Dow+0.28% S&P+0.16% Nasdaq-0.51% Russell+0.30%
US MArket closed higher, except for th NAsdaq under pressure becaus of Apple & Twitter numbers yesterday. WTI ended its day higher by 2.9% at $45.21/bbl. The latest policy directive from the FOMC struck a dovish tone and in turn helped the averages continue their advance off their lows. The FOMC voted 9-1 to leave its key interest rate unchanged. Furthermore, the committee voiced its concern for slowing economic conditions and diminishing inflation expectations in the near term. Seven sectors ended above their flat lines as countercyclical telecom services (+1.9%) led energy (+1.7%) and utilities (+1.4%). Conversely, heavily-weighted technology (-0.8%), consumer discretionary (-0.1%) and health care (-0.1%) rounded out the board. Volume were in line with average at 971mil shares. US After Hours FB +9%, PPC +7.8%, MAR +2.5%, PYPL +1.6%, SNDK +0.9% higher on earnings/guidance.... SGI -19.6%, OCN -18%, OSIS -12.6%, INFN -10.1%, FSLR -4.2%, ORLY -3.3% lower on earnings/guidance AEZS +10.8% on Prostate Cancer rights deal, VSLR -7.2% and SPWR -0.4% (lower on light volume following FSLR results).
Nikkei -3.51% Hang Seng +0.31% Shanghai-1%
Eur$1.1335 CNH 6.4963 CNY 6.4895 JPY 108.99 GBP 1.4542 CHF 0.9698 RUB$ 65.0565 WTI$44.98 (-0.77%)
S&P -0.59% EuroStoxx -0.52% Dax -0.45% SMI -0.30%
Macro :
China Said to Mull Taking Stakes in Major Internet Cos.: WSJ
FOMC No Longer Sees Global Economic/Financial Events Posing Risk
Smartphone 1Q Shipments Down 1st Time Since 1996: Strategy
REACT: Bank of Japan Resists Market With Policy Hold
Keep an eye on :
- AB1 GY : Air Berlin 2015 Group Rev. Falls Y/y, Loss Widens to E477 in 2015
- AIR FP : Airbus 1Q Profit Beats Est.; Forecast Maintained, Airbus 1Q Profit Beats Est.; Forecast Maintained
- AE IM : Aedes CEO, Chairman See New Deal by 1H Report, New Plan by Sept.
- AF FP : Air France-KLM’s Gagey Said to Be New Favorite for CEO Post
- AKER NO : Aker Solutions 1Q Net Income Beats Ests.; Revenue Declines
- ALT FP : Altran Sees Profitable Growth in 2016; 1Q Rev. Up Organic 6%
- BME SM : BME 1Q Net EU42.9M; Est. EU40.3M
- BUCN SW : Bucher 1Q Sales CHF603M, Falling FX-Adjusted 7% Y/y
- CABK SM : CaixaBank 1Q Net Misses Estimate; CET1 Fully-Loaded 11.6%
- CLN VX : Clariant 1Q Ebitda Ex-Items Beat Ests.; Confirms 2016 Outlook
- DBK GY : D.Bank 1Q Net Beats Estimate; Revenue Declines 22% , 1Q CIB Rev. Falls 15%, Equity -68%, Debt -33%
- DB1 GY : Deutsche Boerse Increases Net 1Q Rev by 8%, Confirms Forecast
- EKT SM : Euskaltel 1Q Net EU14.6m vs EU1.2m yr ago
- FIM FP : Fimalac 1Q Rev Doubles to EU74.9m Y/y
- FINGB SS : Fingerprint Cards 1Q Profit Slightly Below Estimates, Sales Miss
- GBT FP : Guerbet 1Q Total Revenue EU183.7m vs EU112m, Geberit Says 2016 Forecasts Haven’t Changed Significantly
