Equity indices slipped during the opening hour after the March Retail Sales report came in below expectations. In addition to pressuring equities, the report weighed on the greenback, knocking the Dollar Index to a session low. The dollar climbed off its worst level, but still ended the day lower by 0.7%.
As for equities, the S&P found support just above its 50-day moving average (2,081) and made a swift return into the green. The index received significant support from the energy sector (+1.8%), which ended well ahead of other groups. Crude oil contributed to the strength, climbing 2.7% to $53.31/bbl.
BIIB had some good news after the close and tacked on $10 in the after market.
CSX and INTC had decent earnings reports after the close and are currently higher in after market trading. Tomorrow morning BAC reports, and NFLX reports tomorrow after the close.
I don’t have any new additions tonight, but I will be watching INCY for higher prices as it put in a bullish inside day today after yesterdays pop. (KITE could be getting ready to pop again too).
See you in the morning.