Dow flat, Euro launch to the moon

U.S stock market opened flat today as the market await news from Eurozone. ECB Mario Draghi is holding a conference and currently live. The initial announcement sounded dovish with lines such as “Inflation remains overall at a subdued level,” “QE to run until ECB sees sustain pickup in inflation,” “Tapering scenarios are not being discussed.” While the conference is progressing, U.S dollar index suffers sell-off and EUR/USD move up but has not clear Tuesday high.

Earnings report

Phillip Moris (NYSE: PM) miss the bar after the company reported miss in earnings and lowered guidance. PM reported earnings per share of $1.14 vs. $1.23 expectation. Revenue comes out at $19.32 billion vs. $20.07 billion expectation. The company lowered 2017 EPS guidance from $4.84 – $4.99 to $4.78 – $4.93.

Travelers (NYSE: TRV) posted earnings per share of $1.92 vs. $2.07 expectation. Revenue comes out at $7.2 billion vs. $6.9 billion consensuses.

Microsoft (MSFT), Visa (V), EBAY, Capitol One (COF) are among the companies reporting after market close.

Technical Analysis

Dow Jones Industrial Averages (INDU)

There is no change in DJIA track, but the index continues to shy from the recent record high. Earnings report continue to be strong. Though AAPL which has more weight on the index moving up 10th consecutive days, there is no major upward movement in DJIA. Traders & investors might feel alerted and wait until another major component report later.

Baidu Inc (BIDU)

BIDU manage to bounce from the bottom of the channel where there was daily SMA 200 present. The share price has been in bullish leg since the bounce and getting near the top of the channel. Will it reach the top of the channel and reverse the course of direction?