The U.S. equity markets are seeing some pressure in late-morning action with a plethora of data keeping conviction hamstrung. Globally, Japan's GDP growth easily exceeded expectations as consumers appeared to ramp up spending ahead of April's tax hike, while eurozone 1Q GDP growth missed forecasts as disappointing output from France and Italy more than offset favorable expansion out of German and Spain. In the U.S., upbeat reads on jobless claims and regional manufacturing activity, along with roughly inline consumer prices, are being met with unexpected drops in homebuilder sentiment and industrial production. Meanwhile, the earnings calendar is mixed, with Dow member Wal-Mart missing analysts' expectations, along with Kohl's, while Dow component Cisco Systems beat the Street's expectations. Following the data, Treasuries are continuing to rally, the U.S. dollar gave up an early gain and is flat, while crude oil and gold prices are lower. Overseas, Asian stocks finished mixed, with the Japanese GDP report being overshadowed by disappointing earnings and a stronger yen, while European equities are mostly lower.
Source: Schwab
Source: Schwab
