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Dow Jones Investing

May 5th, 2014

Dow Jones Futures – U.S. stocks fell, following weekly gains for benchmark indexes, as financial shares declined while a measure of Chinese manufacturing missed estimates and violence spread in Ukraine.

JPMorgan Chase & Co., the world’s biggest investment bank by revenue, declined 2.8 percent after saying a trading slump has deepened.

The Standard & Poor’s 500 Index lost 0.6 percent to 1,870.86 at 9:32 a.m. in New York.

“We are still overweight equities, but we know where the risks are,” said Joost van Leenders, who helps oversee about $650 billion as a strategist at BNP Paribas Investment Partners in Amsterdam. “We had good years for equities but the mood among investors seems to have changed a bit from risk-on to profit taking.”

U.S. stocks rose last week, with the Dow average reaching an all-time high, as earnings topped forecasts and the Federal Reserve said it would further trim bond purchases as the economy gains momentum. The S&P 500 added 1 percent, taking its gain this year to 1.8 percent. The benchmark gauge briefly climbed above its highest closing price on May 2, as data showed U.S. payrolls rose the most since 2012.

The S&P 500 has climbed 1.3 percent this year, while the Dow is down 0.8 percent. Tensions in Ukraine have offset better-than-forecast corporate earnings.

Dow Jones Futures: Ukraine Crisis

Ukraine sought to dislodge separatists from its eastern industrial heartland over the weekend as violence that’s spread to the Black Sea gateway of Odessa threatens to loosen Kiev’s control of the regions. Fighting in the eastern city of Kramatorsk left seven people dead, according to the website Clashes continued in Odessa yesterday.

Walt Disney Co., the world’s largest entertainment company, and Mosaic Co., the biggest U.S.-based potash producer, are among S&P 500 companies reporting results this week. Profit for members of the gauge probably climbed 4.6 percent in the first quarter from the year-earlier period, while sales rose 2.8 percent, according to estimates compiled by Bloomberg.

“Anybody that thinks American business is not doing well should just look at corporate profits,” Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., said at the company’s annual meeting on May 3.

A report at 10 a.m. New York time will show that the Institute for Supply Management’s non-manufacturing index rose to 54 in April from 53.1 in March, according to the median forecast of economists surveyed by Bloomberg News.

China’s manufacturing contracted for a fourth month in April. HSBC Holdings Plc and Markit Economics said today their purchasing managers’ index rose to 48.1. That missed the median estimate of 48.4 and the preliminary reading of 48.3. Numbers below 50 indicate contraction.

- Alexis Xydias in London at Bloomberg.