US open: Stocks head south amid earnings flurry, ongoing Middle East tensions

23rd Apr 2026 14:45

(Sharecast News) - Major indices were in the red early on Thursday following yesterday's record setting session.

As of 1525 BST, the Dow Jones Industrial Average was down 0.34% at 49,321.98, while the S&P 500 shed 0.22% to 7,122.41 and the Nasdaq Composite came out of the gate 0.51% weaker at 24,532.42.

The Dow opened 168.05 points higher on Thursday, reclaiming some of the gains recorded in the previous session.

Electric carmaker Tesla was drawing an amount of investor attention at the open after posting first‑quarter earnings after the close on Wednesday that came in ahead of expectations, although revenue fell short as the firm continued to face pressure on its core automotive business, while IBM was also in focus after reporting Q1 results that came in ahead of market expectations, with revenues rising 6% at constant currency.

Investors were also zeroed-in on another batch of quarterly earnings released early on Thursday, with American Express posting quarterly profits that came in ahead of expectations as customer spending hit a three-year high, while Union Pacific posted increased quarterly profits on the back of core pricing strength, and Honeywell delivered stronger-than-expected Q1 adjusted earnings, but issued Q2 profit guidance that came in below Wall Street estimates, partly due to the conflict in the Middle East.

Blackstone reported a better-than-expected jump in quarterly distributable earnings, boosted by a robust dealmaking, American Airlines posted a quarterly loss of $0.40 per share and cut its FY26 earnings forecast amid a surge in fuel costs, and Lockheed Martin reported first-quarter results that came in below market expectations but reaffirmed its 2026 guidance.

However, geopolitical tensions in the Middle East also remaied in focus after a lack of commitment from Iran reportedly led to JD Vance cancelling his trip to join peace talks. Iran state media also reported that Iranian negotiators declined to attend, calling talks with the US a "waste of time". On Wednesday, Iran's navy claimed to have seized two container ships in the Strait of Hormuz, sending benchmark Brent crude 1.0% higher at $102.93 per barrel and West Texas Intermediate up 1.04% at $93.93 a barrel.

On the macro front, the Chicago Federal Reserve's national activity index fell to -0.20 in March, its lowest level since November, down from a revised +0.03 in February as three of the four key categories declined, with production-related indicators contributing -0.20; sales, orders, and inventories coming in at -0.01; and personal consumption and housing also registering a print of -0.01. Only employment-related indicators improved, coming in at +0.02 compared to -0.15 in February.

Elsewhere, Americans lined up for for unemployment benefits at an accelerated pace in the week ended 18 April, according to the Labor Department. Initial unemployment claims rose by 6,000 to 214,000, up from the previous week's upwardly revised 208,000 print and ahead of expectations for a reading of 212,000. Continuing claims increased by 12,000 to 1.82m, while the four-week moving average, which aims to strip out week-to-week volatility, rose by 750 to 210,750.

Finally, S&P Global's manufacturing PMI climbed to 54.0 in April, up from 52.3 in March and surpassing market expectations of 52.5, according to a preliminary reading, marking the strongest improvement in factory business conditions since May 2022, while the services PMI rose to 51.3, up from 50.3 and well above market expectations of 50, reflecting a quick recovery in private services activity following the initial impact of the conflict in Iran. As a result, S&P's composite PMI increased to 52 in April, the highest reading in three months, up from 50.3 in March, which was the lowest since August 2023.

Still to come, the Kansas Fed's April manufacturing index will be released at 1600 BST.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Verizon Communications Inc. (VZ) $47.37 3.27%

Caterpillar Inc. (CAT) $835.14 3.14%

Apple Inc. (AAPL) $274.43 2.41%

Coca-Cola Co. (KO) $76.29 2.33%

Procter & Gamble Co. (PG) $145.03 1.58%

McDonald's Corp. (MCD) $304.16 1.35%

Johnson & Johnson (JNJ) $228.20 1.10%

Amgen Inc. (AMGN) $348.78 1.09%

Travelers Company Inc. (TRV) $305.33 1.08%

Merck & Co. Inc. (MRK) $114.10 1.07%

Dow Jones - Fallers

International Business Machines Corporation (CDI) (IBM) $225.41 -10.75%

Salesforce.Com Inc. (CRM) $172.79 -8.80%

Dow Chemical Co. (DOW) $37.81 -2.50%

American Express Co. (AXP) $324.69 -2.46%

Microsoft Corp. (MSFT) $417.03 -2.21%

Visa Inc. (V) $306.80 -1.57%

Nike Inc. (NKE) $45.16 -1.34%

Walt Disney Co. (DIS) $104.19 -0.58%

Cisco Systems Inc. (CSCO) $89.42 -0.34%

Home Depot Inc. (HD) $339.24 -0.08%

S&P 500 - Risers

United Rentals Inc. (URI) $957.87 20.07%

Texas Instruments Inc (TXN) $274.68 15.61%

Microchip Technology Inc. (MCHP) $88.41 7.43%

Comcast Corp. (CMCSA) $31.40 7.39%

Hasbro Inc (HAS) $98.68 6.13%

Analog Devices Inc. (ADI) $403.20 6.06%

Dover Corp. (DOV) $229.36 5.98%

Advanced Micro Devices Inc. (AMD) $305.70 5.53%

Packaging Corp. Amer (PKG) $216.70 5.53%

NextEra Energy Inc. (NEE) $94.57 5.25%

S&P 500 - Fallers

Freeport-McMoRan Inc (FCX) $62.07 -11.53%

International Business Machines Corporation (CDI) (IBM) $225.41 -10.75%

Thermo Fisher Scientific Inc. (TMO) $467.05 -9.25%

Affiliated Mgrs Group (AMG) $274.45 -9.07%

Salesforce.Com Inc. (CRM) $172.79 -8.80%

IQVIA Holdings Inc. (IQV) $159.89 -8.69%

Waters Corp. (WAT) $306.14 -8.58%

Adobe Systems Inc. (ADBE) $235.00 -8.36%

Expedia Group Inc. (EXPE) $249.44 -8.25%

Cognizant Technology Solutions Corp. (CTSH) $55.38 -7.88%

Nasdaq 100 - Risers

Texas Instruments Inc (TXN) $274.68 15.61%

Microchip Technology Inc. (MCHP) $88.41 7.43%

Comcast Corp. (CMCSA) $31.40 7.39%

Hasbro Inc (HAS) $98.68 6.13%

Analog Devices Inc. (ADI) $403.20 6.06%

CSX Corp. (CSX) $45.72 5.24%

Qvc Group Inc Series A (QVCGA) $0.42 4.89%

Broadcom Inc. (AVGO) $426.36 4.43%

Applied Materials Inc. (AMAT) $411.68 4.36%

Sirius XM Holdings Inc (SIRI) $28.08 4.36%

Nasdaq 100 - Fallers

Workday, Inc. (WDAY) $116.15 -10.65%

Adobe Systems Inc. (ADBE) $235.00 -8.36%

Expedia Group Inc. (EXPE) $249.44 -8.25%

Cognizant Technology Solutions Corp. (CTSH) $55.38 -7.88%

Autodesk Inc. (ADSK) $229.42 -7.63%

Intuit Inc. (INTU) $381.57 -6.81%

Gen Digital Inc. (GEN) $18.64 -6.70%

Illumina Inc. (ILMN) $123.85 -6.54%

Booking Holdings Inc. (BKNG) $177.97 -5.75%

Check Point Software Technologies Ltd. (CHKP) $134.43 -4.90%