The Dow Jones Industrial Average (DJI) inched into the black in early trading Wednesday, but spent the lion's share of the session wallowing south of breakeven, as traders digested a number of high-profile earnings reports and weighed the latest economic data points. "There were a slew of earnings reports," Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, noted. "The Boeing Company (NYSE:BA) and The Procter & Gamble Company (NYSE:PG) beat estimates, but Amgen, Inc. (NASDAQ:AMGN) delivered a high-profile miss. In the end, it was a slightly red day, and the S&P 500 Index (SPX) snapped its winning streak. Still, when you consider the S&P was up six days in a row coming into today, a slightly lower day isn't anything to get too upset over."
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The Dow Jones Industrial Average (DJI - 16,501.65) traded in a relatively narrow 49-point range today before settling on a loss of 12.7 points, or 0.1%. Fresh from a positive earnings surprise, Boeing led the 11 Dow advancers with a gain of 2.4%, while AT&T Inc. (NYSE:T) brought up the rear, shedding 3.8% after its own earnings report.
The S&P 500 Index (SPX - 1,875.39) brought its winning streak to a close, ending the day with a loss of 4.2 points, or 0.2%. After outperforming the last two days, the Nasdaq Composite (COMP - 4,126.97) faltered more than its index peers, slipping 34.5 points, or 0.8%.
The CBOE Volatility Index (VIX - 13.27) spent the entire day in the green, reaching as high as 13.75 before settling with a gain of 0.1 point, or 0.6%.
A Trader's Take:
"The market shook off a weak report on new home data," noted Detrick. "The next two days are two of the heaviest days with companies reporting earnings, so get ready. All in all, earnings have come in better than the lowered expectations, and that is a big reason for the market's recent strength. Still, be on your toes, as a few high-profile misses could bring the bears back in a hurry."
5 Items on Our Radar Today:
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