Economic Indicators on Watch As US Market Indexes Trade Flat

U.S. market indexes opened higher Tuesday with continued momentum throughout the day. For the day the Dow Jones Industrial Average gained 222.44 points or 1.26% to close at 17,928.35. The S&P 500 was up 25.69 points or 1.25% to close at 2,084.38. The Nasdaq Composite gained 59.67 points or 1.26% to close at 4,809.88. Expectations of no change in the federal funds rate in June by the Federal Reserve appeared to keep market indexes trading flat, as investors watch economic indicators for more direction.

Disney (DIS, Financial) reported earnings after the bell missing expectations for revenue and earnings per share. Revenue was $12.97 billion, up 4.1% from the comparable quarter, and EPS was $1.36. In the DJIA, the top five gainers were the following:

Goldman Sachs Group (GS, Financial) +2.48%

Caterpillar (CAT, Financial) +2.44%

United Technologies (UTX, Financial) +2.07%

General Electric (GE, Financial) +2.04%

Boeing (BA, Financial) +1.98%

Top sectors for the broad market were energy and industrials. Stock sectors falling were health care and utilities.

The Nasdaq Composite closed up 59.67 points or 1.26% to close at 4,809.88. In the technology sector, the top gainers in the Nasdaq 100 were the following:

TripAdvisor (TRIP, Financial) +4.77%

Biomarin Pharmaceutical (BMRN, Financial) +4.04%

Western Digital (WDC, Financial) +3.81%

Discovery Communications (DISCB) +3.66%

Akamai Technologies (AKAM) +3.63%

Amazon.com (AMZN, Financial) +3.46%

In market trading Tesla (TSLA, Financial) has been trading actively following its earnings report last week. On May 4 the company reported earnings that beat analysts’ expectations. Revenue for the quarter was $1.6 billion, up 45.5% year-over-year. First quarter EPS was 57 cents. The stock is trading down 13% year-to-date and analysts are skeptical of the company’s manufacturing and deliveries. In a CNBC interview Tuesday, market specialists discussed their insight on Tesla, its partnership with SolarCity (SCTY, Financial) and the outlook for consumer goods and electronic vehicles.

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