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Stocks Steady as Economic Concerns Ease

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07/10/2017 | 05:26pm CEST
By Riva Gold and Alexander Osipovich 

U.S. stocks edged up as government bond markets showed signs of stabilizing after a recent selloff.

The Dow Jones Industrial Average rose 11 points, or less than 0.1%, to 21426. The S&P 500 rose 0.1% and the Nasdaq Composite added 0.2%.

Technology shares, which have bounced around over the past month, climbed 0.6% in the S&P 500. Microsoft shares added 0.7%, while International Business Machines gained 0.4%.

In bond markets, 10-year Treasury yields fell to 2.375%, according to Tradeweb. That was down from 2.393% on Friday, the highest level in nearly two months. In Europe, the 10-year government bond in Germany, which was the center of the recent selloff, fell by 0.02 percentage points to 0.547%. Yields move inversely to prices.

Traders said the recent price declines made the bond market appealing to some investors. Signs of tighter monetary policy ahead had put pressure on government bond markets around the world over the past two weeks.

Central banks are likely to remain in focus this week, with the Bank of Canada widely expected to raise rates for the first time in seven years and Federal Reserve Chairwoman Janet Yellen set to offer semiannual testimony before congressional committees on Wednesday and Thursday.

The U.S. second-quarter earnings season will also begin in earnest with investors expecting a roughly 6% gain in earnings per share across the S&P 500, according to CFRA Research.

Investors are largely holding their fire until companies start releasing results, leading to quiet trading as markets opened this week, said Karyn Cavanaugh, senior market strategist at Voya Investment Management. "It's jockeying for position ahead of earnings season," she said.

The Stoxx Europe 600 rose 0.5%. Equity markets were broadly higher in Asia after a strong U.S. jobs report Friday boosted the dollar and U.S. stocks, particularly shares of financial companies.

Japan's Nikkei Stock Average rose 0.8% after closing at its lowest level in three weeks on Friday. Hong Kong's Hang Seng added 0.6% as index heavyweight HSBC advanced, while Australia's S&P/ASX 200 rose 0.4%, spurred by gains in bank stocks.

The start of trading was delayed in both India and Indonesia on Monday morning for what is being said were separate technical issues. Investors seemed unmoved as India's Sensex stock index climbed to record highs, rising 1.1%. Indonesia's JSX edged down 0.7%.

Write to Riva Gold at [email protected] and Alexander Osipovich at [email protected]

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Financials ($)
Sales 2017 78 520 M
EBIT 2017 14 632 M
Net income 2017 11 241 M
Debt 2017 34 653 M
Yield 2017 3,63%
P/E ratio 2017 13,55
P/E ratio 2018 13,12
EV / Sales 2017 2,36x
EV / Sales 2018 2,38x
Capitalization 151 B
Chart INTERNATIONAL BUSINESS MAC
Duration : Period :
International Business Mac Technical Analysis Chart | IBM | US4592001014 | 4-Traders
Technical analysis trends INTERNATIONAL BUSINESS MAC
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 160 $
Spread / Average Target -1,2%
EPS Revisions
Managers
NameTitle
Virginia M. Rometty Chairman, President & Chief Executive Officer
James J. Kavanaugh Senior Vice President-Transformation & Operations
Martin J. Schroeter Chief Financial Officer & Senior Vice President
John E. Kelly Senior VP-Cognitive Solutions & Research
Martin Jetter SVP-Global Technology Services
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1st jan.Capitalization (M$)
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