Stock market today: Stocks wobble as earnings roll in
==========
US stocks searched for direction in afternoon trading on Tuesday as the Dow looked to snap a six-day losing streak. The Dow Jones Industrial Average (DJIA) edged higher, climbing about 0.5%, or more than 150 points. Both the S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) reversed earlier losses with the benchmark index trading mostly flat while the Nasdaq rose about 0.1%. Bond yields remain at multi-month highs, coupled with tensions in the Middle East following Iran's weekend attacks on Israel. After the 10-year Treasury yield touched 2024 highs on Monday, the yield climbed about 4 basis points to trade around 4.66% on Tuesday. Earnings reports flooded in before the bell. UnitedHealth shares added about 5% after the healthcare group beat quarterly profit estimates, even as it said it expects to take a $1.6 billion hit from a February cyberattack. Investors were also digesting more big bank results: Bank of America reported that first quarter profit dropped 18% year over year as a key revenue source weakened, while Morgan Stanley stock rose as it topped expectations. Elsewhere, BNY Mellon posted a profit beat while Johnson & Johnson reported a sizable losses. Trump Media & Technology Group, the parent company of Donald Trump's social media platform Truth Social, fell about 12% on Tuesday after the company announced it's launching a new live TV streaming platform. Stocks extended declines in mid-morning trading on Tuesday after markets initially eyed a broader comeback earlier in the session. New residential construction, including single-family and multifamily homes, tumbled by the largest amount in four years as rising mortgage rates weaken housing activity. Housing starts fell 14.7% month over month in March, dropping from a 1.55 million units annualized pace to 1.32 million units annualized. Shares of Live Nation, the parent company of Ticketmaster, fell about 7% early Tuesday after the Wall Street Journal reported the Department of Justice (DOJ) is preparing to file an antitrust lawsuit against the company as soon as next month. The Dow rose about 200 points on Tuesday as markets eyed a broader comeback to snap a six-day losing streak. BNY Mellon CEO Robin Vince commented on interest rates and markets, stating that geopolitical risks, high inflation, fiscal challenges, and the issuance of US Treasuries are factors affecting the path of interest rates. Starbucks shares fell 11.3% amid concerns of falling store traffic in the US. JPMorgan's strategy team warned of a potential market correction due to hot growth and inflation data, compounded by geopolitical developments and elevated investor positioning.
#StockMarket #Earnings #DowJones #S&p500 #NasdaqComposite #BondYields #MiddleEastTensions #Unitedhealth #BankOfAmerica #MorganStanley #BnyMellon #Johnson&Johnson #TrumpMedia&TechnologyGroup #HousingStarts #LiveNation #InterestRates #Starbucks #MarketCorrection