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U.S. stocks were wobbling amid mixed earnings reports
Author
Published Apr 21, 2023 22:18
© Reuters.
By Liz Moyer
Investing.com -- U.S. stocks were wobbling early on Friday as mixed earnings reports weighed on sentiment.
At 10:03 ET (14:03 GMT), the Dow Jones Industrial Average was down 56 points, or 0.2%, while the S&P 500 was down 0.3% and the NASDAQ Composite was down 0.6%.
Procter & Gamble Company (NYSE:PG) shares rose 5.6% after the consumer product giant raised its full-year outlook. Higher prices are boosting results. HCA Holdings Inc (NYSE:HCA) shares rose 6% to a new 52-week high after it also raised its 2023 forecast.
Officials from the Federal Reserve threw support behind another quarter of a percentage point increase in interest rates when it meets in early May. Most futures traders are betting on that hike, while also expecting the Fed to pause and perhaps cut rates later this year.
The S&P global composite PMI was stronger than expected, at 53.5 versus expectations for 52.8. Both manufacturing activity and services activity were stronger than expected.
Stocks have wobbled all week amid mixed earnings reports. Treasury yields are falling after economic data showed an increase in new jobless claims.
Oilfield services company Schlumberger NV (NYSE:SLB) fell 3.8% despite beating expectations for profit and revenue, though cash flow was lower than expected. Mining firm Freeport-McMoran Copper & Gold Inc (NYSE:FCX) fell 4.4% after a drop in first-quarter profit because of lower production.
Oil was rising.Crude Oil WTI Futures were up 0.6% to $77.81 a barrel, while Brent Oil Futures were up 0.5% to $81.56 a barrel. Gold Futures were down 1.7% to $1,984.
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