11, the Labor Department said. Economists had expected 280,000 claims.
U.S. housing starts rose 2% in March from a month earlier to an annual rate of 926,000, the Commerce Department said. Economists surveyed by The Wall Street Journal had expected an annual rate of 1.04 million.
In other markets, gold futures lost 0.3% to $1198 an ounce. The yield on the 10-year Treasury note fell to 1.878% as prices rose.
Write to Dan Strumpf at daniel.strumpf@wsj.com
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