Categories: world

Layers close to mostly lower as the weak industrial sector counteracts technical rally

Getty Images Investors contribute with Facebook Inc. shares after strong earnings. US. The shares were closed mostly on Thursday when manufacturing-related sectors logged large losses and compensated for a rally in social media. A double-digit decline in 3M Co's stock after disappointing profit was also weighed on the blue-chip Dow. How did benchmarks go? Dow Jones Industrial Average DJIA, -0.51% bounced earlier declines but still fell 134.97 points, or 0.5% to 26.462.08. The S&P 500 index SPX, -0.04% throw 1.08 points to 2,926.17, with industrial and material industries leading to the downturn while the technically centered Nasdaq Composite COMP, [0.2459021] + 0.21% increased 16.67 points, or 0.2% to 8.111.68. See: Stock markets call records and bonds rallies also What drove the market? Guidance from US companies on the economy and business environment helped support a most stable stock market advance so far this week, but rising signs of economic weakness from Europe to Australia have shaded across the markets. Big global exporter South Korea was one of the latest indicators of a recovery recovery, as the Asian country's first quarter gross domestic product fell by 0.3% and marked its worst performance in more than a decade. The data came one day after a reading of consumer prices in Australia remained flat during the first quarter, increasing expectations of a cut in interest rates from the Australian Reserve Bank. The weakness of the weakness has led the central banks, including the Australian Reserve Bank, Canada's Bank and the Bank of Japan,…

Getty Images

Investors contribute with Facebook Inc. shares after strong earnings.

US. The shares were closed mostly on Thursday when manufacturing-related sectors logged large losses and compensated for a rally in social media. A double-digit decline in 3M Co’s stock after disappointing profit was also weighed on the blue-chip Dow.

How did benchmarks go?

Dow Jones Industrial Average

DJIA, -0.51%

bounced earlier declines but still fell 134.97 points, or 0.5% to 26.462.08. The S&P 500 index

SPX, -0.04%

throw 1.08 points to 2,926.17, with industrial and material industries leading to the downturn while the technically centered Nasdaq Composite

COMP, [0.2459021] + 0.21%

increased 16.67 points, or 0.2% to 8.111.68.

See: Stock markets call records and bonds rallies also

What drove the market?

Guidance from US companies on the economy and business environment helped support a most stable stock market advance so far this week, but rising signs of economic weakness from Europe to Australia have shaded across the markets.

Big global exporter South Korea was one of the latest indicators of a recovery recovery, as the Asian country’s first quarter gross domestic product fell by 0.3% and marked its worst performance in more than a decade. The data came one day after a reading of consumer prices in Australia remained flat during the first quarter, increasing expectations of a cut in interest rates from the Australian Reserve Bank.

The weakness of the weakness has led the central banks, including the Australian Reserve Bank, Canada’s Bank and the Bank of Japan, to adopt more stupid positions, which in turn have driven US dollars to about two

In the US, a profit paradise increased with 3M

MMM, -12.95%

mainly to drive early marketing action after the diversified industrial giant struck its full year 2019 guidance and said it would reduce 2000 jobs. The number of Americans applying for jobs for the first time increased to 230,000 a week on April 20, up from 193,000 in the previous week and over 201,000 expected by economists demanded by MarketWatch.

Orders for durable goods rose by 2.7% in March, the biggest increase in one month since last summer, the Trade Department said.

An important measure for business investment, nuclear orders increased 1.3% in March, the third straight monthly increase.

The national vacancies for rental housing were stable at 7% in the first quarter of 2019, compared with the previous three months, while vacant tenant-owned apartments for tenant-owned apartments decreased 0.1% according to the trade department. [19659004] What did strategists say?

“It has been a stable week for revenue, but with expectations so low, companies that beat incomes will not be rewarded as much as companies that lack forecasts will be beaten,” says J.J. Kinahan, Marketing Manager at TD Ameritrade.

The market is in an uptrend with its bullish patterns intact, says Frank Cappelleri, strategist at Instinet LLC. “In the past week, not much has changed: The market continues to rally – a little after a while – a signal from positive market events and ignoring the negative headlines.”

Read: Why technical stocks can continue to lead S & P 500 higher, in two charts

Which stocks were in focus?

Facebook Inc. .

FB, + 5.85%

shares amounted to 5.9% after social media reported revenues and profits exceeding Wall Street estimates. However, Facebook allocated approximately $ 3 billion for a possible regulatory fine in connection with the handling of customer data.

Shares of Microsoft Corp.

MSFT, + 3.31%

increased by 3.3% on solid earnings for the third quarter, contributing to the company joining the $ 1 trillion market-cap club.

] Tesla Inc.

TSLA, -4.26%

decreased 4.3% after the electric car manufacturer produced a larger than expected quarterly loss.

Opinion: Elon Musk Continues to Move Tesla’s Target Line

Shares of Xilinix Inc .

XLNX, -17.08%

fell 17% after the chip maker lowered expectations of tax revenues for the fourth quarter and revenues. The share has risen 64% year-to-date.

Southwest Airlines Co .

LUV, + 0.79%

increased 0.8% after the carrier reported earnings for the first quarter that hit expectations and the company increased its unit costs.

Shares of Altria Group Inc .

MO, -6.03%

withdrew 6% after their first quarter report.

Comcast Corp .

CMCSA, + 2.58%

increased 2.6% after the media company reported earnings for the first quarter as increased estimates but did not fall over revenue.

Hershey Co .

HSY, + 4.59%

increased 4.6% after the chocolate and snack company reported earnings for the first quarter that exceeded Wall Street estimates for profit and revenue.

United Parcel Service Inc.

UPS, -8.13%

shares shipped 8.1% after the delivery company reported quarterly results disappointing Wall Street on revenue and revenue.

How did other markets perform?

Shanghai Composite

SHCOMP, -2.43%

lost 2.2% and CSI 300 Index

000300, -2.19%

gave up 2.2%, while the Stoxx Europe 600 index

SXXP, -0.21%

was down 0.2%.

Gold Rates

GCM9, -0.01%

determined slightly higher while ICE Dollar Index

DXY, + 0.13%

was generally flat.

-Mark DeCambre contributed to this report

Provides critical information for the US trading day. Subscribe to MarketWatch’s free need to know newsletters. Sign up here.

Share
Published by
Faela