US stocks closed flat-to-lower on Thursday as tickers faced technical resistance levels a day after the S&P500 closed at its highest levels since December.
The S&P 500 was up 0.02% at 2,082. First-quarter earnings among S&P 500 companies are forecast to have fallen by 7.8%, according to Thomson Reuters I/B/E/S, but the diminished expectations could be setting the stage for positive surprises that support stocks.
Meanwhile, the S&P Midcap 400 was down 0.32% at 1,459, led by Rowan Companies (NYSE:RDC) down 7.5% at $15.98, Noble Corp (NYSE:NE) down 6.1% at $10.19 and Consol Energy (NYSE:CNX) down 5.9% at $12.92.
The S&P Smallcap 600 was down 0.23% at 691, and led by Bofi Holding (NASDAQ:BOFI) down 16.5 at $19.31 and Stone Energy (NYSE:SGY) down 15.6% at $0.92.
One of the best climbers on the bourse was World Moto (OTCBB:FARE) up 80% at $0.0018.
Oil prices didn't help tickers, as the US benchmark West Texas Intermediate was down 0.8% at $41.44.
Open
US shares recovered in early trading on Thursday after Singapore unexpectedly showed monetary largesse and oil prices bounced back from deflating news about output cut hopes, sending world stock prices to their highest levels in more than four months.
The broad-based S&P 500 was up 0.1% at 2,084. The S&P Midcap 400 was up 0.05% at 1,464 and the S&P Smallcap 600 up 0.06% at 693.
Singapore set the tone for the World Bank and International Monetary Fund spring meetings, to be held this week in Washington, as its normally conservative central bank unexpectedly eased policy. Singapore reset the forex band to the dollar and that sent its dollar to an 8-month low.
Big gains in Asia meant the MSCI 46-country MSCI ACWI All-World stocks index rose for a fifth day to its highest since mid-December. It was last seen up 0.23% at 57.04.
Oil prices initially fell as OPEC warned of slowing demand and Russia hinted that there might only be a loose agreement on output levels at an exporter meeting in Doha at the weekend.
The US oil benchmark was last seen up 0.36% at $41.91.
Pre-open
Wall Street shares are seen opening down on Thursday as traders look to more corporate earnings and inflation data later this morning.
The stats will probably throw more fuel on the Federal Reserve interest rate debate, whatever the figures show.
On Wall Street yesterday, markets were buoyant, with the Dow closing up 187 at 17,908, while the tech heavy Nasdaq gained around seven points at 4,943. The broader based S&P500 gained 20 to stand at 2,082.
The rise came as markets digested the surprise pick-up in Chinese exports investors taken as a sign the second-largest economy is stabilising after a year of strife.
Today though, futures for the Dow are down 32 points; the S&P500 is around five points lower and the Nasdaq futures are trading 8.5 lower.
In London, where the Bank of England, is also expected to make a decision on rates, the FTSE100 is down around 5 at 6, 357.
On the corporate front, US investors have much to look forward to in term of earnings - some big US banks are scheduled to print earnings.
Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC) are reporting ahead of the bell, as well as Delta Air Lines (NYSE: DAL) and BlackRock (NYSE: BLK).