NEW YORK (CNNMoney)
Stocks started the month on an apprehensive note as investors digest the latest stream of earnings reports, economic indicators and yesterday's record high for the Dow Jones industrial average.
In early trading, the Dow, S&P 500 and Nasdaq all fluctuated between gains and losses. The S&P 500 needs to climb just 7 points to notch a new all-time record.
Earnings "haven't been very strong, but they've been good enough to assuage people's fears," said financial analyst Peter Leeds.
Related: Get ready for the 'summer bummer' in stocks
MasterCard (MA, Fortune 500) rallied 3% after the card giant logged stronger-than-expected results powered by double-digit volume growth. ExxonMobil (XOM, Fortune 500) flirted with record highs as investors cheered the energy giant's big earnings beat and largely overlooked a modest revenue miss.
Shares of Avon Products (AVP, Fortune 500) tumbled 8% as investors fretted about the cosmetic company's big earnings miss amid an 11% drop in revenue. Avon also put to bed a long-running bribery probe by agreeing to pay $135 million in fines to U.S. regulators.
Sony Corp (SNE) slumped 4% after slashing its profit outlook and projecting a first-quarter loss. LinkedIn (LNKD) and Kraft Foods (KRFT, Fortune 500) are set to report after the close, among others.
Related: CNNMoney's Tech30
Shares of DirectTV (DTV, Fortune 500) spiked 5% on talk that AT&T (T, Fortune 500)may be making a bid for the satellite TV company. T-Mobile US (TMUS) popped 7% amid renewed speculation of a tie-up with Sprint (S, Fortune 500). T-Mobile, the fourth largest U.S. wireless provider, also said it added 1.3 million subscribers in the first quarter, although that didn't prevent a loss of $151 million.
Confirming recent reports, Ford (F, Fortune 500) said CEO Alan Mulally will step down on July and be succeeded by Mark Fields, who has served as chief operating officer since late 2012. Also, KFC and Pizza Hut owner Yum Brands (YUM, Fortune 500) said Taco Bell CEO Greg Creed will replace David Novak in January.
On the economic front, the Labor Department said initial jobless claims climbed to a nine-week high of 344,000 last week, well ahead of estimates. The government also said consumer spending jumped by a stronger-than-expected 0.9% in March, the fastest pace since August 2009.
The latest manufacturing data, the ISM index, is set for release at 10 a.m. ET.
But the focus will shift after the closing bell to the government's all important jobs report. Economists predict the U.S. added 210,000 new jobs in April, bringing the unemployment down to 6.6% from 6.7%.
Related: Fear & Greed Index still gripped by fear
Most of the major European markets were closed for a holiday Thursday, but the U.K. exchanges were open. The FTSE 100 edged higher, led by Lloyds Banking Group (LLDTF). The British bank reported first-quarter results that impressed investors.
Most Asian markets were also closed, but Japan and Australia were open for business. Japan's Nikkei index popped up by 1.3%, while Australia's ASX All Ordinaries index dipped by 0.7%.
First Published: May 1, 2014: 9:44 AM ET
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