Stocks waver as earnings season kicks off with banks
Stocks were narrowly mixed Thursday as traders kept buying safer assets while big banks kicked off the earnings season.
The Dow was up 2 points. The S&P 500 traded flat, with information technology outperforming and energy lagging. The Nasdaq outperformed, rising 0.25 percent.
“The SPX has broken its 50-day moving average on a loss of short-term momentum. We expect downside follow-through in the days ahead as volatility picks up,” Katie Stockton, chief technical strategist at BTIG, said in a note to clients.
“It will likely take 1-2 weeks for oversold conditions to become widespread, after which we would be more inclined to look for an entry,” she said.
Gold futures for June delivery rose 0.6 percent to trade at $1,285.60 per ounce, while the benchmark 10-year note yield hit its lowest level since mid-November.