Wall Street is having a tough time turning things around after getting hit hard for two straight days.
Investors weighing earnings from several big names this morning, including Ford (F) and Alibaba (BABA).
McDonald’s (MCD) helping provide some support for the Dow Industrials (^DJI). The stock is higher on news that CEO Don Thompson is stepping down after failing to find an answer for slumping sales.
Related: 3 ways McDonald's new CEO can turn things around
The number of people filing for unemployment benefits fell to its lowest level in almost 15 years last week.
The Labor Department reporting initial jobless claims fell by 43,000 to 265,000. That was well below what economists were expecting.
Earnings also continue to pour in on Wall Street.
Facebook (FB) reporting earnings and revenue that topped analysts' estimates. Profits rose 34% while revenue jumped 49% from a year earlier thanks to strong growth in mobile advertising. However, the company continues to spend aggressively with expenses up 87%.
Qualcomm (QCOM) shares are down sharply. The mobile chip maker cut its earnings and sales outlook for the year because a major customer will not use its Snapdragon chip on its next smartphone and also due to increased competition in China. But the company did report a beat on both its top and bottom lines.
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Alibaba shares are lower after posting earnings that topped Wall Street views. Revenue missed analysts' estimates during the holiday quarter, but was up 40% from a year earlier as more users shopped on their mobile devices. Separately, Yahoo (YHOO) the parent company of Yahoo Finance has said it would spin-off its remaining stake in Alibaba.
Ford shares were in the fast lane this morning. The U.S. automaker posting better-than-expected fourth quarter earnings and revenue. But profits were down sharply from a year earlier due to special charges in its Venezuela operations, reorganization in Europe and Asia Pacific and costs related to rolling out new models, such as the new aluminum version of its best-selling F-150 pickup.
In other news. California will begin a public awareness campaign following a report from state health officials that e-cigarettes expose users to dangerous chemicals. The report urges that the products be regulated like regular smokes.
And retirement saving ticked up last year. Fidelity Investments reports the average 401K is now worth more than $91 thousand dollars...a record high. However, the typical gains last year were just 2% that's well below the performance of the S&P 500 (^GSPC).
