Facebook and Tesla report quarterly earnings
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."
Stocks started the trading day mixed to slightly lower.
The S&P, which closed at an all-time high on Tuesday, pulled back. The Nasdaq also broke its closing record on Tuesday; it edged slightly higher at the opening bell.
Shares of Boeing (BA) were up 1.1% after the plane manufacturer reported a 21% profit drop thanks to the 737 Max crisis.
Other companies that reported before the bell included Caterpillar (CAT). Its shares were down 3.3%.
Chico's (CHS) is replacing its CEO effective immediately.
The troubled women's retailer has named Bonnie Brooks as its interim CEO. Brooks, a Chico's board member and former CEO of Hudson's Bay Company (HBAYF), replaces Shelley Broader, who joined Chico's in 2015.
Chico's said in a release that Brooks was chosen for her "successful" record of turning around retailers. It has begun searching for a permanent CEO.
The company recently posted a gloomy earnings report and said it was potentially closing as many as 250 stores over the next three years.
The stock slid as much as 10% in premarket trading before clawing back most of those losses after the open. Shares are down 36% for the year.
AT&T announced its first-quarter earnings Wednesday. Here's a look at some of the key numbers from the report. (CNN is part of WarnerMedia's Turner unit; WarnerMedia is owned by AT&T.)
- 96,000 new customers who pay at the end of every month
- Sales up 1%
- Net loss of 544,000 AT&T U-Verse and DirecTV customers
- Net loss of 83,000 DirecTV Now customers
- Sales up 3.3%
- Warner Bros. sales grew 9%
- HBO sales fell 6%
- Turner sales fell 3%
- $4.1 billion in profit
- Sales rise 31%
- Generated $5.9 billion in free cash flow
- Net debt reduced by $2.3 billion
- Sold stakes in Hulu, Hudson Yards and other non-core assets in second quarter 2019 to pay off more debt
First quarter earnings from Credit Suisse (CS) beat expectations, pushing shares up by as much as 3%.
The Swiss bank just completed a three-year restructuring plan that emphasizes stable income from its wealth management division over more volatile investment banking revenue.
The turnaround is showing early results. Profits rose almost 8% compared to one year ago.
That's good news for European lenders, which have been hurt by weak economic growth and negative interest rates. UBS, Barclays and Deutsche Bank report later this week.