LMT - Dow S&P 500 Nasdaq end near flat line as earnings continue to come in

2023-04-18 16:06:42 ET

Wall Street recorded a largely flat performance on Tuesday, as the latest round of earnings reports did little to move the overall market. The S&P 500 managed to eke a thin gain, while the Nasdaq and Dow posted mild declines.

The Nasdaq Composite ( COMP.IND ) and Dow ( DJI ) closed fractionally lower, while the S&P 500 ( SP500 ) ended +0.1% .

Trading took place amid another wave of earnings reports. Bank of America ( BAC ), Goldman Sachs ( GS ), Lockheed Martin ( LMT ) and Johnson & Johnson ( JNJ ) all posted their quarterly results, although investors generally kept their powder dry for other big names set to announce in the next few weeks.

"The regional banks continue to selloff, which I view as the leading indicator of what's coming for the broader market," market expert Damir Tokic told Seeking Alpha. "However, Big Tech continues to prop the S&P 500."

Tokic pointed to an upgrade for Nvidia ( NVDA ) as helping to undergird tech shares. HSBC raised its rating on the chip maker to Buy, citing the opportunity in artificial intelligence.

Like with the stock market, bond trading was muted during the day. The 10-year yield ( US10Y ) dipped 1 basis point to 3.58%, while the 2-year yield ( US2Y ) rose 2 basis points to 4.21%.

Elsewhere on the earnings front, Ericsson ( ERIC ) dropped following the release of a mixed Q1 earnings report and soft Q2 guidance .

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