- GLJ GY : Grenkeleasing 1Q Cons. Group Net Profit Rises 22%
- IPN FP : Ipsen 1Q Sales Rise 4.7%, Confirms 2016 Objectives
- IPS FP : Ipsos Sees ‘Satisfactory’ Organic Growth in 2016
- KOF FP : Financiere Gaillon 8: Kaufman & Broad Shares Placed at EU31.50
- LHA GY : Lufthansa Delays SN Airholding Stake Increase Decision to August
- VAC FP : Pierre & Vacances-Center Parcs acquires La France du Nord au Sud for undisclosed amount
- QIA GY : Qiagen 1Q Adj. EPS, Sales Top Ests.; Reaffirms Yr Forecast
- RECIB SS : Recipharm 1Q Sales Rise, Cost Savings to be Seen in 2H
- RR/ LN : Rolls-Royce Considers Bain Study to Boost Profit: Telegraph
- SGO FP : Saint-Gobain 1Q Rev. EU9.14b vs Est. EU9.12b; Confirms Forecast, Saint-Gobain 1Q Volumes Strong, Pricing Worse, Barclays Says
- SCHP VX : Schindler 1Q Net Rises to CHF182M vs CHF168m
- STCBV FH : Stockmann 1Q Revenue Beat Ests.; to Sell Hobby Hall Business
- TEC FP : Technip 1Q Adj Ebitda Tops Est., Confirms 2016 Targets
- TNET BB : Telenet Sees 2016 Rev. Growth Slowing to 2%, Less Free Cash Flow
- TEN IM : Tenaris 1Q Ebitda $205m Vs $527m Yr Ago
- TKA AV : Telekom Austria 1Q Ebitda Falls 2.5% to EU334.4m; Keeps Outlook
- VAN BB : Van de Velde Appoints Rabaey as CFO as Vandamme Leaves: De Tijd
- VCT FP : Vicat 1Q Revenue Tops Estimate, Expects Further Improvements
- WCH GY : Wacker Chemie 1Q Ebitda Slightly Beats; Raises 2016 Ebitda Goal
- WIN GY : Wincor Nixdorf 2Q Sales, Profit Rise; Changes FY16 Sales Outlook
Pierre & Vacances-Center Parcs acquires La France du Nord au Sud for undisclosed amount
Pierre & Vacances-Center Parcs [EPA:VAC] announced it is stepping up its development strategy for Maeva.com with the integration of La France du Nord au Sud.
In 2014, the Pierre & Vacances-Center Parcs Group, the European leader in tourism residences, confirmed its aim to become a major player in online holiday rentals in France and Spain, via its new Maeva.com distribution platform.
The acquisition of "La France du Nord au Sud" marks an acceleration in the development of Maeva.com, by providing a diversified and multi-brand tourism offering in France and Spain including tourism residences, villages clubs, houses, villas, campsites, chalets, hotels and individual apartments, combined with a services offering from renowned partners.
The acquisition of "La France du Nord au Sud" will enable Maeva.com to extend its tourism product offering and boost its ramp-up. By providing a unique and fully integrated offer ranging from apartment and home management to their optimised marketing and on-site operation, Maeva.com is positioning itself as a leading player in the B2C and C2C holiday rental market.
Maeva.com's global offering integrating "La France du Nord au Sud" is to comprise 25,000 accommodation units. By 2020, Maeva.com aims to distribute 50,000 references.
