The markets have trading in a tight range, dipping in and out of the red, after yesterday’s record setting session for the S&P 500 and Nasdaq.  Today, Morgan Stanley raised its target on Apple (AAPL) from $220 to $234, and the stock is hitting a 5-month high.  One of the best performers is Domino’s Pizza, which is currently up 6% after a great earnings report. Boeing (BA) is up 1% after reporting its earnings, despite the issues surrounding the 737 Max.  

Oil is down after the release of the EIA petroleum data for the week ending April 19 but is still hovering near a 6-month high. 

• Crude oil inventories had a build of 5.5 million barrels from the prior week draw of 1.4 million
• Gasoline Inventories had a draw of 2.1 million barrels from the prior week draw of 1.2 million
• Distillate Inventories had a draw of 0.7 million from last week’s draw of 0.4 million

Mortgage application fell 7.3% from last week, but applications are still up 6.6% year over year.  While rates have been creeping up the past three weeks (4.46%), they are still very low. Applications to purchase a new home declined 4% last week, yet it is still 3% higher than last year.  Refinance applications, which very sensitive to changes in rates, fell 11% for the week, and are about 13% year over year.

According to Mike Fratantoni, Mortgage Bankers Association’s senior vice president and chief economist, “The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers.”

Earnings Continue

After the bell, we get earnings from some big names such as Chipotle (CMG), Facebook (FB), PayPal (PYPL), Raymond James (RJF) and Xilinx (XLNX).