U.S. stocks traded mostly higher Thursday as investors continued to analyze the flow of corporate earnings and a series of conflicting economic reports but sentiment was brightened by strong market debuts from Pinterest Inc. and Zoom Video Communications Inc.
First-quarter earnings outlook has improved somewhat, according to CFRA, which said consensus estimates now call for a 2.3% fall in first-quarter operating earnings a share. That is up from the call for a 3% drop ahead of the kickoff of earnings season, but down from the 4.5% increase projected at the end of last year. Meanwhile, second-quarter earnings are now forecast to eke out a 0.
New applications for unemployment benefits fell for the fifth week in a row to a near 50-year low of 192,000, below economists expectations of 204,000, per a MarketWatch poll. The market took the public release of special counsel Robert Mueller’s report on his investigation into Russian election interference in stride. The Justice Department provided the Mueller report to Congress and the public Thursday morning. Portions of the report are be blacked out.
Shares of Philip Morris International Inc. PM, -0.83% dropped 0.8% after the tobacco company beat expectations for first-quarter earnings and revenue, though issued downbeat guidance.
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