This development was also reported in daily Le Figaro, which noted that La France du Nord au Sud, which was founded in 2006, has 25 employees and generates sales of EUR 40m annually
>>> Up
*BANK ZACHODNI RAISED TO BUY VS HOLD AT SOCIETE GENERALE
*BELLWAY RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*DEUTSCHE WOHNEN RAISED TO BUY VS NEUTRAL AT UBS
*IPSOS RAISED TO BUY AT HSBC
*NORDEA RAISED TO HOLD VS SELL AT SOCIETE GENERALE
*NORSK HYDRO RAISED TO OUTPERFORM VS UNDERPERFORM AT MACQUARIE
*PERSIMMON RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*SERVICE CORP. INTL RAISED TO OUTPERFORM AT CREDIT SUISSE
*VALEO RAISED TO BUY AT HSBC
*VOPAK RAISED TO BUY FROM HOLD AT ING; PT TO EU52.50 VS EU37.50
*ZODIAC RAISED TO ADD VS REDUCE AT ALPHAVALUE
>>> Down
*ADIDAS CUT TO NEUTRAL VS BUY AT UBS
*AEROFLOT CUT TO HOLD AT HSBC
*ATLAS COPCO CUT TO NEUTRAL VS BUY AT UBS
*BAYER CUT TO HOLD AT HSBC
*BRITISH LAND CUT TO ADD VS BUY AT ALPHAVALUE
*FERRAGAMO CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*FIRSTENERGY CUT TO HOLD AT JEFFERIES
*GARANTI CUT TO HOLD AT HSBC
*H&M CUT TO SELL VS NEUTRAL AT GOLDMAN
*KGHM CUT TO SELL VS NEUTRAL AT GOLDMAN
*KION GROUP CUT TO HOLD AT SOCIETE GENERALE
*LENTA LTD CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*MICHELIN CUT TO HOLD AT HSBC
*NEXT PLC CUT TO SELL VS NEUTRAL AT GOLDMAN
*NORDEA RAISED TO HOLD VS SELL AT SOCIETE GENERALE
*SACYR SA CUT TO HOLD AT SOCIETE GENERALE
*SAFILO CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*THYSSENKRUPP CUT TO NEUTRAL VS BUY AT UBS
*TOTAL CUT TO HOLD AT JEFFERIES
>>> PT Change
>>> Initiation
*BARCLAYS RESUMED AT NEUTRAL AT MEDIOBANCA; PT 200P
*ENEL RESUMED OUTPERFORM AT CREDIT SUISSE, PT EU4.6
*LEG IMMOBILIEN RATED NEW NEUTRAL AT UBS, PT EU83
*PALFINGER RATED NEW BUY AT BERENBERG, PT EU35.6
*UNITED UTILITIES RATED NEW HOLD AT JEFFERIES
>>> Call
>> Stock
*ENDESA ADDED TO TOP PICKS UNDER ALPHA MODEL AT MACQUARIE
*HENKEL ADDED TO TOP PICKS UNDER ALPHA MODEL AT MACQUARIE
*PETROFAC ADDED TO TOP PICKS UNDER ALPHA MODEL AT MACQUARIE
*PEUGEOT ADDED TO TOP PICKS UNDER ALPHA MODEL AT MACQUARIE
*UNITED INTERNET ENTERS TOP PICKS UNDER ALPHA MODEL AT MACQUARIE
*VESTAS ADDED TO TOP PICKS UNDER ALPHA MODEL AT MACQUARIE
Qatar Airways to buy up to 49% of Royal Air Maroc
Qatar Airways will acquire between one-quarter and 49% of Royal Air Maroc (RAM), the Moroccan state airline, reported Jeune Afrique. The paper quoted Baker El Baker, CEO of Qatar Airways, as saying the purchase of a stake in the Moroccan flag flier comes after an initial business accord between the two carriers in May 2015.
The governments of Morocco and Qatar have also approved the purchase of up to 49% of RAM by Qatar Airways, the report said.
