We have updated our privacy policy and terms & conditions. Find out more here.

U.S. Stocks Mixed On Upbeat Earnings

By  |  Stock Markets  |  Jul 23, 2013 09:00PM GMT  |   Add a Comment
U.S. Stocks Mixed On Upbeat Earnings
By   |  Jul 23, 2013 09:00PM GMT

Stocks ended little changed Tuesday, with the S&P 500 hovering near its break-even mark for much of the session after a new measure of manufacturing activity unexpectedly declined. Blue chips performed better, with the Dow Jones climbing to a new intra-day record after component companies E.I. du Pont de Nemours and Co. and United Technologies Corp posted better-than-expected Q2 earnings. Another Dow component, The Travelers Cos., also beat expectations with its latest quarterly results but finished lower after disclosing plans to revamp its auto-insurance unit and laying off 450 workers.

Traders also appeared willing to maintain existing positions ahead of earnings reports after the close by Apple Inc. (AAPL) and AT&T (T).

Shares opened Tuesday's session with moderate gains after Dupont (DD) reported Q2 EPS of $1.28, topping Wall Street expectations by $0.01 per share. The chemicals giant also raised its EPS outlook for FY13 by around $0.35 over its prior forecast, now projecting earnings of around $3.85 per share this year. Analysts, on average, are looking for a $3.81 per share gain. Solid earnings from Texas Instruments (TXN) and United Technologies (UTX) this morning also contributed to the early advance.

Fed Data
But stocks started to be pressured following release of Richmond Federal Reserve Bank's monthly survey of manufacturing in the mid-Atlantic region, which fell to a minus 11 reading this month from a revised 7 score in June, trailing market expectations for a rise to 8 during July. The surprise decline stands in contrast to improving manufacturing conditions in other Fed bank regions, including the manufacturing index for New York rising to a five-month high while the Philadelphia Fed's index this month hitting a two-year high.

Other economic data appears to have had small impact on stocks. The weekly Redbook index found a 3.3% year-over-year rise in same-store sales while the FHFA index of home prices showed an as-expected 0.7% increase during May.

Commodities were mixed. Crude oil for September delivery added 29 cents to close at $107.23 per barrel while September natural gas cents rose 7 cents to finish at $3.75 per 1 mln BTU.

Crude oil iss down $1.35 to $106.70 per barrel. Natural gas is up $0.07 to $3.75 per 1 million BTU. Gold iss down $4.00 to $1,332.10 an ounce, while silver is down $0.21 to $20.30 an ounce. Copper is up $0.01 to $3.19 per pound. August gold slipped $1.30 to settle at $1,334.70 per ounce.

Here's Where The Markets Stood At Day's End

  • Dow Jones Industrial Index up 22.19 (+0.14%) to 15,567.74
  • S&P 500 down 3.14 (-0.19%) to 1,692.39
  • Nasdaq Composite Index down 21.11 (-0.59%) to 3,579.27
  • FTSE 100 down 0.09%
  • Hang Seng Index up 2.33%
  • Shanghai China Composite Index up 1.95%
  • (+) FIRE, Agrees to $2.7-billion buyout by Cisco Systems (CSCO).
  • (+) LMT, Q2 earnings jump 10%; company also raises its FY13 earnings outlook.
  • (+) IPCI, Said its new Rexista pain-killer effectively resisted tampering during Phase I testing, decreasing the potential for abuse by crushing, chewing, heating or vaporizing tablets.
  • (-) RSH, CEO warns the retailer's may take several quarters after Q2 net loss widens compared to year-ago results.
  • (-) NFLX, New subscription growth trails expectations.
  • (-) TRV, Shares reverse post-earnings gains after CEO discloses plans to cut $140 million from its consumer insurance operations by 2015 and eliminating as many as 450 jobs as early as this week.
After Hours Stock News From Midnight Trader.

Copyright © 2013 MT Newswires, a Division of MidnightTrader, Inc.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

NQ 100
Are you sure you want to delete this chart?
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?

Successfully Reported

Thank you. This comment has been flagged for a moderator.