Uneven Earnings Weigh on U.S. Stocks

Back on the corporate front, Countrywide (CFC Quote) saw choppy trading after losing $893 million, or $1.60 a share, in the first quarter, as its credit-loss provision rose to $1.52 billion and charge-offs more than doubled from the prior quarter. Bank of America (BAC Quote) agreed to take out the company in January. Countrywide shares were recently up 1.2%.

Germany's Deutsche Bank (DB Quote) reported that $4.2 billion in first-quarter writedowns have led to its first quarterly loss in five years, and shares were off 1.2%. Also, German insurance giant Allianz (AZ Quote) sank 1.9% after saying it will probably be forced to write off $1.4 billion in bad assets, which will contribute to pulling its profit down 66% from a year earlier and make its medium-term goals "harder" to achieve.

Oil companies were flush with positive news, however, as the recent crude-futures climb fattened first-quarter results. Royal Dutch Shell (RDS.A Quote) said its first-quarter profit ballooned 25% to $9.08 billion, and BP (BP Quote) reported a 63% surge in earnings to $7.6 billion. Shares were up 4.5% and 4%, respectively.

At the same time crude oil was backing off, recently retreating by $1.67 at $117.08 a barrel, as gold futures slid $14 to $881.50. The U.S. dollar firmed by 0.2% against the euro at $1.5606, but lost 0.9% against the yen at 103.35.

Treasury prices were rising. The 10-year note was up 13/32 in price to yield 3.78%, and the 30-year bond climbed 23/32 in price, yielding 4.52%.

Overseas markets were mixed. In Asia, Tokyo's Nikkei 225 rose 0.2% overnight to 13,894, and Hong Kong's Hang Seng Index climbed 1%. Among European exchanges, the FTSE 100 in London lost 0.4% as Germany's Xetra Dax and the Paris Cac gave up 0.8% apiece.