Earnings Reports Boosting The Market

There were some solid earnings reports last night and this morning, that seem to be boosting the market after yesterday's selloff. Of course, it's still very early, so it remains to be seen if we can hold onto these gains into the close.

Broadcom (BRCM) beat estimates and raised guidance, and the stock is spiking +16% right now. That's a big move, and helping the semi index bounce back +4.4%. Other positive reactions to earnings include Boeing (BA), EMC, GENZ, and Ryder (R).

We also got some M&A activity today, with Liberty Mutual announcing it will acquire Safeco (SAF) for $68.25. The stock is up +44% on the news.

Oil and gold are both lower today as the dollar is rallying. Crude inventories rose more than expected today, helping push oil down to a still high $116.50. Gold is down to the $900 level. And the 10-year yield is up a bit to 3.74%.

Asian markets were mostly higher overnight, led by a +4.1% surge in China.

All eyes will be on Apple (AAPL) tonight as the company reports earnings, and expectations are for a very strong report with good Mac sales.

long AAPL