Mid-Morning Market Update: Markets Go Red, Citigroup Profit Beats Estimates
Following the market opening Monday, the Dow traded down 0.49 percent to14,792.57 while the NASDAQ dropped 0.45 percent to 3,280.19. The S&P also fell, declining 0.57 percent to 1,579.73.
The S&P 500 looks to be finding support today at 1580, with 1,595 acting as resistance above that.
Next up, the Dow is finding support at 14,800, while 14,900 above looks to be acting as resistance.
The NASDAQ has support at 3,270 with 3,310 as resistance above.
Finally, the Russell looks to find support at its 20 EMA at 937.22, with 950 as resistance above that.
Citigroup (NYSE: C) reported a 30% rise in its first-quarter profit.
Citigroup's quarterly profit surged to $3.8 billion, or $1.23 per share, from $2.9 billion, or $1.11 per share, in the year-ago period. Its adjusted net income came in at $1.29 per share.
Its total revenue rose to $20.5 billion, from $20.2 billion. However, analysts were expecting earnings of $1.17 per share on revenue of $20.16 billion. Its net interest margin widened to 2.94%.
National Financial Partners (NYSE: NFP) was also up, gaining 6.83 percent to $25.01 after the company to be bought by Madison Dearborn for $25.35 per share.
Equities Trading DOWN
IAMGOLD (NYSE: IAG) was also down, falling 12.13 percent to $5.07 after the company reached a definitive agreement with the Government of the Republic of Surinameapproved by the legislative authority of Suriname, the National Assembly.
Shares of AuRico Gold (NYSE: AUQ) were down 13.84 percent to $4.92 after the company announced preliminary first quarter operational results.
Randgold Resources (NASDAQ: GOLD) shares tumbled 7.32 percent to $69.76. Gold futures tumbled to their lowest level in two years
In commodity news, oil traded down 2.18 percent to $89.30, while gold traded down 5.69 percent to $1,416.00.
Silver traded down 9.29 percent Monday to $23.89, while copper fell 3 percent to $3.25.
European shares traded lower following the Asian weakness creating global growth fears.The eurozone's trade balance for February grew to 10.4 billion euros from a downwardly revised 4.7 billion euro deficit in January, better than forecasts of a 3 billion euro surplus.
The Spanish Ibex Index fell 0.46% while the Italian FTSE MIB Index dropped 0.12 percent. Meanwhile, the German DAX fell 0.72 percent and the French CAC dropped 0.42 percent and U.K. shares declined 0.89 percent.
The New York Fed's Empire State index declined to 3.1 points in April, versus estimates of a 7.8 reading.
The NAHB housing-market index declined to 42 in April, versus 44 in March. However, economists were expecting the index to gain to 46 in April.
The Treasury is set to auction 3- and 6-month bills.
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