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Analytics, News, and Forecasts for CFD Markets: stock news — 18-04-2011.
After stabilizing for a few minutes, stocks have started to slide lower. The S&P500 sitting just above the psychologically significant 1300 line. The stock market hasn't been below that point in more than three weeks.
Treasuries have failed to attract much support, even though stocks have been shunned. The weakness surrounding Treasuries comes in the wake of news that analysts at S&P assigned a negative outlook to the AAA rating of the U.S.
Declining Sectors: Energy (-2.0%), Materials (-1.9%), Industrials (-1.9%), Tech (-1.8%), Financials (-1.5%), Telecom (-1.0%), Utilities (-0.7%)
U.S. stocks were poised to start Monday in the red, as investors faced new concerns about the global economy, while awaiting quarterly results from more than 110 members of the S&P 500 this week.
Analysts say earnings and economic reports are front and center on investors' minds. And issues across Europe - a downgrade of Irish banks and a victory by the anti-bailout True Finns party in Finland - are, once again, weighing on sentiment.
Companies: Former Dow component Citigroup (C, Fortune 500) reported earnings per share of 10 cents, slightly better than forecast. The bank's revenue rose 7% to $19.7 billion, just missing expectations.
Drug maker Eli Lilly (LLY, Fortune 500) and oil services company Halliburton (HAL, Fortune 500) both posted results early Monday that topped analysts' forecasts, and their shares were up more than 1% in premarket trading.
Newspaper chain Gannett (GCI, Fortune 500) reported earnings per share in line with estimates, but fell slightly short on revenue.
Chip maker Texas Instruments (TXN, Fortune 500) will report after the bell.
Gols retreats from the earlier Asian all time high of $1488.90, The metal has slipped back to $1480, where it found some bids from Indian names ahead of the May 6 Akshaya Tritiya festival. Gold trades around $1481.10
June WTI Crude went through support at $109.22 to a low of $109.09. Earlier oil rose to $109.95 in Asia. Further support is seen at $108.52 with resistance at $111.02. WTI currently trades $109.34/37.
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