S&P 500; US Indexes Fundamental Daily Forecast – Supported by Crude Oil Surge, Pressured by IBM Weakness

The broad-based stock indexes are being underpinned by a rally in crude oil. Oil prices rose to their highest level since late 2014 after government data indicated U.S. crude stockpiles fell last week and as the market continued to worry about supply disruptions in key oil producing nations.
James Hyerczyk
U.S. Stock Indexes
U.S. Stock Indexes

The major U.S. stock indexes turned lower shortly after the opening as a steep sell-off in IBM dragged down the technology sector, fueling a sell-off in the broader market. The weakness in the technology sector was offset somewhat by a 1.1 percent surge in the energy sector.

In the cash market at 1449 GMT, the benchmark S&P 500 Index is trading 2709.72, up 3.33 or +0.12%. The blue chip Dow Jones Industrial Average is at 24764.86, down 11.16 or -0.05% and the tech-driven NASDAQ-100 Index is trading 7285.97, up 4.87 or +0.07%.

Daily June E-mini S&P 500 Index

IBM reported Tuesday earnings and revenue that topped analyst expectations, but investors were left disappointed with the company’s forward-looking guidance.

Earlier in the session, the market was driven higher after Morgan Stanley reported a record profit and revenue for the first quarter. Rail transportation company CSX posted quarterly results that easily beat Wall Street estimates, boosted by a series of cost-cutting measures.

United Airlines also posted better-than-expected results for the first quarter.

The broad-based stock indexes are being underpinned by a rally in crude oil. Oil prices rose to their highest level since late 2014 after government data indicated U.S. crude stockpiles fell last week and as the market continued to worry about supply disruptions in key oil producing nations.

According to the U.S. Energy Information Administration, U.S. commercial crude inventories dropped by 1.1 million barrels in the week-ending April 13.

Additionally, stockpiles of gasoline dropped by 3 million barrels, while distillate fuels including diesel decline by 3.1 million barrels.

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