Markets Right Now: Solid earnings send US stocks higher

by Susie Olson April 26, 2018, 0:18
Markets Right Now: Solid earnings send US stocks higher

Restaurant Brands International Inc rose 4.3 per cent to C$72.04 after the company reported first-quarter profit that topped estimates.

After a strong start, USA stocks abruptly sold off Tuesday after machinery maker Caterpillar said it doesn't expect to top its first-quarter profit for the rest of the year.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2018.

Higher yields can weigh on stocks, as they push up borrowing costs for companies.

Facebook fell 3.5 percent to $160.10 and Microsoft skidded 1.8 percent to $93.65.

Bond prices fell. The yield on the 10-year Treasury went as high as 3 percent in early trading before slipping back to 2.99 percent.

Stocks nosedived Tuesday, with the Dow Jones industrial average sinking 600 points at session lows.

MISPRINT: Alphabet slid 4.76 percent to $1,024.07 after the company said ad revenue climbed, but expenses also rose.

Comcast rose 3.7 percent after the USA cable company topped Wall Street's profit estimates and offered $30.7 billion in a bid for Sky.

Mets To Move Matt Harvey To Bullpen
But as Harvey later told reporters, he informed team officials that he was "motivated to show everybody that he can be a starter". He was 5-7 with a 6.70 ERA in 2017. "I have to suck it up and go out there and do everything I can to get things back in gear".

Google's parent company Alphabet dropped 4.8 per cent, which is nearly all of its gains this year.

Some companies rose after reporting solid results. In addition, higher yields can make bonds appear more attractive than stocks, which come with higher risk.

The fall in the Nasdaq composite index was 1.7% to 7007.35 points, with shares of Facebook, Amazon, Alphabet and Netflix falling by more than 3.5%.

Diversified industrial manufacturer 3M was the biggest drag on the Dow Jones Industrial Average.

Bond prices fell. The yield on the 10-year Treasury rose to 2.99 percent.

Despite the positive quarterly report, the shares of M3 fell by 6.83% after the corporation downgraded its annual profit forecast. The company reported better-than-expected first-quarter earnings and boosted its full-year sales and profit forecast but did not raise its 2018 cash-flow projections.

On the economic front, US consumer confidence rebounded in April, according to the Conference Board, as short-term optimism improved and the share of consumers expecting their incomes to decline in the coming months hit its lowest level since December 2000.

Caterpillar fell 0.6 percent, down for the second day after its management noted first-quarter earnings would be the "high water mark" for the year and warned of higher material costs.

Volume on USA exchanges was 7.22 billion shares, compared to the 6.80 billion average for the full session over the last 20 trading days.


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