Stock markets steady, oil slips after Trump slams OPEC

  • Stock markets steady, oil slips after Trump slams OPEC

Stock markets steady, oil slips after Trump slams OPEC

The S&P energy sector was up 1.6%.

THE QUOTE: "The earnings were a little bit disappointing today and we're just really seeing, especially within the tech sector, follow-through on some of the big names that have reported disappointing numbers in some key spaces", said Lindsey Bell, an investment strategist at CFRA Research.

Wall Street expects S&P 500 first-quarter earnings to grow 19.4 percent, according to Thomson Reuters data. Nasdaq Composite futures have gained 0.3%. Also United Continental gained 4.8% and lifted other airline stocks after reporting a better-than-expected quarterly profit.

The Nasdaq is up 188.59 points, or 2.7 percent.

No. 3 US railroad operator CSX (CSX.O) jumped 7.8 percent after topping profit estimates. Brent crude, used to price worldwide oils, added 30 cents to close at $73.78 per barrel in London. The pickup in the price of crude came as Reuters published a report citing unnamed industry sources saying that Saudi Arabia would be happy to see crude oil prices hit $100 a barrel.

Apple sank 1.7 percent and Philip Morris International sank 12.8 percent after reporting weak results. Shares of International Business Machines Corp. were off 7.2%, or about $11.50, which equates to a drop of about 80 points, while J&J's stock was contributing a further 24-point retreat in the benchmark, down 2.7%, or about $3.50, in recent action.

"If you look at the activity in oil over the last couple of weeks, it nearly seems like it's destined to flirt with the $70 level to see if it can break through", said JJ Kinahan, chief market strategist for TD Ameritrade.

TRUMP ON OPEC: Trump said in a tweet that oil-producing cartel OPEC "is at it again", and that efforts to maintain high prices "will not be accepted!"

The dollar gained to 107.26 yen from Tuesday's 107.02 yen. The euro fell to $1.2340 from $1.2377.

Gold rose $4 to $1,353.50 an ounce. Silver slipped a penny to $17.24 an ounce. Copper added 8 cents to $3.16 a pound. Wholesale gasoline picked up 3 cents to $2.07 a gallon.

MARKETS OVERSEAS: In Europe, Germany's DAX slipped 0.2 percent, while France's CAC 40 rose 0.2 percent.

The Philadelphia SE Semiconductor index.SOX finished down 1 percent. Indexes in Asia ended higher.

The Nikkei 225 added 0.49% in early trade. Seoul's Kospi rose 1.1 percent.