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U.S. stock indexes fall with S&P leading declines
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In S&P sectors, industrials falls least, energy falls most
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European stocks decline, STOXX down ~0.3%
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Gold rises; dollar, crude, bitcoin down
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U.S. 10-year Treasury yield dips to ~3.54%
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WALL ST OPENS RED AGAINST A MIXED EARNINGS BACKDROP (1000 EST/1400 GMT)
Wall Street's major indexes opened lower on Thursday as investors digested the latest round of first-quarter financial reports with IBM Corp beating profit estimates in a positive sign for IT services demand and Tesla Inc missing first-quarter gross margin expectations. IBM shares were flat, while Tesla shares were slammed 7.6% as its profits were hurt by aggressive price cuts and CEO Elon Musk's remarks that the electric car company would put sales growth ahead of profit.
Meanwhile, in travel and leisure, Las Vegas Sands Corp shares were gaining 5.3% after its quarterly revenue
beat the Street and also helped put a shine on shares of Wynn and MGM Resorts . Alaska Air reported a
wider than expected loss and was off 0.9%.
As bank earnings continued, some regional bank shares were
under pressure as their deposits dropped in the first-quarter,
fallout from the recent crisis in confidence in the banking
sector as depositors moved their cash to bigger firms or money
market funds.
Shares in American Express Co were off 4.2% after profits missed estimates as the credit card giant set aside reserves to cover potential losses stemming from cardholders falling behind on debt repayments. The S&P 500 11 industry sectors were a sea of red with energy leading losses as oil prices fell. Here is your opening snapshot from 0956 EDT:
(Sinéad Carew)
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FOR THURSDAY'S LIVE MARKETS POSTS PRIOR TO 0930 EDT/1330 GMT - CLICK HERE <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Tesla Earnings image Rates and inflation Rates and inflation Wall Street falls on earnings weakness ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting By Sinéad Carew)
