Stocks extend their opening declines. All ten sectors are posting a
loss. Energy (-6.7%) is down the most, while the defensive-oriented
consumer staples sector (-1.3%) is outperforming on a relative basis.
Quarterly earnings results were mostly better than expected, although some companies gave cautious outlooks.
Abbott Labs (ABT 54.55, -0.23), Coca-Cola (KO 46.37, +2.64), Intel
(INTC 16.08, +0.15), CSX (CSX 44.00, -4.14) and State Street (STT
51.64, -4.92) all posted quarterly earnings growth that topped
expectations.
Charles Schwab (SCHW 20.64, -0.33), JPMorgan Chase (JPM 41.22, +0.51),
Marshall & IIsley (MI 18.04, -0.96) and Wells Fargo (WFC 33.60,
+0.08) topped Wall Street's forecast, but posted year-over-year
declines in earnings.
Genentech (DNA 80.66, +1.54) reported a year-over-year increase in
earnings per share, but fell short of estimates. Delta Airlines (DAL
7.62, +0.27) swung to a loss, citing high fuel costs.
Crude oil prices are down 3.9% to $75.61 per barrel. The government's
weekly energy report is delayed until Thursday due to Columbus Day last
Monday. In addition, it will be released at 15:00 GMT instead of the
usual release time of 14:35 GMT.