Mid-Morning Market Update: Markets Open Mixed, Chevron Profit Beats Estimates
Following the market opening Friday, the Dow traded up 0.07 percent to 14,710.36 while the NASDAQ dropped 0.13 percent to 3,285.71. The S&P also fell, declining 0.01 percent to 1,585.06.
The S&P 500 stalls at the 1,590/1,595 resistance area, with 1,580 support below and 1,600 acting as resistance above.
Next up, the Dow is stalling at the 14,800 resistance level, with 14,650 as support and 14,850 as resistance above.
The Russell looks to be stalling at its 945 resistance, with 950 acting as resistance above and 930 as support.
Finally, the NASDAQ hit its 3,300 resistance, with 3,275 support below and 3,250 support below that.
Chevron (NYSE: CVX) reported better-than-expected first-quarter profit.
Chevron's quarterly profit declined to $6.18 billion, or $3.18 per share, from $6.47 billion, or $3.27 per share, in the year-ago period. Its total revenue dropped to $56.8 billion from $60.7 billion. However, analysts were projecting earnings of $3.09 per share on sales of $56.46 billion.
Chevron's worldwide net oil-equivalent production rose to 2.65 million barrels per day in the quarter, versus 2.63 million barrels per day.
Equities Trading UP
Qlik Technologies (NASDAQ: QLIK) shot up 14.93 percent to $27.41 on Q1 results.
Shares of Synaptics (NASDAQ: SYNA) got a boost, shooting up 10.42 percent to $42.56 after the company reported strong Q3 results.
Theravance (NASDAQ: THRX) was also up, gaining 9.93 percent to $33.99 after the company announced its plans to split itself into two listed companies.
Equities Trading DOWN
Baidu (NASDAQ: BIDU) was down, falling 7.92 percent to $85.03 after the company reported downbeat Q1 profit.
Shares of Cirrus Logic (NASDAQ: CRUS) were down 8.05 percent to $18.04 on Q4 results.
Expedia (NASDAQ: EXPE) shares tumbled 7.96 percent to $59.80 after the company reported a Q1 loss.
In commodity news, oil traded down 0.62 percent to $93.06, while gold traded up 0.42 percent to $1,468.20.
Silver traded down 0.42 percent Friday to $24.08, while copper fell 0.86 percent to $3.21.
European shares were lower today. The Spanish Ibex Index fell 1.01 percent while the Italian FTSE MIB Index dropped 0.61 percent. Meanwhile, the German DAX fell 0.30 percent and the French CAC dropped 0.66 percent and U.K. shares declined 0.46 percent.
The US economy grew at an annual rate of 2.5% in the first quarter, versus 0.4% in the fourth quarter. However, economists were expecting a growth rate of 3.2%.
The University of Michigan-Thomson Reuters consumer-sentiment index declined to 76.4 in April, versus a final reading of 78.6 in March. However, economists were expecting a reading of 74 in April.
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