US Stock market update April 23, 2019

The stock market advanced on KO and UTX earnings result

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Dow Jones Industrial Averages climbed higher in today trading session following the strong Q1 result from Coca Cola (NYSE: KO) and United Technologies Corporation (NYSE: UTX). Dow Jones Industrial Averages currently up 134.93 points (+0.51%) at 26,645.98, Nasdaq up 100.54 points (+1.25%) at 8,115.80 and S&P 500 up 24.80 points (+0.85%) at 2,932.77.

KO reported earnings per share of $0.48 vs. $0.44 analysts expectation. Revenue up 5% from last year to $8.02 billion. UTX posted earnings per share of $1.91 vs. $1.71 forecast. Revenue comes out at $18.37 billion vs. $18.00 billion expectations.

Oil market to be shocked after U.S import waiver end

President Trump administration announced all waiver to import oil from Iran starting from 1st May. Sanctions prepared for countries who continue to import Iranian oil. The event should have a major effect on oil prices as it will wipe out 1 million barrels out of the market.

China who is No.1 importer of Iranian oil protests over the decision as the country needs to shift purchase and might lead to big volatility in the market.

Earnings & Corporate results

Verizon (NYSE: VZ) beat consensus on earnings but missed the revenue target. The company reported earnings per share of $1.22 vs. $1.17 expectation. Revenue comes out at $32.12 billion vs. $32.15 billion.

Lockheed Martin (NYSE: LMT) reported earnings per share of $5.99 vs. $4.29. Revenue comes out at $14.34 billion vs. $12.65 billion.

TXN, EBAY, and SNAP are among the companies which will report earnings after market close.

Other markets

Gold down $4.50 (-0.35%) to $1,273.10, Crude oil up $1.66 (+2.59%) to $65.66. U.S dollar index up 0.37 (+0.38%) to 97.65

Asian stock market traded lower today. Japan’s Nikkei stock market up 41.84 points (+0.19%) to 22,259.74, China Shanghai Composite down 16.45 points (-0.51%) to 3,198.59, and Australia ASX 200 up 59.60 points (+0.95%) to 6,319.40

European stock market closed notably higher. DAX Germany up 13.12 points (+0.11%) to 12,235.51, FTSE UK up 63.19 (+0.85%) to 7,523.07, and Euro STOXX 600 up 0.89 points (+0.23%) to 391.35.

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