Stocks (^DJI, ^GSPC, ^IXIC) are lower across the board as investors sift through a pile of earnings and keep close tabs on the movement in oil prices (CLM16.NYM) after the International Energy Agency said 2016 would see the biggest fall in non-OPEC production in 25 years.
Meanwhile, there are more signs of strength in the labor market. The number of people filing for first time jobless benefits fell to the lowest level in 42 years. Initial claims fell by 6,000 to 247,000 last week according to the Labor Department.
General Motors (GM) shares were up sharply in early trading. The auto giant beat on both the top and bottom lines, with its net income for the first quarter of 2016 more than doubling to $2 billion. General Motor's better-than-expected earnings were driven by stronger results in North America and improved performance in Europe.
Mattel (MAT) fell in early trading after the toy maker reported a wider-than-expected first-quarter loss, and even though revenue beat forecasts, sales fell nearly 6% form a year earlier due to weak demand for toys aimed at girls such as Barbie, Monster High, and American Girl.
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Yum Brands (YUM), the owner of the KFC, Pizza Hut, and Taco Bell brands, delivered first-quarter profit that topped analysts' estimates thanks to strong sales growth in its China business, which it plans to spin off. Yum also raised its core operating profit growth guidance for the year to 12%.
Alphabet (GOOGL), Google's parent company, is set to report first quarter results after the close. Analysts are looking for the company to report earnings of $7.96 a share, up from $6.57 from a year ago. Revenue is expected to jump 18% to $20.4 billion.
VW to pay US customers $5K each to settle diesel scandal: RPT
A German newspaper is reported that the automaker is expected to announce a deal today with U.S. authorities to settle the case over its cheating of diesel emissions tests. Volkswagen is expected to pay each affected customer $5,000.
Yahoo Finance's Rick Newman explains to Alexis Christoforous in the video above that Obamacare will survive UnitedHealth’s decision to exit most marketplaces next year and why the Affordable Care Act is in better shape than you think.
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