Jeune Afrique
Asian Market Update: BOJ shocks Nikkei and Yen pairs with unchanged policy on both interest on reserves and QE
***Economic Data***
- (JP) BOJ MAINTAINS ANNUAL RISE IN MONETARY BASE AT ¥80T; AS EXPECTED
- (JP) BOJ LEAVES INTEREST ON EXCESS RESERVES (IOER) UNCHANGED AT -0.10%; AS EXPECTED; INTRODUCES ¥300B LENDING FACILITY FOR KUMAMOTO EARTHQUAKE RECOVERY WITH 0% INTEREST
- (JP) JAPAN MAR RETAIL SALES M/M: 1.4% V 0.5%E; RETAIL TRADE Y/Y: -1.1% V -1.4%E
- (JP) JAPAN MAR PRELIMINARY INDUSTRIAL PRODUCTION M/M: 3.6% V 2.8%E; Y/Y: +0.1% V -1.6%E
- (JP) JAPAN MAR JOBLESS RATE: 3.2% V 3.3%E
- (JP) JAPAN MAR OVERALL HOUSEHOLD SPENDING Y/Y: -5.3% V -4.1%E
- (JP) JAPAN APR TOKYO CPI Y/Y: -0.4% V -0.2%E; CPI EX FRESH FOOD Y/Y: -0.3% V -0.3%E
- (JP) JAPAN MAR NATIONAL CPI Y/Y: -0.1% V 0.0%E; CPI EX FRESH FOOD (CORE) Y/Y: -0.3% V -0.2%E
- (AU) Australia Q1 Import Price Index Q/Q: -3.0% v -0.9%e; Export Price Index Q/Q:-4.7% v -1.5%e
- (BR) BRAZIL CENTRAL BANK (BCB) LEAVES SELIC RATE UNCHANGED AT 14.25%; AS EXPECTED
***Index Snapshot (as of 04:00 GMT)***
- Nikkei225 -2.6%, S&P/ASX +0.6%, Kospi -0.6%, Shanghai Composite -0.7%, Hang Seng +0.5%, Jun S&P500 -0.6% at 2,077
***Commodities/Fixed Income***
- June gold flat at $1,250/oz, June crude oil -0.3% at $45.19/brl, Jul copper flat at $2.23/lb
- SLV: iShares Silver Trust ETF daily holdings rise to 10,437 tonnes from 10,411 tonnes prior
- USD/CNY: *(CN) PBOC SETS YUAN MID POINT AT 6.4954 V 6.4837 PRIOR
- (CN) PBOC to inject CNY110B in 7-day reverse repos
- USD/CNY: (CN) SWIFT: CNY use in international transactions 1.88% of total in Mar v 1.76% prior
- (JP) Japan investors bought net ¥985B in foreign bonds v bought ¥843B in prior week; Foreign investors bought net ¥602B in Japan stocks v bought ¥539B in Japan stocks in prior week
***Market Focal Points/FX***
- Asian equity markets are mixed as investors digest the latest monetary policy updates from the FOMC and Japan, though the latter is having an unmistakably bearish impact in Tokyo. Expectations had been building for some sort of additional policy easing in Japan, and yet Kuroda stood pat on all counts - interest on excess reserves, QE, ETF buying, etc. Nikkei225 futures plunged by about 3% after the announcement, S&P500 futures were down 0.5%, and USD/JPY cratered over 200pips below the ¥109 handle. Other FX majors were less impacted - AUD/USD is up about 30pips from session lows around 0.7620, while NZD/USD has maintained the gains of about 100pips after the neutral RBNZ policy statement around 0.6940.
- Going into today's BOJ decision, the latest inflation figures in Japan dipped into negative on headline basis for March nationwide. Bigger than expected decline in household spending also seemed to justify a more accommodative stance, even though the retail sales prints showed higher than expected growth. In one poll, as many as 80% of surveyed analysts forecast a policy move, and a Nikkei QUICK survey also suggested that some 60% market participants were clamoring for additional easing in spite of growing opposition from the corporate sector. BOJ Gov Kuroda sided with the latter, holding fire on all of his arsenal options - keeping -0.1% rate on excess reserves, ¥80T annual monetary base expansion, and ETF buying program unchanged. In the accompanying Semi-annual Outlook Report, BOJ cut its FY16/17 Core CPI from 0.8% to 0.5%, FY17/18 Core CPI forecast from 1.8% to 1.7%, and initiated FY18/19 forecast of 1.9%. Moreover, BOJ once again pushed back its expectations of reaching 2% inflation target from H1 of FY17 to "within" FY17/18. Despite those revisions, BOJ reiterated its overall economic assessment that Japan continued moderate recovery trend, exports recovery had paused, and business investment was on a moderate rising trend. The only admission of slower growth was in assessment of consumption with a warning that weak developments were seen in some indicators. Likewise, the central bank only added ¥300B in zero rate lending facility to areas impacted by this month's earthquake. Traders now await Gov Kuroda's press conference at 06:30GMT to clarify the reasons behind the central bank's lack of action.
