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Investing.com — The S&P 500 was rising after better-than-expected earnings from Bank of America and Johnson & Johnson.
At 9:42 ET (13:42 GMT), the Dow Jones Industrial Average was down 41 points or 0.1%, while the S&P 500 was up 0.4% and the NASDAQ Composite rose 0.6%.
Bank of America Corp (NYSE:BAC) shares rose 0.1% after reporting profit that was boosted by rising interest rates, while Johnson & Johnson (NYSE:JNJ) fell 2.4% after it raised its outlook for profit this year, citing newer cancer treatments that will help buffer falling sales of its older portfolio of treatments.
Goldman Sachs Group Inc (NYSE:GS) shares fell 2.8% after it missed revenue forecasts because of a $470 million hit from the sale of loans in its Marcus consumer unit.
Analysts have gotten more optimistic, though it is early in the first quarter reporting season. Profit at S&P 500 companies are expected to drop 4.8% in the quarter from a year ago, compared with earlier expectations for a 5.2% drop.
In addition to earnings, analysts have been weighing what the Fed’s next move will be on interest rates. Mixed economic data is supporting the view that the Federal Reserve will raise rates by another quarter of a percentage point when it next meets in May. Clues about the policymakers’ thinking may come from Fed Gov. Michelle Bowman, who is scheduled to speak later today.
Housing starts in March fell 0.8% from the prior month, missing the expected rise of 0.4%.
Oil fell. Crude Oil WTI was down 0.3% to $80.58 a barrel, while Brent Oil crude was down 0.4% to $84.41 a barrel. Gold Futures rose 0.1% to $2,008.
