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Investors Gear Up for Tuesday's Earnings Wave


Today's financial recap and tomorrow's financial outlook.

The S&P 500 rallied early today, hitting a high of 2107.65 before falling to close at 2092.43, down 0.5%.

The NASDAQ had a similar pattern, rallying to a morning high of 5024.25 before closing slightly negative.

Crude oil finished higher after the Energy Information Administration said that crude oil production from key shale regions will decline in May.

Biotech remained resilient today, posting gains despite weak action in the major indices.

Financials were up as investors look forward to major earnings releases from JPMorgan Chase (JPM), and Wells Fargo (WFC) tomorrow, followed by the rest of the big banks throughout the week.

Research firms Gardner and IDC released reports stating that the PC market shrank during Q1 2015 as steam from the recent upgrade cycle began to wane.

Reports indicated that Apple (AAPL) saw strong order activity for its upcoming Watch over the weekend, sending the stock higher in early trading, but the rally fizzled out with the rest of the market.

Qualcomm (QCOM) shares were up this morning after it was announced that hedge fund Jana Partners was urging the company to spin off its chip business. Shares finished slightly down as Qualcomm management released a response during the afternoon that seemed unimpressed by Jana's overtures.

Netflix (NFLX) rallied over 5% on an upgrade to Buy from UBS. UBS expects Netflix to post impressive growth going forward, and expects the stock to hit $565.

Chinese markets had another impressive day after the government released unexpectedly weak export data. The People's Bank of China has made it clear that it will support the country's financial markets with stimulus measures, so traders have been treating bad news as good news in that region.

Tuesday's Financial Outlook

Tomorrow morning, March Retail Sales and Producer Price Index data will be released. Business Inventories for February will also be announced.

In Europe, Britain will release its CPI report.

Several major earnings reports are being released tomorrow. Before the market open, we have: JP Morgan (JPM), JB Hunt (JBHT), Johnson & Johnson (JNJ), and Wells Fargo (WFC). After the close, we'll be seeing earnings from CSX (CSX), Intel  (INTC).
No positions in stocks mentioned.
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