Stocks (^DJI, ^GSPC) are mostly lower in early trading as weakness in technology shares puts pressure on the Nasdaq (^IXIC) following some disappointing earnings from Microsoft and Alphabet.
Meanwhile, oil prices (CLM16.NYM) are soaring and on track for their third weekly advance despite nagging concerns over too much supply.
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McDonald's (MCD) beat earnings expectations on both the top and bottom lines, fueled by demand for its all-day breakfast. The fast food chain also reported U.S. same-store sales rose 5.4%, topping Wall Street estimates for 4.4%.
General Electric (GE) posted an earnings per share beat for the first quarter, while revenue came in roughly in line with estimates. However, profit in its industrial unit slid from a year ago, as the company refocuses its business around industrial manufacturing and software.
Caterpillar (CAT) reported a profit miss, while revenue came in slightly ahead of forecasts for the first quarter. Sales fell 25.5% from a year ago as the slump in commodities slowed activity in mining and construction and hurt sales of machinery. The company also cut its outlook for the year.
Microsoft (MSFT) posted an earnings per share miss for the fist three months of the year, while revenue matched expectations. Slower-than-expected growth in its cloud business, the stronger dollar, and declining PC sales dragged down sales and revenue from the same period a year ago.
Alphabet (GOOGL), Google's parent company, reported adjusted first-quarter earnings and revenue that fell short of Wall Street views, as the strong dollar and spending on mobile advertising services took a toll on results, while revenue came in roughly in line with forecasts.
Starbucks (SBUX), the world's largest coffee chain, delivered fiscal second-quarter revenue that missed estimates on weaker-than-expected sales growth. However, earnings came in right in line with forecasts, with profit up 16% from a year ago thanks to an increase in U.S. sales and people ordering lattes on their mobile devices.
Dell's SecureWorks breaks the tech IPO slump
Dell’s cybersecurity unit, SecureWorks, is the first tech firm to make its public debut this year. The company priced 8 million shares at $14, missing expectations. SecureWorks will begin trading on the Nasdaq today under the symbol SCWX.
Ford is bringing its F-150 Raptor pickup truck to China
Ford (F) announced it is bringing a big American pickup truck to the country. The F-150 Raptor will be on display at the Beijing auto show on Monday and will go on sale next year.
