Financials and Tech Drag Stocks Below the Flatline

Financials have turned below the flatline, relinquishing early enthusiasm that came on the heels of the Federal Reserve maintaining its monetary policy stance and as President Barack Obama pared back his tone toward financial regulation and seemed to be focusing on job creation. Additional pressure on financials came amid cautious comments from Standard & Poor's toward the UK banking industry. Technology shares are also under pressure to help pull the equity markets below the unchanged mark, led by a sharp drop in shares of Qualcomm after it issued 2Q guidance that missed the Street's forecasts. The economic front provided some uneasiness regarding the economic recovery, with headline durable goods orders rising by a smaller amount than expected and weekly initial jobless claims falling by a fewer amount than was anticipated. The soured sentiment is overshadowing upbeat earnings reports, as Ford Motor Co. and Dow members 3M Co. and Procter & Gamble posted better-than-expected results, while fellow member of the blue chip index AT&T matched expectations. Overseas, Asian markets finished higher, while European shares have given up early gains amid the worries surrounding the UK.

Moving Higher Despite Disappointing Headline Durables

After rebounding somewhat yesterday as the Federal Reserve maintained its monetary policy stance, stocks are moving higher on eased concerns in the financial sector as President Barack Obama pared back his tone toward financial regulation and seemed to be focusing on job creation. The relatively upbeat sentiment is overshadowing a disappointing reading of headline durable goods orders and a smaller-than-expected drop in weekly initial jobless claims, which has Treasuries mixed. Also, some upbeat earnings reports from Ford Motor, and Dow member 3M CO. are helping to boost the equity markets in morning action. However, fellow Dow member Procter & Gamble missed the Street's profit estimates, while AT&T matched expectations. Overseas, markets are higher.