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Jul 26, 2016

U. S. Stocks Open Mixed Amid Earnings; Oil, Yen; Eyed, by Evelyn Cheng , CNBC

cnbc.com

Evelyn Cheng


Andrew Burton | Getty Images
U.S. stocks opened mixed Tuesday amid a slew of Dow component earnings and further declines in oil prices.
The yen strengthened against the dollar ahead of the Bank of Japan's scheduled meeting later in the week, while Treasury yields were lower. The U.S. Federal Reserve is set to begin its two-day meeting Tuesday.

Six components of the Dow Jones industrial average reported quarterly earnings ahead of the open. Apple is scheduled to report after the close.

"It looks like the rebound is beginning to occur in earnings," said David Kelly, chief global strategist at J.P. Morgan Funds.

  • 3M posted earnings that beat by one cent a share, on revenue a touch below estimates. The firm lowered its guidance for 2016 sales growth.
  • Caterpillar reported earnings that beat on both the top and bottom line.
  • DuPont posted earnings that beat on both the top and bottom line, and raised its full-year forecast.
  • McDonald's fell more than 3 percent in pre-market trade after reporting a lower-than-expected rise in U.S. same-store sales. Quarterly earnings also missed expectations.
  • United Technologies raised full-year guidance and posted quarterly earnings that beat on both the top and bottom line.
  • Verizon reported quarterly earnings that topped expectations on revenue that missed. The telecommunications giant said a seven-week workers' strike hurt results.
The Federal Open Market Committee is set to begin its two-day meeting Tuesday. Traders do not expect the Fed to raise interest rates, but will watch the statement for indications on the timing of the next hike.

"On the Federal Reserve, I can't come up for any rationale for them to not to raise rates except that no one expects them to," Kelly said.
"I do think September is a live meeting. I think they'll try to establish that," he said.
 
DJIA Dow Industrials 18474.50 -18.56 -0.10%
S&P 500 S&P 500 Index 2168.11 -0.37 -0.02%
NASDAQ NASDAQ 5098.42 0.80 0.02%
On tap this week:

Tuesday
Earnings: Apple, Caterpillar, Verizon, 3M, DuPont, United Technologies, McDonald's, Eli Lilly, BP, Twitter, KeyCorp, KKR, Freeport-McMoRan, Martin Marietta Materials, Paccar, United Health Services, Starwood Hotels, T. Rowe Price, LVMH, Valero Energy, Under Armour, JetBlue, Anadarko Petroleum, Chubb, Panera Bread, U.S. Steel
Two-day Fed meeting begins
9:45 a.m. Services PMI
10 a.m. New home sales
10 a.m. Consumer confidence
1 p.m. $34 billion 5-year note auction
Wednesday
Earnings: Boeing, Coca-Cola, Comcast, Facebook, Amgen, State Street, Whole Foods, Groupon, GoPro, Cheesecake Factory, GlaxoSmithKline, Lumber Liquidators, Six Flags, Altria, Deutsche Bank, Fiat Chrysler, Statoil, Dr. Pepper Snapple, Ingersoll Rand, Hess, Corning, Nissan, Norfolk Southern, Nintendo, Southern Co, Anthem, Statoil, General Dynamics, Nasdaq OMX, Northrop Grumman, Mondelez
7 a.m. Mortgage applications
8:30 a.m. Durable goods; pending homes
11:30 a.m. $15 billion 2-year floating rate notes auction
2 p.m. FOMC rate decision
Thursday
Earnings: Amazon.com, Alphabet, AstraZeneca, Bristol-Myers Squibb, Colgate-Palmolive, Celgene, Cigna, Total, MasterCard, Ford, Dow Chemical, Diageo, ConocoPhillips, Credit Suisse, Royal Dutch Shell, BNP Paribas, Hershey, HCA, Harley-Davidson, Marsh & McLennan, Marathon Petroleum, Potash, PG&E, TransCanda, Raytheon, Expedia, CBS, Samsung
8:30 a.m. Jobless claims; advance trade balance
1 p.m. $28 billion 7-year auction
Friday
Earnings: Exxon Mobil, Chevron, Merck, AB InBev, UPS, UBS, Sanofi, Xerox, CBOE Holdings, Philips 66, Cabot Oil, Barclays, Eni, Tenneco, Lexmark, CNA Financial
8:30 a.m. Q2 GDP
9:30 a.m. San Francisco Fed President John Williams
9:45 a.m. Chicago PMI
10 a.m. University of Michigan consumer sentiment
1 p.m. Dallas Fed President Rob Kaplan
*Planner subject to change.