Stocks slip on weak earnings, crude's drop
Stocks are retreating from two week highs on mixed earnings reports, and crude’s drop below $50 has traders uneasy. Catch The Final Round on at 4 p.m. ET with Jen Rogers and markets correspondent Nicole Sinclair.
Winners and losers
Stocks on the move lower today include Under Armour despite an earnings beat as profit margins disappointed investors; Sonic as forward profit guidance for the burger chain missed the mark, and GM, with shares slipping on concern of a potential slowdown in US sales and that currency costs will hit the top line.
Stocks in the green today include oilfield services firm Baker Hughes on a earnings and revenue beat; Procter & Gamble as strong demand for baby, feminine and home care products boosted sales; and Lockheed Martin, with shares of the defense giant soaring on the back of a big earnings beat and raised guidance. Lockheed Martin is by far and away the biggest US defense contractor, with over $36 billion in obligations last year.
Market technicals: Where are we headed next?
Navigating the choppy waters of the market isn’t easy, but one way for investors to chart a course is through the study of technical analysis. Joining us now for more is John Gagliardi, CMT regional brokerage consultant at our sponsor, Fidelity Investments.
Looking ahead
At 9:45 a.m. ET, PMI releases its flash services index for October. In the prior month, the gauge hit 51.9, showing modest expansion.
Just 15 minutes later, the government will drop new home sales data for September. The Street’s looking for a seasonally adjusted 601,000 homes sold, slightly less than the prior month.
The big earnings week rolls on with reports from the likes of Boeing, Coca-Cola, and last but not least, Tesla Motors. We’ll have Tesla’s numbers for you live, after the bell.