- Earlier, NZD spiked up about 1 big figure on RBNZ decision to leave rates at 2.25%. Although this was expected, the majority in the hold camp was slight and fixed income markets actually priced in a 53% chance of another 25bp cut after last month's surprise move. In its statement, RBNZ did acknowledge that outlook for global growth has deteriorated over recent months, but also noted reduced volatility in financial markets, strong inward migration in New Zealand, and slight improvement in the dairy sector. Overall commentary was perceived as more neutral than expected, suggesting Gov Wheeler may not be in a rush to add to already "considerable quantitative easing."
- Samsung Electronics put out its final Q1 results that were largely in line with prelim forecasts earlier this month. Shares were down however, as Samsung warned DRAM capex would fall and overall 2016 demand in the smartphone space was weak.
***Equities***
US equities / ADRs:
- DLB: Reports Q2 $0.82 v $0.46e, R$274M v $265Me; +9.5% afterhours
- FB: Reports Q1 $0.77 v $0.63e, R$5.38B v $5.23Be; Announces Proposal for New Class of Stock (class C); +9.1% afterhours
- PPC: Reports Q1 GAAP $0.46 v $0.47e, R$1.96B v $1.98Be (2 est); +6.7% afterhours
- PYPL: Reports Q1 $0.37 v $0.35e, R$2.54B v $2.50Be; +2.1% afterhours
- MAR: Reports Q1 $0.87 v $0.84e, R$3.77B v $3.67Be; +1.8% afterhours
- TXN: Reports Q1 $0.65 v $0.62e, R$3.01B v $2.98Be; +1.0% afterhours
- CAKE: Reports Q1 $0.68 v $0.60e, R$554M v $556Me; +0.9% afterhours
- NE: Reports Q1 $0.31 (adj) v $0.34e, R$612M v $643Me; -0.7% afterhours
- FSLR: Reports Q1 GAAP $ v $0.91e, R$848M v $962Me; -3.1% afterhours
- ORLY: Reports Q1 $2.59 v $2.49e, R$2.1B v $2.06Be; -3.3% afterhours
- XLNX: Reports Q4 $0.54 v $0.52e, R$571M v $566Me; -3.4% afterhours
- RCII: Reports Q1 $0.48 v $0.40e, R$835.7M v $851Me; -4.2% afterhours
- PRXL: Reports Q3 $0.89 v $0.89e, R$527M v $523Me; -8.6% afterhours
Notable movers by sector:
- Consumer discretionary: Pacific Brands PBG.AU +23.4% (acquisition from Hanesbrands); Stockland SGP.AU -1.6% (Q3 result); Thorn Group TGA.AU -19.9% (write off goodwill)
- Financials: China Vanke Co 2202.HK -0.2% (Q1 result); China CITIC Bank 998.HK +0.2% (Q1 result)
- Industrials: Hyundai Engineering and Construction 000720.KR +1.7% (Q1 result); Broadspectrum BRS.AU +6.7% (affirms guidance); Nippon Yusen 9101.JP +1.7% (FY15/16 result); Toyota Industries Group 6201.JP +3.6% (FY15/16 result);
- Technology: Samsung Electronics 005930.KR -2.5% (Q1 final result); LG Innotek 011070.KR -4.1% (Q1 result); Denso Corp 6902.JP +0.2% (FY15/16 result); Mazda Motor Corp 7261.JP +4.8% (FY15/16 result); Komatsu 6301.JP +4.7% (FY15/16 result)
- Materials: Maanshan Iron & Steel 600808.CN -0.7% (Q1 result); Independence Group IGO.AU -10.3% (Q3 result)
- Energy: Beach Energy BPT.AU +0.3% (Q3 result); China Coal Energy 1898.HK -1.9% (Q1 result)
- Healthcare: Guangzhou Baiyunshan Pharmaceutical Holdings Co 874.HK +0.6% (Q1 result)
- Telecom: SK Telecom 017670.KR +3.4% (Q1 result)
