S&P 500 (NYSEARCA: SPY) Live: NEM, MOS Rise amid Q1 Earnings Kickoff
Live Updates Live Coverage Updates appear automatically as they are published. Roller Coaster Ride 10:37 am by Gerelyn Terzo The markets remain under pressure after the University of Michigan consumer sentiment survey showed weakness. Just about every sector of the economy is now in the red after a mixed showing earlier this morning. JPMorgan CEO […] The post S&P 500 (NYSEARCA: SPY) Live: NEM, MOS Rise amid Q1 Earnings Kickoff appeared first on 24/7 Wall St..
Live Updates
Roller Coaster Ride
The markets remain under pressure after the University of Michigan consumer sentiment survey showed weakness. Just about every sector of the economy is now in the red after a mixed showing earlier this morning.
JPMorgan CEO Jamie Dimon expects corporate America to renege on their earnings outlooks, while BlackRock CEO Larry Fink believes an economic recession is brewing. Morgan Stanley (NYSE: MS) reported better-than-expected Q1 profits on strong trading volumes.
The markets are continuing their roller coaster ride this morning, going from red to green and then back again. This wild week on Wall Street has seen it all, as a perfect storm of trade wars, recession talk and economic uncertainty dominate the headlines. At last check, all three of the major stock market averages were under pressure while sector performance is split between winners and losers.
On the economic front, wholesale prices fell more than expected last month, a welcome surprise and an indication of waning inflation. Before the markets had much of a chance to celebrate, another round of economic data swung the other way. Consumer sentiment is down in April, according to the latest University of Michigan poll, as investors lose sleep over the trade war and inflation.
The hits keep coming, as JPMorgan CEO Jamie Dimon warned he expects that S&P 500 earnings estimates will be changed to the downside amid a turbulent economic backdrop. Not to be outdone, BlackRock CEO Larry Fink would not be surprised if there is already a recession emerging in the economy. China has lifted its tariffs on U.S. imports to 125% as the trade war saga continues to unfold.
Morgan Stanley (NYSE: MS) has kicked off Q1 earnings season with stronger than expected profits, buoyed by high trading volumes.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 166.15 (-0.42%)
Nasdaq Composite: Down 106.23 (-0.63%)
S&P 500: Down 29.27 (-0.56%)
Market Movers
Newmont Mining (NYSE: NEM) is extending its rally, rising 7% on the day as investors flock to safe-haven assets like gold. Wall Street firm UBS upgraded its rating on NEM to buy with a $60 price target attached. The stock is currently hovering at just over $54 per share.
Farmland and ag stock The Mosaic Company (NYSE: MOS) is up 4.6% today. MOS shares are nearing their 52-week high as investors flock to commodity-related stocks.
The post S&P 500 (NYSEARCA: SPY) Live: NEM, MOS Rise amid Q1 Earnings Kickoff appeared first on 24/7 Wall St..
