Mid-Morning Market Update: Markets Surge On Earnings, Lockheed Martin Posts Upbeat Profit
Following the market opening Tuesday, the Dow traded up 0.86 percent to14,692.19 while the NASDAQ surged 0.96 percent to 3,264.55. The S&P also rose, gaining 0.71 percent to 1,573.62.
The S&P 500 closed above its daily 20 EMA at 1,560.71, with 1,575 resistance above and 1,545 support below that.
Next up, the Dow closed yesterday just under its 20 EMA support at 14,594.80 and has 14,650 acting as resistance above, with 14,450 as support below.
The NASDAQ closed just above its 20 EMA resistance at 3,232.47, with 3,270 resistance above that and 3,160 as support below.
Finally, the Russell closed higher at 925, with 900 support below. Its 20 EMA looks to be moving down towards its 50 EMA, with a bearish cross looking probable in the near future.
Lockheed Martin (NYSE: LMT) reported a 14.8% rise in its first-quarter net income.
Lockheed Martin's quarterly net profit surged to $761 million, or $2.33 per share, from $668 million, or $2.03 per share, in the year-ago period.
Its revenue fell 2% to $11.1 billion from $11.3 billion. However, analysts were expecting a profit of $2.04 per share on revenue of $10.3 billion.
Equities Trading UP
Netflix (NASDAQ: NFLX) shot up 24.59 percent to $217.25 after the company reported better-than-expected first-quarter profit..
Shares of Coach (NYSE: COH) got a boost, shooting up 9.25 percent to $55.27 after the company reported a rise in its fiscal third-quarter net income.
STMicroelectronics NV (NYSE: STM) was also up, gaining 7.15 percent to $7.79 on Q1 results.
Equities Trading DOWN
Arch Coal (NYSE: ACI) was down, falling 5.52 percent to $4.62 after the company reported a Q1 loss.
Shares of Xerox (NYSE: XRX) were down 5.35 percent to $8.14 after the company issued weak Q2 earnings forecast.
Ironwood Pharmaceuticals (NASDAQ: IRWD) shares tumbled 5.87 percent to $16.84 on Q1 results.
In commodity news, oil traded up 0.91 percent to $88.81, while gold traded down 0.30 percent to $1,417.00.
Silver traded down 2.16 percent Tuesday to $22.87, while copper fell 0.70 percent to $3.12.
European shares were higher on comments from ECB President Mario Draghi which hinted at an imminent rate cut.The German Manufacturing PMI slipped to 47.9 from 49.0 on expectations of a reading of 49.0 while the Services PMI declined to 49.2 from 50.9 on expectations of a reading of 51.
The Spanish Ibex Index rose 2.23 percent while the Italian FTSE MIB Index gained 1.74 percent. Meanwhile, the German DAX rose 1.75 percent and the French CAC gained 2.66 percent and U.K. shares surged 1.43 percent.
The ICSC/Goldman Sachs Retail Chain Store Sales Index rose 0.8% in the week ended Saturday versus the earlier week.
National chain store sales dropped 2.8% in the first two weeks in April from March, according to Redbook Research's latest indicator.
The US flash manufacturing PMI declined to a reading of 52.0 in April, versus 54.6 in March.
US home prices climbed 0.7% in February, according to the Federal Housing Finance Agency., However, home prices rose 7.1% in the 12 months ended in February.
Sales of new US homes climbed 1.5% to an annual rate of 417,000 in March. However, economists were estimating the rate to surge to 421,000.
The Richmond Fed Manufacturing Index declined to a reading of -6.00 in April, versus a prior reading of 3.00. However, economists were expecting a reading of 2.00.
The Treasury is set to auction 4-week bills and 2-year notes.
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