After Hours Summary: FB +9%, PPC +7.8%, MAR +2.5%, PYPL +1.6%, SNDK +0.9% higher on earnings/guidance.... SGI -19.6%, OCN -18%, OSIS -12.6%, INFN -10.1%, FSLR -4.2%, ORLY -3.3% lower on earnings/guidanceAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: NTGR +10% (lighjt volume), DLB +9.5%, EXTR +9.1%, FB +9% (also announces proposal of new class of stock), ASGN +8.1%, ANIK +7.8%, PPC +7.8%, (also declares special dividend of $2.75/share), TTMI +6.8% (light volume), RNG +6.2% (light volume), BGC +4.1%, CSGP +3.1%, ELY +2.9%, MAR +2.5%, GG +2.5%, HTCH +1.9% (light volume), PYPL +1.6%, TXN +1% (light volume), KIM +1%, SNDK +0.9%
Companies trading higher in after hours in reaction to news: AEZS +10.8% (acquires exclusive US promotional rights for Apifiny prostate cancer blood test pursuant to a new co-marketing agreement with Armune BioScience), ACTG +2.9% (ticking higher; CEO disclosed purchase of 55K shares worth total of $228.1K and Director purchased of 35K shares for $144.6K), CSH +5.7% (ticking higher on Bloomberg report that Cash America and First Cash in advanced talks to merge), HBI +0.8% (to acquire Australian-based Pacific Brands Limited ; approves a new share repurchase authorization for up to 40 mln shares)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: SGI -19.6%, OCN -18%, OSIS -12.6% (also authorizes additional 1 mln share buyback), INFN -10.1%, PRXL -9.4% (light volume), MSTR -8.9%, OTEX -8.6% (also announced plans to acquire ANXeBusiness for ~$100 mln, expects earnings accretion immediately; increased dividend), CAVM -8.2%, SJW -6.7%, (light volume), LOCK -6.1%, RCII -5.2%, FIX -5% (also increases quarterly dividend to $0.07/share from $0.065/share), LLNW -4.9% (ticking lower), FSLR -4.2% (also Chief Financial Officer Mark Widmar has been appointed Chief Executive Officer), XLNX -4.2% (also raises quarterly dividend 6.5% to $0.33/share), ORLY -3.3%, BKCC -2.7%, AR -2.3% (light volume), TER -2.3% (light volume), WLL -2.2%, VAR -2.2%, VRTX -1.9%, ORC -1.2%, DXCM -0.6% (light volume)
Companies trading lower in after hours in reaction to news: EVEP -5.6% (announces suspension of cash distribution, repurchase of Senior Notes), SGYP -2.8% (CFO Gary Sender resigns for personal reasons effective April 30, Bernard Denoyer to assume role as Principal Financial Officer as co conducts search for replacement), RXDX -1.1% (commences ~$50 mln common stock offering; says that in the ongoing Phase 1 clinical trial of oral taladegib in patients with solid tumors, a complete response was observed in a patient with medulloblastoma), TROV -1.1% (ticking lower; Board member Antonius Schuh resigns, says his resignation is a result of the Board's failure to run a thorough external search process, the Board hastily appointing Bill Welch as CEO this past weekend), SGY -0.8% (light volume, Quorum Health will replace Stone Energy in the S&P SmallCap 600), VSLR -7.2% and SPWR -0.4% (lower on light volume following FSLR results)
Closing Market Summary: Equities Jump as FOMC Holds Steady[BRIEFING.COM] The stock market ended its Wednesday affair on a mixed note as the major indices moved higher following the March policy statement from the Federal Open Market Committee. Other contributing factors to today's trade included below-consensus quarterly results from Apple (AAPL 97.82, -6.53), the underperformance of the technology sector (-0.8%), and a rally in crude oil. The Nasdaq Composite (-0.5%) ended its day behind the S&P 500 (+0.2%) and the Dow Jones Industrial Average (+0.3%).
