The U.S. stock market traded mixed in Tuesday pre-market trading, at a time in which the U.S. benchmark Treasury yield touched 3%, a psychologically significant level. Further, inflation expectations are rising due to a rally in oil and metals prices, which pressures higher headline inflation. Oil prices rose to their highest levels since November 2014.
Shares of United Technologies Corp. (UTX, Financial) rose in premarket trading today after the company posted first-quarter earnings per share of $1.77 on revenue of $15.2 billion, which was 10.1% higher than the comparable period. The company beats estimates by 26 cents in earnings and $580 million in revenues.
Looking ahead, the company raised its 2018 sales outlook to a range of $63 billion to $64.5 billion with an adjusted earnings per share outlook within a range of $6.95 to $7.15, up from $6.85 to $7.10.
Gainers
• Whirlpool Corp. (WHR, Financial)
• Caterpillar Inc. (CAT, Financial)
• Intel Corp. (INTC, Financial)
Losers
• Freeport-McMoRan Inc. (FCX, Financial)”‹
• Masco Corp. (MAS, Financial)
• Lockheed Martin Corp. (LMT, Financial)”‹
Global markets
The main European stock markets traded mixed. The U.K.'s FTSE advanced 0.08%, but France's CAC lost 0.38%, Spain's Ibex slid 0.67% and Germany's Dax retreated 0.53%
In Asia, markets closed in the green. India’s BSE Sensex closed up 0.48%, Japan's Nikkei gained 0.86%, Hong Kong's Hang Seng advanced 1.26% and China's Shanghai rose 1.99%.
Disclosure: The author holds no position in any stocks mentioned.
