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Analytics, News, and Forecasts for CFD Markets: stock news — 17-05-2011.
Sellers have challenged the stock market's recent upturn. Their efforts have kept the major equity averages in negative territory.
The dollar has drifted down to an afternoon low, however. Its weakness is largely the result of a bounce by the euro, which is now up 0.5% to $1.422.
The major equity averages are down with marked losses this morning. Tech continues to be a source of considerable weakness. The sector, which is the largest by market weight, is down 0.8%. Natural resource plays, like energy stocks (-0.6%) and materials stocks (-0.5%), have also been a burden on the broad market in the early going.
Financials, however, are showing strength for the second straight session; they are up 0.4% as a group. The sector's strength comes without help from bank stocks, which are collectively down 0.2%, according to the KBW Bank Index.
U.S. stock futures were under pressure Tuesday after Hewlett-Packard issued a weak outlook and as investors geared up for reports on housing and industrial production.
Hewlett-Packard (HPQ, Fortune 500) reported a 3% increase in sales but warned the current quarter will be hurt by Japanese quake impact and weak PC sales. HP shares fell more than 4% in premarket trade. The company reported ahead of schedule after a memo about its outlook was leaked late Monday.
U.S. stocks ended a choppy session lower Monday as investors remained focused on oil prices and the debt crisis in Europe.
Companies: Dow component Wal-Mart Stores (WMT, Fortune 500) reported quarterly income of $3.4 billion and sales of $103 billion, topping analysts' estimates.
Home Depot (HD, Fortune 500) beat forecasts by a penny, reporting earnings per share of 50 cents. But the home improvement retailer posted sales of $16.8 billion, a 0.2% decrease from the year-earlier period.
Earnings from Dell (DELL, Fortune 500) are due after the closing bell. The company is expected to earn 43 cents per share.
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