The markets struggled to remain positive today as interest rates continue to rise and earnings start to miss the mark. The Dow 30 was higher on the day by 57, the S&P 500 gained 4, and the Nasdaq 100 sold off 3. The 10 year note reached a new high again today, now holding just over the 3% mark. In addition to rising borrowing costs, many feel that these new rates may attract some conservative money to move out of the stock market and back into bonds. Another concern is the 2 year note pushing above 2.5% which begins to look more and more attractive. Two year's, risk-free investment for 2.5%?
Boeing (NYSE: BA) helped hold up the Dow today with gains of 4.14%. The company announced profits that came in well past expectations thanks to a "booming demand for commercial jet's." Thanks to this growth the company raised their full year guidance and all but promised a record year. Shares are higher by over 15% so far this year.
Twitter (NASDAQ: TWTR) shares were lower by 1.94% today despite having it's second profitable quarter in it's short 12 year history. The company said that higher costs and slower revenue growth would impact them going forward. Most bulls in the name are convinced that Twitter will become consistently profitable, but today had to take some of the wind out of their sails. Despite today's decline the stock is still higher by over 20% on the year.
Texas Instruments (NYSE: TXN) shares popped 4.65% today after the semiconductor stock reported earnings that came in above expectations. The company also suggested that earnings would be good for the current quarter as well. This helped boost the Semiconductor sector today. The stock is still lower by about 3% on the year.
After the close today will be a big one for earnings. Names like Advanced Micro Devices (NYSE: AMD), Facebook (NYSE: FB), Paypal (NASDAQ: PYPL), Visa (NYSE: V), At&t (NYSE:T), Ford (NYSE: F), Qualcomm (NASDAQ: QCOM) eBay (NASDAQ: EBAY), Chipotle (NYSE: CMG), among many others will report.