S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

S&P 500, Dow, Nasdaq Hit Valuation Barriers; China Cuts Rate Again


Author: Nichole Harper
ticker.com
Last Update: 2:35 PM ET May 11 2015

2:30 PM On Merger Monday market indexes trended lower and European markets closed down. Crude oil and gold turned lower. Greece said it is set to release payment due to the IMF tomorrow. Shanghai index surged 3% after China lowered rate for the third time in six months.

Stocks struggled to open higher and quickly descended on Merger Monday and investors reacted to corporate news and latest earnings results.

On Wall Street, Tollbooth Strategy Index fell 0.2% or 16.80 to 10,746.95.

Popular market indexes are hovering near record highs and S&P 500 index nearing the record of 2,117.69 set on April 24 and Dow Jones Industrial Average is 0.8% away from its record of 18,288.63 on March 2.

S&P 500 index fell 1.98 to 2,114.12 and the Nasdaq Composite Index rose 6.36 to 5,009.91.

For the year, S&P 500 index has advanced 2.5%, Dow Jones has added 1.7% and Tollbooth has jumped 7%.

Nasdaq index has jumped 5.7% in the year so far.

Crude oil in New York slipped 47 cents to $58.92 a barrel and gold dropped $9.80 to $1,179.10 an ounce.

European markets opened lower and edged lower following a weakness in New York trading and Greece said it is ready to release 750 million euros to international lenders squelching rumors of imminent default.

U.S. Movers

DISH Network Corp (DISH) slipped 1% or 70 cents to $66.16 after the pay-television services provider reported revenues in the first-quarter ending in March jumped 3.6% to $3.72 billion form a year ago period.

Net income in the quarter surged 99.4% to $351 million or 76 cents per diluted share compared to $176 million or 38 cents from the same quarter last year.

The company said Pay-TV subscribers in the quarter dropped 1.8% to 13.844 million from 14.097 million in the same period a year ago.

Noble Energy, Inc (NBL) plunged 7.1% or $3.48 to $45.72 after the oil and gas producer agreed to acquire Rosetta Resources Inc in transaction valued at $2.1 billion, plus net debt as of March 31 of about $1.8 billion.

The transaction is expected to close in the third-quarter of this year.

Shares of Rosetta Resources Inc surged 25.9% to $24.32.

European Markets

In London trading, FTSE 100 index edged up 0.04% or 3.13 to 7,049.95 and in Frankfurt the DAX index slipped 0.4% or 43.88 to 11,665.85.

In Paris, CAC 40 index declined 1.1% or 57.27 to 5,033.12.

EXOR SpA gained 0.4% to 42.53 after the Italy-based diversified investment company owned by Agnelli family agreed to divest 75% stake in its New York-based real estate unit Cushman & Wakefield to the U.S.-based real estate developer DTZ for about $2 billion.

The transaction is expected to close in the fourth-quarter.

Talanx AG fell 0.06% to 26.75 after the Germany-based insurance company stated gross written premiums in the first-quarter ending in March soared 12.2% to 9.44 billion from 8.41 billion in a year ago period.

Net profit in the quarter jumped 16.2% from a year ago to 251 million compared to 216 million and diluted earnings per share climbed to 0.99 from 0.86.

""We are confirming our target of generating Group net profit of at least 700 million in fiscal 2015,"" chief executive officer Herbert K. Haas said.

Asian Markets

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc