- U.S. stocks are mixed in early afternoon trading (New York time) as investors digest the first crop of bank earnings, all coming in better than expected, and Federal Reserve Chairman Jerome Powell's latest comments on the economy.
- While Powell has been acknowledging a quickening in the pace of economic recovery, he's still sees risks from a potential COVID-19 resurgence. As in Sunday's "60 Minutes" interview, he said it's "highly unlikely" the central bank will adjust monetary policy this year.
- The Nasdaq slips 0.3%, the S&P 500 edges up 0.1%, and the Dow climbs 0.6%, helped by Goldman Sachs's 2.7% jump on stellar Q1 earnings.
- Bonds fall, pushing the 10-year Treasury yield up 2 basis points to 1.64%.
- Crude oil drives up 5.0% to $63.16 per barrel after an EIA report shows crude inventories falling more than expected; Exxon Mobil gains 3.3%, ConocoPhillips rises 4.3%.
- Energy (XLE +3.2%) and Financials (XLF +1.0%) sectors lead the broader markets, while Information Technology (XLK -0.4%) and Communication Services (XLC -0.4%) lag the most.
- The U.S. dollar index slips 0.3% to 91.60.