FOX Business: Capitalism Lives Here
The broad S&P 500 shook off heavy losses in mid-day action Tuesday, but the Nasdaq was still stuck solidly in the red.
As of 2:04 p.m. ET, the Dow Jones Industrial Average rose 11.2 points, or 0.07%, to 16186, the S&P 500 advabced 2.5 points, or 0.14%, to 1833 and the Nasdaq Composite slumped 21.6 points, or 0.54%, to 4001.
Ukraine is once again garnering headlines. There were several news reports that Ukrainian military troops moved into an Eastern Ukrainian town called Kramatorsk, where pro-Russian militants had been reported as having taken various buildings in recent days.
Looking across the markets, economically-sensitive issues were performing the worst as traders ditch growth stocks in a search for safe havens. Biotechnology, financial and technology stocks were among the worst performers.
Corporate earnings season is revving up. Citigroup (C) logged a first-quarter beat on Monday. Ahead of the opening bell Tuesday, Johnson & Johnson (JNJ) posted stronger-than-expected results on the top and bottom lines, while Coca-Cola (KO) revealed quarterly profits that beat views, coupled with sales that matched views.
The economic docket is quite full on the day as well.
The Labor Department reported prices for consumer goods rose 0.2% in March, slightly topping Wall Street views of a 0.1% increase. Excluding the food and energy components, prices rose by the same margin, also above estimates of 0.1%.The Federal Reserve has been working hard to boost inflation, so the data are expected to take on increased emphasis.
The New York Federal Reserve’s gauge of manufacturing activity fell to 1.29 in April, compared to 5.61 in March. Economists expected the metric to rise to 8. Readings above 0 point to expansion, while those below indicate contraction.
Later in the day, traders will also get an update on homebuilder sentiment for the month of April. Economists said sentiment likely ticked up in April as the weather improved across the U.S.
The National Association of Home Builders said homebuilder sentiment rose to 47 in April, from 46 in March, coming in below Wall Street estimates of 50.
Elsewhere, U.S. crude oil futures fell 97 cents, or 0.93%, to $103.08 a barrel. Wholesale New York Harbor gasoline dipped 0.71% to $3.017 a gallon. Gold dropped $23.90, or 1.8%, to $1,303 a troy ounce.