Market Overview

Mid-Morning Market Update: Markets Mixed, Caterpillar Lowers 2013 View

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Following the market opening Monday, the Dow traded down 0.31 percent to 14,502.56 while the NASDAQ gained 0.11 percent to 3,209.58. The S&P also fell, dropping 0.10 percent to 1,553.69.

Index Technicals:
The S&P 500 looks to be bouncing off its 1,535 support Friday, looking to open higher with a morning over its 1,555 resistance and 1,560 as resistance above that.

Next up, the Dow looks to be bouncing off its 14,445 support, while its daily 50 EMA support lies lower at 14,359.5, with 14,650/14,600 acting as resistance above.

The NASDAQ is hanging at its 50 EMA support, with its resistance on its daily chart at 3,209.04, with 3,150 acting as support below and 3,210 as resistance above that.

Finally, the Russell looks to be closing just above the 910 resistances, with 925 resistance above that and the 900 level acting as support.

Top Headline
Caterpillar (NYSE: CAT) reported a fall in its first-quarter profit and also lowered its 2013 forecast.

Caterpillar's quarterly profit declined to $880 million, or $1.31 per share, versus $1.59 billion, or $2.37 per share, in the year-earlier period.

Its revenue fell to $13.21 billion from $15.98 billion. However, analysts were expecting earnings of $1.36 per share on revenue of $13.8 billion.

Equities Trading UP
Delhaize Group (NYSE: DEG) shot up 9.97 percent to $61.20 after the company issued preliminary Q1 results.

Shares of Inter Parfums (NASDAQ: IPAR) got a boost, shooting up 6.16 percent to $28.25 after the company lifted 2013 forecast.

Halliburton Company (NYSE: HAL) was also up, gaining 3.22 percent to $38.41 after the company posted higher Q1 revenue.

Equities Trading DOWN
AmTrust Financial Services (NASDAQ: AFSI) was down, falling 9.27 percent to $29.43 after the company bought Sequoia Insurance for $60 million.

Shares of Koninklijke Philips Electronics NV (NYSE: PHG) were down 4.06 percent to $27.15 after the company reported Q1 results.

Wipro (NYSE: WIT) shares tumbled 6.27 percent to $7.62 after JP Morgan downgraded the stock from “overweight” to “neutral.”

Commodities
In commodity news, oil traded up 0.58 percent to $88.52, while gold traded up 2.35 percent to $1,428.40.

Silver traded up 2.24 percent Monday to $23.53, while copper fell 0.55 percent to $3.15.

Eurozone
European shares rose in tandem as Italy elected an interim government to set up a new round of elections.

The Spanish Ibex Index rose 1.40 percent while the Italian FTSE MIB Index gained 1.79 percent. Meanwhile, the German DAX rose 0.52 percent and the French CAC gained 0.44 percent and U.K. shares climbed 0.24 percent.

Economics
The Chicago Fed National Activity Indexfell to -0.23 in March, down from a revised reading of 0.76 in February.

Sales of US existing homes dropped 0.6% to an annual rate of 4.92 million in March, versus an original estimate of 4.98 million in February.

The Treasury is set to auction 3- and 6-month bills.

Posted-In: Earnings News Guidance Commodities Global Econ #s Economics Hot

 

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