Markets closed slightly higher on Monday, kicking off a busy week of earnings reports and events.
- Oil trading was mixed as OPEC’s next decision brings uncertainty to the market. In addition to Iranian and Venezuelan sanctions and the military conflict in Libya, the U.S. President added pressure on OPEC, claiming that he has recently spoke to “Saudi Arabia and others about increasing oil flow.”
- Saudis, however, need oil prices to stay around $85 a barrel to balance its budget this year, Bloomberg reported, referring to an International Monetary Fund Report. The U.S. based West Texas Intermediate crude slipped 0.13 % to $63.40 a barrel, and Brent crude fell 0.3% to settle at $71.82 a barrel.
- Alphabet’s stock tanked more that 6% after Q1 revenues. Google’s revenue increased by 15%, but Wall Street expected to see at least the same growth as the company showed in Q1 2018 — a 24% increase. The bright spot in Alphabet’s report was its earnings-per-share of $11.90, which beat market expectations of $10.61
- Investors are keeping an eye on Apple’s report that will be released on Tuesday, April 30. Despite stocks rallying 30 % this year, the company’s performance could be overshadowed by losses from overseas sales. Rosenblatt Securities analyst Jun Zhang noted that iPhone production and shipments will fall in the second half of the year.