By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks took a pause after a
six-day run by trading slightly lower Wednesday. Investors focused
on a batch of earnings from companies and awaited manufacturing and
new home sales figures due at 10 a.m. Eastern.
The S&P 500 and Nasdaq Composite rose for the past six
trading sessions. The benchmark index is trading near record levels
while the blue-chip index is less than 100 points off its record
closing level reached on Dec. 31, 2013.
The S&P 500 (SPX) is down 3 points, or 0.2%, at
1,876.42.
The Dow Jones Industrial Average (DJI) slipped 17 points, or
0.1%, to 16,497.16.
The Nasdaq Composite (RIXF) is down 17 points, or 0.4%, to
4,143.70.
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action.
Earnings reports remain the main attraction on Wednesday. Boeing
Co. (BA) reported an 8% rise in first-quarter sales ahead of the
open, sending the shares up 2.7%.
Delta Air Lines Inc. (DAL) shares rose 5.7% after the carrier
said operating revenue improved 5%, while Dow Chemical Co. (DOW)
rose 2.2% after reporting a rise in first-quarter profit.
In economic news, Markit's preliminary reading on the
manufacturing purchasing managers' index for April slipped to 55.4,
disappointing investors who were expecting a slight rise from
March.
The government's report on new-home sales for March, at 10 a.m.
Eastern time, is expected to show the annualized sales pace of new
single-family homes hit a seasonally adjusted 450,000 last month,
compared with a rate of 440,000 in February.
If the March rate rises to 450,000, that would be up 2% from a
year earlier, but down 57% from the average monthly pace of almost
1.1 million over the five years leading up to the 2005 bubble
peak.
PlugPower slides, Gilead gains
Shares of Plug Power Inc. (PLUGD) slid 7.3% after the fuel-cell
maker announced a secondary offering of stock.
AT&T Inc. (T) dropped 3% after the telecom late Tuesday
reported a first-quarter profit of $3.65 billion, or 70 cents a
share, compared with $3.7 billion, or 67 cents a share, a year
ago.
Yum Brands Inc. (YUM) shares rose 1.4% after the parent of KFC,
Taco Bell and Pizza Hut late Tuesday reported that profit rose 18%,
buoyed by a rebound in Chinese demand.
Gilead Sciences Inc. (GILD) picked up 2.7% after the biotech
firm said late Tuesday its first-quarter profit more than doubled
to $1.33 a share.The company also said sales of its hepatitis C
drug Sovaldi hit $2.27 billion worldwide in the quarter.
Procter & Gamble Co. (PG) said its third-quarter profit rose
1.7% as expenses fell, though sales also dropped slightly. Shares
inched 1% lower ahead of the open.
In the afternoon, two tech heavyweights will be the center of
attraction. Apple Inc. (AAPL) is expected to post second-quarter
earnings of $10.19 a share when it reports after the bell, while
Facebook Inc. (FB) is forecast to report earnings of 24 cents a
share in the first quarter.
In other financial markets, European benchmarks traded in
negative territory, with investors eyeing developments in Ukraine.
Tensions flared up again, with the U.S. planning to move troops
near Russia and Kiev looking set on restarting military action
against pro-Russia activists. Asian stocks closed mixed.
Most metals advanced, with gold (GCM4) rebounding from a
three-week low reached on Tuesday. Oil declined (CLM4), while the
dollar (DXY) also moved lower.
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