U.S. stocks sold off on Tuesday, as increased uncertainty
about a U.S.-China trade resolution contributed to a broad-based effort to
de-risk. The 1.7% drop in the S&P 500, which was down as much as 2.4% at
one point and flirting with its 50-day moving average (2856.44), sent the
benchmark index below the 2900 level on a closing basis for the first time in
nearly a month. The Dow Jones Industrial Average dropped 1.8%, the Nasdaq
Composite dropped 2.0%, and the Russell 2000 dropped 2.0%.
The following companies were scheduled to report earnings this afternoon: RNR, S, ATO, EA, HCLP, MODN, MTSI, MYGN, PAA, PAGP, PLT, POWL, VOYA, VREX, ACLS, ENTA, FLT, ICHR, MTCH, TWO, BECN, ESE, NCR, PRI, QRVO, WU, FARM, OHI, AVLR, CRAY, CSOD, GTES, HUBS, IRTC, JCOM, QUOT, TRIP, CTRE, DIOD, DVA, KGC, LTHM, QTWO, FANG, HCKT, IOSP, KAR, LC, NVTA, OSPN, GHDX, LOPE, MMI, PEGA, RGR, Y, COLD, HALO, SGMS, CRZO, PBPB, TWOU, CERS, CGBD, EVH, INGN, INSP, JAZZ, JBGS, OAS, PEN, PUMP, PZZA, RTRX, SUPN, WMGI, WTTR, ATSG, BOLD, CWK, FG, FTSI, GBT, LADR, SEMG, SWX, WING, DDD, EDIT, OPK, PLYA, FATE, PRMW, WMC, CHUY, INSY, ADT, AVD, APEI, EVRI, ZAGG, LYFT.
Futures are higher after hours: S&P 500 futures are +5.62 vs. fair value of 2,885 and Nasdaq-100 futures are +19.75 vs. fair value of 7,651.
Tomorrow morning, economic reports scheduled to be released include: MBA Mortgage Applications Index (07:00am ET, Consensus Na vs. -4.3% in the prior week).
The following companies are scheduled to report earnings tomorrow mornings: NCS, HMC, MCK, YRCW, MSG, ACM, MCHP, NYT, PFGC, SUM, TGI, ANDX, BV, CEIX, MPC, MPLX, SPB, COTY, FUN, CBRE, CFX, GOLD, BCOR, CBB, BG, SATS, VER, ATRO, VG, WEN, ATHM, GCP, LXP, NXST, TRI, WAAS, CHK, FTDR, HZNP, MIDD, ODP, SBGI, TAST, DAVA, FOLD, GOLF, GTN, GTT, ICPT, MYE, RDUS, STWD, CORE, PTLA, BJ, MRNA, PLUG, SGRY.
Looking over at the energy space:
- API petroleum inventory data was released for the week ended May 3:
- Crude oil inventories had a build of +2.806 million barrels
- Prior week had a build of 6.808 mln barrels
- Gasoline Inventories had a draw of 2.833 mln barrels
- Prior week had a draw of 1.055 mln barrels
- Distillate Inventories had a draw of 0.834 mln barrels
- Prior week had a draw of 2.058 mln barrels
- Cushing Inventories had a build of 0.618 mln barrels
- Prior week had a build of 1.353 mln barrels