Facebook and Tesla report quarterly earnings
Don't read too much into the flat stock market today, cautioned Jonathan Corpina, senior managing partner at Meridian Equity Partners, on CNN Business' Markets Now live show.
"We don't want one-way markets, going straight up or straight down," he said.
So don't worry too much about any one day in markets. Stay calm out there.
The US dollar reached its best level of the year today, which is great for the buck but perhaps less great for stocks.
A strong currency usually weighs on the stock market. That notwithstanding, the greenback has been trending higher for much of the year, and stocks didn't seem to mind too much. Yesterday, the S&P 500 and Nasdaq Composite hit new all-time closing highs.
In Wednesday trading, the ICE US Dollar Index, which measures the US currency against six major rivals, climbed to a high of 97.991, a level last reached in June 2017, according to Refinitiv.
About half-way through the trading day, stocks are little changed.
In the Dow, consumer companies are stronger, holding the balance against a drop in energy and basic materials shares.
More tech earnings are coming up. Wedbush Securities analyst Daniel Ives wrote in a note that he expects earnings to be "rock solid," adding:
While tech stocks continue to make new highs we believe this rally still has legs as the underlying growth drivers across consumer and enterprise tech names remain healthy."
Ives added that cloud computing and cyber security "remain the sectors to own for tech investors." He pointed to Microsoft as a strong name on that front.
Here's when some big tech companies report:
The observation I had was that it looked like American supremacy," said Mark Dowding, co-head of developed markets at BlueBay Asset Management.
The strong performance in US stocks but also in the US dollar "is highlighting that compared to the rest of the world, the US is dominant for the time being," said Dowding.
The economy was on solid footing, he continued, and clearly the recession worries from just a few weeks back were overplayed.
With the first quarter GDP reading due on Friday, Dowding is keeping his eyes peeled.
"If a historically weak quarter is that good, it tells you a lot about how well the US is doing," Dowding said.
Usually, the first quarter of the year is weaker than the others. Plus, the economy is powered by the US consumer, who is doing well on the whole with unemployment low and wages rising.
About an hour into the trading day stocks are pushing and pulling in different directions. The Dow, S&P 500 and Nasdaq are still very close to yesterday's record-breaking closing levels, but still without a clear direction for the day ahead.
Losers in the S&P are led by human resources group Robert Half International (RHI), which is down 9.3%, and commercial services company Rollins (ROL), which dropped 8.5%. Both companies reported earnings today. On the opposite end of the spectrum, oil exploration and production company Anadarko (APC) is the biggest gainer, climbing nearly 12%.
In the Dow, stronger cyclical consumer companies are balancing out weaker energy firms. Boeing (BA) is the index' strongest stock, up 1.7% so far. The company reported a 21% drop in profits before the bell.
CNN Business' Matt Egan shares his insight about what's driving up the bidding on "First Move."