Exxon Mobil’s first-quarter net income dropped 11 percent on lower production and weaker profits from its chemicals and U.S. refining businesses. XOM earned $9.45 billion, or $2.00 per share, in the first quarter, down from $10.7 billion, or $2.14, a year earlier. Revenue rose 8.8 percent to $124.1 billion. Analysts were expecting earnings of $2.10 per share on revenue of $124.8 billion.
European stocks were mixed in afternoon trading and Asian markets ended mixed.
The number of people filing for first-time unemployment benefits dipped 1,000 to 388,000 in the most recent week, as shown in the Labor Department’s weekly initial claims report.
The national average price for gasoline dropped a penny this morning to $3.830 per gallon.
Earnings reports (sorted by mkt cap): XOM-Exxon Mobil (consensus $2.08), PEP-Pepsico (0.67), AMZN-Amazon.com (0.37), UPS-United Parcel Service (1.01), OXY-Occidental Petroleum (1.92), MO-Altria Group (0.49), BMY-Bristol-Myers Squibb (0.64), CL-Colgate-Palmolive (1.24), SBUX-Starbucks (0.39), DOW-Dow Chemical (0.59), GILD-Gilead Sciences (0.93), MET-MetLife (1.28), CELG-Celgene (1.13), LMT-Lockheed Martin (1.71), CME-CME Group (4.00).
0830 ET Weekly initial unemployment claims expected -11,000 to 375,000, previous -2,000 to 386,000. Weekly continuing claims expected -4,000 to 3.293 million, previous +26,000 to 3.297 million.
0830 ET Mar Chicago Fed national activity index, Feb -0.42 to -0.09.
1000 ET Mar pending home sales expected +1.0% m/m and +7.3% y/y, Feb -0.5% m/m and +13.9% y/y.
1300 ET Treasury auctions $29 billion 7-year T-notes.
1630 ET Weekly money supply report and Fed balance sheet.