The S&P 500 index and Nasdaq Composite gained 1.5% and 2% respectively. The benchmark indexes opened higher and steadily climbed higher ahead of earnings from tech bellwethers. Crude oil price fell 5% and natural gas price dropped 8% fueling investor optimism. However, 10-year U.S. Treasury bond yield rose to 2.938%. Airlines stocks and tech stocks led the gainers.
IBM NFLX AAL GOOG XRX
IBM NFLX AAL GOOG XRX
Company reaffirmed 2022 full-year guidance for adjusted operational earnings per share and base business operational sales.
PFE
PFE
Returned $2.8 billion of cash to shareholders through share repurchases and dividends and reaffirms 2022 financial outlook.
LMT
LMT
U.S. indexes opened higher but investors remained focused on the latest earnings and war developments in Europe. Yield of 10-year U.S. Treasury bond advanced to 2.92%, a new 3-year high. Crude oil declined $4 a barrel as demand from China is expected to soften on rising Covid-19 cases. European markets fell more than 1% after Russia launched a new assault on cities in eastern Ukraine.
U.S. stocks lacked direction after 10-year Treasury bond yield inched up to 2.86%, crude oil added a dollar to $107.90 a barrel, and gold inched up 0.3%. Investors focused on a busy week of earnings ahead and are looking for clues how corporations are facing rising costs. Several leading companies including American Express, Travelers, J&J and Verizon are scheduled to release earnings. American Airlines, United Airlines, Alaska Air, CSX, and Union Pacific will provide deeper insights in freight and passenger travel costs.
JNJ IBM UNP AAL AXP
JNJ IBM UNP AAL AXP
The company returned $1.1 billion in capital to shareholders, including $967 million of share repurchases and $114 million of common stock dividends.
SYF
SYF
Core Net New Assets Total $120.5 Billion.
Total Client Assets Finish at $7.86 Trillion, up 11% Year-over-Year.
SCHW
SCHW
Bank of New York Mellon said quarterly revenues was flat at $3.9 billion and net income declined 19% to $699 million. Earnings per share in the quarter fell 11% to 86 cents from 97 cents a year ago. Net interest revenues increased 7% and assets under management increased 2% to $2.3 trillion. Revenues were flat in Securities Services and Market Wealth Services but declined 3% in Investment and Wealth Management.
BK
BK
Average Loan Balances up $70 Billion to $978 Billion; Average Deposits up $240 Billion to $2.0 Trillion, Third Consecutive Quarter of Operating Leverage
BAC
BAC
U.S. stock futures point to a mixed opening after a 3-day holiday as the U.S. Treasury yields continue to climb. The 10-year bond yield is trading above 2.87%. The yield has jumped from 1.71% about 45 days ago. Investors remained worried that the rising inflation and elevated crude oil prices are exacerbating consumer price increase and overwhelming corporate earnings growth. About 300 companies are scheduled to release earnings this week.
Grew loans; controlled expenses; maintained strong credit quality
Raised quarterly common stock dividend 20% to $1.50 per share on April 1, 2022.
PNC
PNC
Tech stocks led the losers after inflation worries dominated trading and investors reviewed a barrage of earnings from large banks. Though there were signs of hope, all major banks reported a sharp decline in earnings. Crude oil price spiked up again and surpassed $105 a barrel in New York and $110 in international trading. 10-year Treasury yield inches to a new 3-year high of 2.83%.
NKE CAT TWTR AMZN FDX
NKE CAT TWTR AMZN FDX