The markets were higher today as investors combed through the Federal Reserves minutes from their prior meeting and heard from bankers on Capitol Hill. Investors also noted the ECB overnight which followed in the Fed's footsteps, suggesting rates will remain unchanged for the year. The Dow 30 was still held back thanks to Boeing, but closed up 7. The S&P 500 added 10 on the day and the Nasdaq added 54.
Starting later this week with the large banks, earnings are expected to show growth of only 4.3% for the first quarter for the S&P 500 with revenue in the 5% range. Investors will be looking for names to beat and also raise their forward guidance to offset the weak.
Sector News
Banks were in focus today as many of the CEOs from the top banking centers testified in front of Congress. The banks also have earnings coming up later this week, which has held back any strong buying or selling pressure as investors await the latest.
Industrials continued to pull back today and have been lower-trending all week long. Pressure continues to come from Boeing (NYSE: BA), which accounts for about 9% of the space. Boeing was lower today and has now sold off back to recent lows and the 200-day moving average.
Stock News
Delta Airlines (NYSE: DAL) shares started the day higher thanks to their earnings report, which showed a beat on earnings and revenue. The company also raised 2019 guidance and said they plan to keep consistent capacity as summer travel season picks up. Technical traders noted the limited range to resistance on the gap was higher today and chose a profit-taking/short position from the open.
Levi Strauss (NASDAQ: LEVI) shares enjoyed a strong day today as the company reported its first earnings since going public last month. Though there were no analyst expectations to beat, the company did report a profit of 37 cents, along with a 7% revenue increase thanks to double-digit growth here in the States.
LYFT hit record lows today. If the trend continues, it could affect how much investors will pay for Uber. Uber noted that it plans to sell $10 shares with a value of about $100 billion. Uber should price in the first few weeks of May.
JetBlue (NASDAQ: JBLU) shares were higher on the day on a report that they would announce trans-Atlantic flights with a new branded airline called "All Hands." The airline did not immediately comment on the report, but did say that they expected a decent downtick in revenue per seat mile due to more flights completing their journey versus being cancelled.