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US stocks trending lower as first-quarter earnings for oil companies on deck
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U.S. equity futures are trading lower ahead of more economic reports from oil companies, including Chevron, Exxon Mobil and oil and gas refiner Phillips 66 on Friday.
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In addition, watch for numbers from biotech firms Abbvie and Alexion Pharmaceuticals, cable and satellite provider Charter Communications, and household products heavyweights Colgate-Palmolive and Clorox to name a few.
On Wall Street Thursday, stocks overcame a midday stumble to close broadly higher, driving the S&P 500 0.7% higher to another record close. Communications companies helped power much of the gain, led by a sharp rise in Facebook following the company's latest quarterly report card. Banks also helped lead the rally, outweighing a pullback in health care and technology stocks. Treasury yields were mixed.
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Investors weighed the latest batch of company earnings reports and encouraging economic data. A report showing that the U.S. economy grew sharply in the first quarter added to data pointing to a recovery from the recession brought on by the pandemic. Other upbeat reports included data showing that more Americans were signing contracts to buy homes in March after two months of declines.
"We’re experiencing a strong economic recovery that’s translating into a strong corporate earnings environment," said Bill Northey, senior investment director at U.S. Bank Wealth Management.