[video] Quick Take: Markets a Mixed Bag Before Alcoa Kicks Off Earnings
NEW YORK (TheStreet) -- The S&P 500 is giving up some of Tuesday's gains, and currently trading flat so far in Wednesday's session. The Dow Jones Industrial Average is lower, while the Nasdaq is higher.
TheStreet's Gregg Greenberg is joined by Matt Cheslock, an equities trader at Virtu Financial. He said the price action isn't as bad as some might think.
He added that a lot of the weakness has to do with investors taking profits, especially in high-flying stocks like Twitter (TWTR), Netflix (NFLX) and Best Buy (BBY).
Gold and oil are both lower on Wednesday as well.
Cheslock suggested that there is some indecision among investors, with many looking for the sector that will provide them with growth.
Turning to earnings, which unofficially begin when Alcoa (AA) reports tomorrow morning, Cheslock said the company's report isn't that important.In the past, Alcoa used to be a big influence on the market and was a Dow Jones component, he said. Neither are true anymore.
He concluded that earnings should be a big driver going forward, especially now that the government shutdown is out of the headlines. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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