The U.S. stock market traded slightly in the red on Friday in pre-market trading ahead of President Donald Trump's comments on crude-oil prices that affect the commodity sector, considering them as “artificially high,” led by a decision from the Organization of the Petroleum Exporting Countries (OPEC). Further, the 10-year Treasury note yield is at its 2018 high, 2.94%.
Shares of General Electric Co. (GE, Financial) rose in premarket trading today after the company posted first-quarter earnings per share of 16 cents on revenue of $28.66 billion, which was 6.6% higher than the comparable period. The company managed to beat earnings expectations by 4 cents and revenue estimates by $1.14 billion. The company´s chairman and CEO John Flannery said, “The first quarter is a step forward in executing on our 2018 plan and we are seeing signs of progress in our performance. Industrial earnings, free cash flow, and margins all improved year over year. We reduced Industrial structural costs by $805 million and are on track to exceed our cost reduction goal of $2 billion in 2018.”
Gainers
• Xerox Corp. (XRX, Financial)”‹
• Kroger Co. (KR, Financial)
• Key Corp. (KEY, Financial)
• H & R Block Inc. (HRB, Financial)
Losers
• Mattel Inc. (MAT, Financial)
• Range Resources Corp. (RRC, Financial)
• Apple Inc. (AAPL, Financial)
Global markets
The main European stock markets traded high, with almost all the main indexes in green territory. The U.K.'s FTSE advanced 0.29% and France's CAC gained 0.11% but Spain's Ibex lost 0.10% and Germany's Dax declined 0.43%. In Asia, markets closed in the red. India’s BSE Sensex closed down 0.03%, Japan's Nikkei slid 0.13%, Hong Kong's Hang Seng retreated 0.94% and China´s Shanghai fell 1.47%.
Disclosure: The author holds no position in any stocks mentioned.
