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Stocks Mixed as GDP Report Disappoints
US equities finished the week mixed on the heels of a disappointing US 4Q GDP report. The Dow was pressured by disappointing earnings reports from Dow members Chevron and Procter & Gamble, but talk of a possible IPO filing by Facebook helped the Nasdaq to squeak out a modest gain, and the S&P 500 was nearly unchanged. Meanwhile, Ford Motor posted results that missed expectations and Amgen offered a mixed report, while Starbucks’ outlook and concerns over commodity costs overshadowed its better-than-expected results. Treasuries pared early losses and finished mostly higher, while a favorable read on US consumer sentiment had little effect. Gold ended the day higher, crude oil prices ticked lower, and the US dollar lost ground. The Dow Jones Industrial Average fell 74 points (0.6%) to 12,660, the S&P 500 Index inched 2 points (0.2%) lower to 1,316, and the Nasdaq Composite gained 11 points (0.4%) to 2,817. In moderate volume, 850 million shares were traded on the NYSE and 1.7 billion shares changed hands on the Nasdaq. WTI crude oil edged $0.14 lower to $99.56 per barrel, wholesale gasoline jumped $0.07 to $2.92 per gallon, and the Bloomberg gold spot price gained $9.70 to $1,739.60 per ounce. Elsewhere, the Dollar Index—a comparison of the US dollar to six major world currencies—was down 0.7% to 78.86. For the week, including dividends, the DJIA was down 0.5%, the S&P 500 Index added 0.1%, and the Nasdaq Composite gained 1.1%. Dow member Procter & Gamble Co. (PG $64) reported fiscal 2Q earnings ex-items of $1.10 per share, compared to the $1.09 consensus estimate of analysts surveyed by Reuters, with revenues increasing 4% year-over-year (y/y) to $22.1 billion, below the $22.2 billion that the Street had anticipated. Also, PG lowered its full-year guidance and issued a 3Q outlook that missed analysts’ forecasts. PG traded lower. Fellow Dow component Chevron Corp. (CVX $104) posted 4Q EPS of $2.58, below the … [Read More...]
Stocks Pressured by US GDP Growth That Came Up Short
The US equity markets moved lower in early action on the heels of a smaller-than-forecasted rate of US GDP growth for 4Q, as personal consumption came in below expectations. Treasuries pared early losses following the report and the ensuing weakness in stocks, with 4Q inflation coming in mixed, while a report on consumer sentiment is due out later this morning. Meanwhile on the earnings front, Starbucks Corp posted better-than-expected results, while Dow members Procter & Gamble Co and Chevron Corp missed expectations. Moreover, Ford Motor Co and Amgen both missed the Street’s forecasts. Overseas, Asian stocks finished mixed, with Japanese equities finding some pressure on a slew of reduced outlooks, while the European equity markets are lower on the US data and amid caution as Greece continues its debt-swap negotiations. As of 8:54 a.m. ET, the March S&P 500 Index Globex future is 6 points below fair value, the Nasdaq 100 Index is 5 points below fair value, and the DJIA is 57 points below fair value. WTI crude oil is declining $0.13 to $99.57 per barrel, Brent crude oil is increasing $0.20 to $110.99 per barrel, and the Bloomberg gold spot price is moving $1.03 lower at $1,719.05 per ounce. Elsewhere, the Dollar Index—a comparison of the US dollar to six major world currencies—is down 0.2% to 79.41. Dow member Procter & Gamble Co. (PG $65) reported fiscal 2Q earnings ex-items of $1.10 per share, compared to the $1.09 consensus estimate of analysts surveyed by Reuters, with revenues increasing 4% year-over-year (y/y) to $22.1 billion, below the $22.2 billion that the Street had anticipated. Fellow Dow component Chevron Corp. (CVX $107) posted 4Q EPS of $2.58, below the $2.84 that the Street had expected, with revenues rising 11% y/y to $60 billion, compared to the $71 billion that analysts were anticipating. Ford Motor Co. (F $13) announced 4Q profits ex-items of $0.20 per share, missing the $0.27 estimate on the … [Read More...]
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