The stock market opened its day on a lower note as disappointing results and guidance from the likes of Apple (AAPL 97.82, -6.53) and Twitter (TWTR 14.86, -2.89) pressured the heavily-weighted technology sector (-0.8%) and the tech-heavy Nasdaq. However, the major averages were able to lift from their opening levels as investors eyed an uptick in oil and the impending rate decision from the FOMC.
The stock market carved out session lows mid-morning as participants weighed the latest stockpile data from the Department of Energy. The weekly inventory report showed a smaller-than-expected build in crude inventories (1.99 million barrels; est. 2.36 million), but a larger-than-expected build in gasoline stockpiles (1.60 million barrels; est. -0.40 million). WTI crude initially tumbled following the data, but reversed off its low ($43.88/bbl). The energy component ended its day higher by 2.9% at $45.21/bbl.
The latest policy directive from the FOMC struck a dovish tone and in turn helped the averages continue their advance off their lows. The FOMC voted 9-1 to leave its key interest rate unchanged. Furthermore, the committee voiced its concern for slowing economic conditions and diminishing inflation expectations in the near term.
Seven sectors ended above their flat lines as countercyclical telecom services (+1.9%) led energy (+1.7%) and utilities (+1.4%). Conversely, heavily-weighted technology (-0.8%), consumer discretionary (-0.1%) and health care (-0.1%) rounded out the board.
The energy space (+1.7%) demonstrated broad-based strength as pipeline companies, oilfield services names, and independent oil and gas companies gained. Conversely, ConocoPhillips (COP 48.11, +0.03) underperformed the broader market ahead of tomorrow morning's quarterly report. Meanwhile, Baker Hughes (BHI 46.94, +1.14) jumped 2.5% after reporting below-consensus results for the first quarter. In its report, Baker Hughes also estimated that its U.S. rig count would not stabilize until the second half 2016.
Influential technology (-0.8%) ended well off its low as the high-beta chipmakers outperformed. To that point, the PHLX Semiconductor Index ended higher by 1.0%. Meanwhile, Apple (AAPL 97.82, -6.53) finished off its lows as investors weighed a 10.0% increase to the stock's dividend and a $175 billion addition to the company's share buyback program. Separately, Facebook (FB 108.89, +0.13) ended higher by 0.1% ahead of this evening's quarterly earnings report.
In the health care space (-0.1%), Anthem (ANTM 144.76, -2.31) displayed relative weakness after disappointing investors with its 2016 guidance. However, the company did beat top- and bottom-line estimates for the first quarter. Elsewhere, biotechnology underperformed, evidenced by the 1.4% decline in the iShares Nasdaq Biotechnology ETF (IBB 277.49, -3.91).
The U.S. Dollar Index (94.50, -0.07) ended near its flat line as participants look ahead to the latest policy statement from the Bank of Japan. The euro/dollar pairs ended at 1.1313 (+0.2%) while the dollar finished higher by 0.2% against the yen (111.52).
The Treasury complex ended its day near its high with the yield on the 10-yr note falling seven basis point to 1.86%.
Today's participation was above the recent average with more than 971 million shares changing hands on the NYSE floor.
Today's economic data included March Pending Home Sales:
- Pending home sales for March climbed 1.4% while the consensus expected an uptick of 0.3%. Meanwhile, the February reading was revised l to 3.4% from 3.5%.
Tomorrow's economic data will include the advance reading of Q1 GDP (consensus +0.9%) and weekly initial claims (consensus 259k), which will each cross the wires at 8:30 ET.
- Dow Jones +3.5% YTD
- S&P 500 +2.5% YTD
- Russell 2000 +1.6% YTD
- Nasdaq -2.9% YTD