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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.
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.
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